Passthrough Entity (PTE) Tax Payment Reminder
This is a reminder that the first installment of the California Passthrough Entity (PTE) elective tax payment for the 2025 tax year is due by June 16, 2025. This applies to eligible passthrough entities (e.g., partnerships, S corporations, LLCs treated as partnerships or S corps for tax purposes) electing to pay the PTE tax under […]
BOI Reporting Now Limited to Foreign Entities
Recent regulatory changes have significantly altered the enforcement of the Corporate Transparency Act (“CTA”), particularly concerning reporting obligations for domestic and foreign entities. As of March 21, 2025, the Financial Crimes Enforcement Network (“FinCEN”) has issued an interim final rule that exempts U.S. entities and individuals from Beneficial Ownership Information (“BOI”) reporting requirements. Consequently, only […]
Reinstatement of Mandatory BOI Reporting
On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the preliminary injunction preventing FinCEN from enforcing the Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act. Following this decision, FinCEN issued a response that BOI reporting is once again mandatory with an extended due date of March […]
New Individual Income Tax Return – Engagement Letter, Tax Organizer and Document Request Procedure
Your 2024 individual tax return engagement letter, tax organizer and document information request will be delivered electronically via email through the SafeSend Gather system. This is an AI-powered solution that is safe, secure, and encrypted, designed to assist you in automating the completion of your personalized tax organizer, and allows you to return the organizer, […]
January 7th, 2025 Los Angeles Wildfires – Gain Deferral Election on Disaster Events Under IRC § 1033
This memorandum addresses the process and implications of electing Section 1033 of the Internal Revenue Code (IRC) to defer recognition of gain resulting from the involuntary conversion of property due to the recent fires. Section 1033 provides a mechanism for taxpayers to defer taxable gains if the proceeds are reinvested in qualified replacement property within […]
Federal And California Tax Filing And Payment Extensions Due To Los Angeles County Disaster Declaration
Due to the wildfires and winds that began on January 7, 2025, the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) have announced an extension of the tax filing and payment deadlines for individuals and businesses located in Los Angeles County. Federal and California Tax Filing Deadlines: The IRS and the FTB […]
New Form 1099-K Reporting Requirements
Starting in January of 2025 payment cards (credit and debit cards) and E-commerce platforms like PayPal, Venmo, Amazon Pay, and other payment processors will be required to issue IRS form 1099-K, officially titled “Payment Card and Third-Party Network Transactions,” for taxpayers who received $5,000 in payments for goods, services, or rent for business transactions in […]
Update Regarding The Filing Of Beneficial Ownership Information Reports (“BOIR”)
VERY TIME SENSITIVE!! Last week we reported that the Financial Crimes Enforcement Network (FinCEN) ceased enforcement of the Beneficial Ownership Information Report (BOIR) filing requirements under the Corporate Transparency Act (“CTA”), due to a nationwide court injunction issued in the case of Texas Top Cop Shop, Inc. v. Garland. Today the 5th Circuit Court of […]
