New Reporting Requirements Under the Corporate Transparency Act
As you may be aware from our previous memo (view here), the Corporate Transparency Act (“CTA”) initially went into effect as of January 1, 2024, requiring timely submission of specified information on a new form known as the Beneficial Ownership Information Report (“BOIR”) on new or existing companies and their beneficial owners, regardless of industry, […]
Newly Enacted CA Legislation: NOL Suspension, Business Credits Cap, and More
On June 27, 2024, California enacted a number of corporate and personal income tax changes including following: suspending net operating loss (NOL) deductions for 2024, 2025, and 2026. capping business credits at $5 million per year for 2024, 2025, and 2026. eliminating a deduction for intangible drilling and development costs for oil and gas wells. […]
Expansion of Section 179d for Energy Efficient Commercial Buildings
The energy efficient commercial buildings deduction under Section 179D has been in effect since January 1, 2006, and was made permanent as part of the Consolidated Appropriations Act of 2021. Section 179D was originally designed to incentivize owners of commercial buildings and four-story or greater multifamily buildings to increase energy efficiency. The newly enacted changes […]
Summary of Proposed Regulations for Transactions with Partnerships (§267 and §707)
On November 24, 2023, the U.S. Treasury Department released proposed regulations (REG-131756-11) that would amend existing regulations under §267 and §707 relating to the disallowance or deferral of deductions for losses and expenses in certain transactions with partnerships and related persons. The proposed rules are intended to update the current regulations to reflect changes since […]
New Reporting Requirements Under the Corporate Transparency Act
The Corporate Transparency Act (“CTA”) has gone into effect as of January 1, 2024, requiring timely submission of specified information on new or existing companies and their beneficial owners, regardless of industry. These new reporting obligations will impact millions of businesses and non-compliance can result in severe penalties. The CTA was originally enacted by Congress […]
2023 – 4th Quarter Estimated Tax Reminder
This is a reminder that your 4th quarter estimated taxes are due on or before January 15, 2024. Please note that this is a reminder being sent to all clients, so if it does not apply to you because you are not required to make estimated payments or if you have already made the payments, […]
IRS Expands Electronic Filing Requirements For Tax Returns
On February 23, 2023, the IRS significantly expanded electronic filing requirements for tax returns. Employers filing 10 or more returns of any type on or after January 1, 2024, must now submit returns electronically instead of via paper filings. The previous threshold was 250 or more returns. This memo focuses on the most common type […]
Departure of Lex, Our Longstanding Administrative Assistant
Dear all, I hope this message finds you well. I am writing to inform you of a significant change within our firm that may have already come to your attention. After an incredible 40 years of dedicated service, our esteemed Administrative Assistant, Lex, has retired. Lex has been an integral part of our organization, serving […]
