2024 & 2025 Tax Payment Reminder
Dear Client, For those of you who have delayed your payment of any 2024 Federal and CA balance due payments, and have delayed your 2025 first three quarters estimates under the Los Angeles wildfire disaster area declaration, please make sure to review your projections and our emails advising you of the amounts so that you […]
Form 1099 Changes in the One Big Beautiful Bill Act (OBBBA)
I. Overview of IRC Section 6041 (current law through 12/31/2025) IRC Section 6041 requires businesses and other payers to report certain payments made in the course of a trade or business. Specifically, it mandates the filing of information returns (e.g., Form 1099-MISC or 1099-NEC) for payments of $600 or more to non-employees, such as independent […]
California Extends the Pass-Through Entity Elective Tax
On June 27, 2025, California Governor Gavin Newsom signed Senate Bill (SB) 132 into law, extending the availability of the Pass-Through Entity (PTE) Elective Tax — a state-level workaround to the federal State and Local Tax (SALT) deduction cap introduced under the 2017 Tax Cuts and Jobs Act. Originally enacted under Assembly Bill 150 (AB […]
Tax Provisions in the One Big Beautiful Bill
On May 12, 2025, the House Ways and Means Committee released its draft tax legislation as part of the 2025 budget reconciliation process. This proposal, informally referred to as the “One Big Beautiful Bill,” aims to extend and expand provisions from the 2017 Tax Cuts and Jobs Act (TCJA), introduce new tax incentives, and implement […]
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 […]
Court Halts Reporting Obligations Under the Corporate Transparency Act
On December 3, 2024, a Federal District Court in Texas issued a nationwide preliminary injunction against FinCEN enforcing the Beneficial Ownership Information (“BOI”) reporting as mandated by the Corporate Transparency Act (“CTA”) stating that the regulation is likely unconstitutional and outside of Congress’s power. Under the injunction, the CTA and the BOI reporting rules are […]
