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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Tax Cuts and Jobs Act – Meals and Entertainment and Employee Fringe Benefits Update

By | March 28, 2018|

The changes to the meals and entertainment (“M&E”) and employee fringe benefits has been one of the most confusing and misunderstood areas under the new Tax Cuts and Jobs Act (“TCJA”). As more information becomes available about the TCJA, there appears to be some consensus as to what [...]

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Treatment of Qualified Improvement Property under the Tax Cuts and Jobs Act

By | March 28, 2018|

On Dec. 22, 2017, the President signed the Tax Cuts and Jobs Act (“TCJA”). This act changed many provisions of the Internal Revenue Code (“IRC” or “the Code”). Some notable modifications include changes to the treatment of Qualified Improvement Property (“QIP”). Qualified Improvement [...]

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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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Requirement to Disclose Foreign Beneficial Owners of U.S. LLCs

By | March 28, 2018|

Perhaps in response to the increased discussions that U.S. is becoming a potential tax haven and the continued pursuit of transparency by the government, the Treasury announced on March 30 that it will be issuing proposed regulations to expand on Section 6038A. Certain [...]

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Protecting Americans from Tax Hikes Act of 2015 (“PATH”)

By | March 28, 2018|

Congress is set to pass a bill containing extensions of many significant tax provisions, and the President is widely expected to sign PATH into law. Over the last several years, Congress had waited until year end or the beginning of the following year to extend many major [...]

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IRS Increases the De Minimis Safe Harbor Limit to $2,500

By | March 28, 2018|

Effective Jan. 1, 2016, a taxpayer that does not have an Applicable Financial Statement (“AFS”) can deduct the cost to acquire or produce a unit of property, up to $2,500 per invoice (or per item as substantiated by the invoice), rather than capitalizing the cost. The [...]

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BE-10 Surveys Must Be Filed by June 30 for First-Time Filers

By | March 28, 2018|

In the interest of keeping you informed of developments in the international tax area, please note that the US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting a survey which is requiring every US Person (that has previously not filed) to file Form [...]

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IRS Provides Relief to Small Businesses from Filing Form 3115 Related to Tangible Property

By | March 28, 2018|

In our prior communication dated November 18, 2014, we informed you about the tangible property regulations issued by the IRS. The regulations explain when amounts paid to acquire, produce, or improve tangible property can be deducted and when they must be capitalized. [...]

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California Announces 2nd Round of Applications for the California Competes Credit

By | March 28, 2018|

  The State of California recently announced three application periods for the California Competes Credit program for fiscal year 2014/2015. The State has allocated over $150 million to the program for fiscal year 2014/2015. This tax alert contains information on the [...]

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F.I.C.A Refunds From Severance Payments

By | March 28, 2018|

Our Tax Alert of January 8, 2014 discussed potential refund claims to recover F.I.C.A taxes paid on severance payments made to former employees. The United States Supreme court issued a unanimous opinion on March 24, 2014 in which it determined that payments to laid off [...]

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House Ways and Means Committee Releases Tax Reform Proposal

By | March 28, 2018|

On Tuesday, February 26, 2014, House Ways and Means Committee chairman Dave Camp released his long-awaited draft legislation on tax reform. The draft is a 979 page report titled “Tax Reform Act of 2014.” If enacted, the draft legislation would usher the single biggest [...]

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Auld Lang Syne: Form 990 Changes for Tax Years Beginning in 2013

By | March 28, 2018|

The beginning of the new calendar year provides us with an opportunity to both wish all of you a happy and healthy new year and to update you on changes to the Core Form of Form 990, as well as changes to Schedule A Public Support Test and Schedule B List of Contributors [...]

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State and Local Tax Alert: Los Angeles Tax Amnesty Program Enacted September 2013

By | March 28, 2018|

The city of Los Angeles recently announced a tax amnesty program that will apply to various city taxes including: Business Tax Telephone, Electric & Gas Users Tax Commercial Tenant’s Occupancy Tax Transient Occupancy Tax Parking Occupancy Tax For more details [...]

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State and Local Tax Alert: August 2013

By | March 28, 2018|

Is your business or organization making payments/distributions in excess of $1,500 to nonresident independent contractors, shareholders or partners? If yes, then understanding the reporting requirements under California’s nonwage income tax withholding rules should [...]

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Quarterly California Tax Legislative Update: April 2013 - June 2013

By | March 28, 2018|

The purpose of this quarterly California Tax Legislative update is to provide our clients and prospective clients with timely and meaningful updates that affect both their personal income and business taxes. The 2nd Quarter of 2013 saw a proposed law change that [...]

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Quarterly California Tax Legislation Update: January 2013 – March 2013

By | March 28, 2018|

The purpose of this quarterly California Tax Legislative update is to provide our clients and prospective clients with timely and meaningful tax legislative updates that will affect both their personal and businesses taxes. While the First Quarter of 2013 was considerably [...]

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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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California Treatment of Section 1031 Exchanges

By | March 28, 2018|

During the February 19 2010 meeting, California State Assembly made a proposal in Assembly Bill 2640 (“AB 2640”). This tax alert highlights the proposed provisions.   Click here to learn more

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