Additional extension of COVID relief for Qualified Opportunity Zone Funds

Last month, the IRS issued Notice 2021-10, providing further extensions of relief regarding qualified opportunity zone funds (“QOFs”) in light of the ongoing pandemic. Relief for QOF Investors: 180-Day Investment Period Generally, taxpayers have 180 days from the date gain is realized from a sale or exchange to reinvest those gains into a QOF and […]

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Paycheck Protection Program

From the time the Paycheck Protection Program was introduced with the enactment of the CARES Act on March 27, 2020, numerous clarifications, changes, and guidance have been issued by the Small Business Administration. This page consolidates all of our past communications to our clients on the topic and will continue to be updated as more […]

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PPP & Tax Provisions in Latest Stimulus Bill

As you may already be aware, last week, the President signed the Consolidated Appropriations Act of 2021, a new stimulus package intended to further extend financial relief to both businesses and individuals. Following are some of the highlights: 1. Deductibility of PPP-Funded Expenses The legislation provides that expenses paid for with proceeds from a PPP […]

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Additional COVID-19 Relief for Qualified Opportunity Funds and Investors

Last week, the IRS released guidance (via Notice 2020-39) providing for additional flexibility relating to Qualified Opportunity Zone investments in light of the current pandemic. For your reference, following are the highlights: 180-Day Investment Period Generally taxpayers must reinvest capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized […]

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Tax Provisions in the CARES Act

The following is a summary of the tax provisions included in the CARES Act that was signed into law on March 27, 2020.   BUSINESS TAX PROVISIONS: EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 (SECTION 2301) Eligible employers can claim a refundable payroll tax credit equal to 50% of qualified wages […]

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Main Street Lending Program

Last week on April 9th, the Federal Reserve and Treasury announced two new lending facilities as part of the Main Street Lending Program: the Main Street New Loan Facility and the Main Street Expanded Loan Facility. These facilities are intended to provide additional lending assistance to small and medium-size businesses. They also released guidance setting […]

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California Adopts New Test for Classifying Workers as Employees

If your business has workers that you are classifying as independent contractors or you are currently operating as an independent contractor, please be aware that recent legislation in California may require that such workers (or you) be reclassified as employees under California law. Read on for more details: What has changed? The major piece of […]

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Year-End Planning for 2016

With 2016 nearing an end and a new president set to take office next year, now is the time to consider actions you can still take to maximize your tax savings for the year. There are many options available based on your unique tax situation, but here are a few interesting strategies to consider: Planning […]

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Tangible Property Regulations Effective Tax Year 2014

Background Historically, regulations have been unclear with interpreting when an expenditure made with respect to tangible property may be deducted as a repair expense or must be capitalized as an improvement and depreciated over time. In an attempt to clarify the rules, the IRS has finalized mandatory regulations, commonly referred to as the “repair regulations”, […]

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Congress Approves Key Tax Extenders for 2014

Today, the President signed into law the Tax Increase Prevention Act of 2014 (“the extenders bill”), which retroactively extends for one year (through 2014) most but not all of the “tax extenders” that had expired after 2013. The key provisions that were extended through December 31, 2014 include: 50% bonus depreciation on new business assets […]

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