Tax Alerts

Final Regulations and Additional Guidance on Section 199A Deduction

By | March 28, 2018|

As part of the Tax Cuts and Jobs Act (“TCJA”) enacted at the end of 2017, a new Internal Revenue Code Section 199A (“Section 199A”) was created to provide a 20 percent deduction for owners of pass-through entities (partnerships, S-Corporations, and sole proprietors) for taxable years beginning [...]

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Your Transition Tax Installments May Be Accelerated

By | March 28, 2018|

The U.S. Treasury released final Code Section 965 regulations on January 15, 2019, known as transition/repatriation tax, which clarify many unanswered questions and concerns. The clarifications are mixed with good and bad news. One of the clarifications, related to section 965(h) acceleration [...]

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IRS releases Notice 2018-99: Interim Guidance to Determine Parking Expenses for Qualified Transportation Fringe

By | March 28, 2018|

The Internal Revenue Service has issued interim guidance for determining the parking fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules will help organizations determine the amount of parking expenses that are now subject to unrelated business taxable income (UBTI) for [...]

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Bipartisan Budget Act Analysis

By | March 28, 2018|

New Act Includes Disaster Tax Relief for Victims of California Wildfires On Friday, February 9, 2018, Congress passed and the President signed into law the Bipartisan Budget Act of 2018 (the Act), putting an end to the short-lived government shutdown. In addition to keeping the government [...]

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Final GOP Tax Analysis

By | March 28, 2018|

On Friday (December 15, 2017), the Joint Conference Committee bridged the differences between the House and Senate bills and unveiled the final version of the tax reform bill. Both the House and Senate plan to vote on the bill early this week and get it ready for [...]

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GOP Tax Plan Analysis

By | March 28, 2018|

In the early hours of Saturday (December 2, 2017) morning, the U.S. Senate passed the Tax Reform bill. While the overall framework of the Senate bill is similar to the House bill passed on November 16, 2017, there are certain differences. It is anticipated that the Senate [...]

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President Trump’s Tax Plan Revealed

By | March 28, 2018|

On Wednesday, April 26, the White House issued President Donald Trump’s main goals and priorities for tax reform, including significant cuts of the corporate tax rates, moving to a territorial tax system and eliminating business tax breaks for special interests. The White [...]

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New Due Dates for Submitting Forms W-2 and 1099-MISC is Jan. 31

By | March 28, 2018|

Some of the many tax items that companies send out in the early part of each year are payroll forms: W-2, 1099-MISC and a few others. Under prior rules, employers and business had until Feb. 28 to submit the previous year W-2 to the Social Security Administration and [...]

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Post-Election Tax Implications

By | March 28, 2018|

With the 2012 election behind us, we wanted to provide you with a brief overview of the likely changes immediately ahead of us and its implications for taxpayers from both a federal and California perspective. The election, which ultimately turned out to be a [...]

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