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 […]
Updates to PPP Loan, Grant Relief and SBA Programs – The American Rescue Plan Act 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, H.R. 1319 (ARPA), into law, providing $1.9 trillion in additional stimulus, including $7.25 billion in Paycheck Protection Program (PPP) funding for small businesses. The ARPA expands PPP eligibility to most nonprofit entities and internet publishing organizations that meet certain conditions, as […]
IRS and California Postpone 2020 Filing and Payment Deadline to May 17, 2021
On March 17, 2021, the IRS announced that the tax year 2020 federal income tax filing due date for individuals will be postponed until May 17, 2021. Individual taxpayers needing additional time to file may still request an extension on Form 4868 for an extended deadline of October 15, 2021. Individual taxpayers can also postpone […]
New Rules for Electing Residential Rental Property Owner
On December 27, 2020, former President Trump signed the Consolidated Appropriations Act (CAA) This bill contains tax provisions affecting many industries, including the real estate industry, and also provides for a technical amendment under the 2017 Tax Cuts and Jobs Act (TCJA) for residential rental businesses that made the Real Property Trade or Business (RPTB) […]
Franchise Tax Board (FTB) Overpayments Notices
Franchise Tax Board (FTB) Overpayments Notices If you have recently received FTB notices indicating either your 2019 California overpayments were not credited to 2020 or your 2020 estimated taxes were reduced, please note that these are likely erroneous notices generated by the system, and FTB is currently working on resolving the issues. On December 20, […]
Changes To IRS Partnership Audit Rules
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and will allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual partners. […]
Tax Time Scams Awareness
As the IRS announced the beginning of the 2018 tax filing season last week, it also warned that this is the time when identity thieves and fraudsters are actively seeking opportunities to steal from businesses and individuals. In addition to tax scams covered in our previous client memos – IRS Warns of Phone Scam, IRS […]
