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 The CTA was originally enacted by Congress […]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 […]
2022 Filing and Payment Deadlines Extended to November 16
On October 16, 2023, the IRS and FTB announced that the tax year 2022 federal and California income tax filing and payment due date will be further postponed until November 16, 2023. This postponement is again for victims of the California winter storms and includes individuals and businesses who reside in, or whose principal place […]
IRS to Stop Processing Employee Retention Tax Credit Claims
The IRS issued a notice last Thursday ordering an immediate stop to processing all new claims for the Employee Retention Tax Credit (ERTC). This comes amid a surge of questionable claims and concerns about aggressive marketing to ineligible taxpayers. Here are the highlights that you should be aware of: Immediate moratorium through at least the […]
Updates on Deadline Extensions for Californians Impacted by Winter Storms
The IRS and FTB have recently granted additional tax relief to eligible Californians due to the winter storms. As provided in our January announcement, federal and state tax relief measures were enacted to give Californians until May 15, 2023 to file individual and business tax returns and make required payments. The deadline has now been […]
2023 Inflation Adjustments for Estate and Gift Tax
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list of tax changes are increases for estate and gift tax exemptions, providing additional tax planning opportunities for the new year. Unified Credit Against Estate & Gift Tax For […]
