Worker Classification and Tax Obligations
Worker classification is still important In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for federal tax purposes. Tax obligations The question of whether a worker is an independent contractor or an employee for federal […]
Recent Tax Proposals Impacting Individuals and Estates
Recent Tax Proposals Impacting Individuals and Estates On September 13, 2021, The House Ways and Means Committee released proposed legislation including, among other changes, major revisions to taxation of individuals and estates. The following is a summary of the most relevant items that could affect our clients and friends. Keep in mind that these are […]
CalSavers Retirement Savings Program Requirements
Tax Law Insights, Recently Published, Payroll and Payroll Taxes On September 29, 2016, former California Governor Jerry Brown signed into state law senate Bill 1234 to implement the California Secure Choice Retirement Savings Program. The program was officially renamed the CalSavers Retirement Savings Program (“CalSavers” or “program”) in December 2017. The program mandates that all private California […]
California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
7.28.21 California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
Secure Act 2.0 and Proposed Changes
On May 4, 2021, the House Representatives reintroduced the “Securing a Strong Retirement Act of 2021,” commonly referred to as the SECURE Act 2.0. The original SECURE Act was signed into law by President Trump in late 2019 and was designed to make saving for retirement easier and more accessible. The new Act builds on […]
Protective Refund Claim Update – Affordable Care Act (ACA)
On June 17, 2021, the U.S. Supreme Court upheld the Affordable Care Act in the case brought before the Court, California v. Texas, commonly known as the Affordable Care Act Repeal Lawsuit. In the lawsuit the constitutionality of provisions of the ACA was addressed including the following: Additional Medicare tax of 0.9% on earned income […]
PPP Loan Application Deadline Extension
On March 30, 2021, President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law, providing loan applicants two additional months to apply for a first or second draw PPP loan. The current deadline for PPP loan applications has been extended to May 31, 2021. The PPP loan application deadline extension was made […]
