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No Exception for the Masses: Update on the Corporate Transparency Act

As many of you may have seen in the news, on March 1, 2024, a federal district court in Alabama found the Corporate Transparency Act (CTA) unconstitutional. The suit, National Small Business United v. Yellen (National Small...more

The Real Nightmare Before Christmas

As we prepare for another spooky night, many of you may have seen stories of an impending horror – the intrusive filing requirements of the Corporate Transparency Act (the CTA). Congress passed the CTA in December 2020 to...more

UPDATE | Extended Again: Federal and California Tax Relief for California Storms

As practitioners predicted, the California Franchise Tax Board has adopted the federal November 16, 2023 extensions for similar state returns and payments. To those CPAs and taxpayers who pulled all-nighters to get returns...more

Los Angeles Office of Finance Clarifies Exemptions from “Mansion Tax”

The Los Angeles Office of Finance (Office of Finance) has released a new FAQ confirming that real property transfers that are exempt from the current City documentary transfer tax (to which the FAQ refers as the “Base Tax”)...more

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers (UPDATED)

March Update - As another deluge of storms ravages California and the Southeast, the Internal Revenue Service (IRS) on February 24, 2023 announced a further extension of the May 15 tax deadline to October 16, 2023 for...more

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers

Federal and California tax agencies have announced several relief measures for taxpayers affected by the storms that started shortly before New Year’s Eve and ended (for the time being) on Martin Luther King Jr. Day. Natural...more

Can Parking Benefit Districts Step In as Revenue Sources Dry Up?

The COVID-19 pandemic, and resulting lockdowns and economic disruptions, have severely affected the usual revenue sources that local governments have used to fund public improvements and transportation services – e.g.,...more

Congress Revises PPP Rules: Allows PPP Second Round, Reverses IRS Position on Deductibility

Congress has come bearing gifts this holiday season to those businesses hit hard by the ongoing COVID-19 crisis. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act...more

New IRS Guidance on Forgiven PPP Loans: The Song Remains the Same

Per our May 5, 2020 eAlert, the IRS in Notice 2020-32 concluded that a taxpayer cannot deduct payroll, rent, utilities and other business expenses funded with a forgiven Paycheck Protection Program (“PPP”) loan. The IRS’s...more

On-Demand Webinar | PPP Loan Forgiveness: Employment and Tax Issues for Borrowers [Video]

Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more

[Webinar] PPP Loan Forgiveness - Employment and Tax Issues for Borrowers - September 22nd, 1:00 pm - 1:45 pm PT

We'll kick off our series on September 22nd as Doug Schwartz and Anna Tang present "PPP Loan Forgiveness – Employment and Tax Issues for Borrowers" . During the presentation, Doug and Anna will discuss: -When to apply for...more

New IRS Rule Allows Many Nonprofits to Withhold Donor Information From the IRS

On May 26, 2020, the U.S. Treasury released Final Regulations on donor disclosure requirements that shield many nonprofits – except 501(c)(3) charities and 527 political organizations – from the requirement to disclose the...more

[Webinar] Emerging From Lockdown on Solid Footing: How Nonprofits Can Prepare for Whatever Comes Next - May 20th, 10:00 am - 11:00...

Please join us on May 20th for our webinar, "Emerging From Lockdown on Solid Footing: How Nonprofits Can Prepare for Whatever Comes Next." During this 60-minute presentation, Bill Powers, Doug Schwartz and Allison Callaghan...more

PPP Loan Confusion: IRS at Odds with Congress Over Deduction for Expenses

The IRS last Thursday in Notice 2020-32 badly frayed the financial lifelines for floundering businesses under the SBA’s Paycheck Protection Program (“PPP”)....more

UPDATE 3 | COVID-19 Federal and California Tax Extensions

IRS Notice 2020-23 Grants Broad Relief Affecting Exempt Organizations, 1031 Exchanges, Qualified Opportunity Funds, And More. ...more

UPDATE 2 | COVID-19 Federal and California Tax Extensions

REMEMBER TO PAY YOUR PROPERTY TAXES BY APRIL 10 Our March 30, 2020 eAlert gave an update on COVID-19-related extensions for filing and paying federal and California taxes. We noted in that eAlert that relief was expanding...more

Update on COVID-19 Federal and California Tax Extensions

A flurry of activity during the past 2 weeks – at federal, state and local levels – gave tax filing and payment relief to taxpayers because of the COVID-19 pandemic, which exploded in the U.S. in the middle of March,...more

California FTB Answers the Question: Does an “LP Nothing” Really Matter?

Anyone could see that, for a limited partnership (“LP”) that was a “tax nothing” – i.e., one “disregarded” for federal income tax purposes – the corresponding California treatment was very confusing. To clear up this...more

Don't You (Forget About Sales and Use Tax)

Some recent California Office of Tax Appeals (“OTA”) decisions highlight the importance of being, simply, mindful of sales and use tax requirements. Businesses often plan to reduce income taxes or avoid a Proposition 13...more

IRS Issues Final Rules for Notice of Intent to Operate as 501(c)(4) Social Welfare Organization

The IRS on July 23 issued final regulations (“Final Rules”) implementing the Internal Revenue Code section 506 requirement that an entity notify the IRS of its intent to operate as a Code section 501(c)(4) social welfare...more

EIN Kleine Komplikation: New IRS Policy on Employer Identification Numbers Could Seriously Delay Entity Formations

The IRS’ new policy regarding employer identification numbers (“EINs”) could significantly delay the formation of new entities, especially by non-U.S. persons, unless practitioners and their clients get very proactive. ...more

P3 Investors: Are You In The Zone?

Last December we told you about favorable IRS guidance letting P3 contractors and investors keep full tax deductions for interest on debt. The IRS kept a P3-friendly approach in last week’s proposed regulations on “qualified...more

P3 Industry Gets An Early Holiday Present In IRS Guidance On Interest Deduction

Contractors and investors in P3s can continue taking a full tax deduction for interest on debt under recent IRS guidance (Revenue Procedure 2018-59, issued November 26). ...more

As IRS Eases Reporting Burden, States Including Montana & Maine Focus On "Dark Money" Reforms

At the same time that the IRS is making it easier for nonprofits to shield their donors from inadvertent disclosure, states continue to adopt new laws designed to shed light on who is funding politically active nonprofits. ...more

Get Ready to Pay More for Recording a Document in California

For several years, we have been describing the (increasingly successful) efforts by California state and local government agencies to increase their tax take through new and expanded fees and taxes on real estate...more

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