The Corporate Transparency Act (“CTA”) is a newly effective federal law that requires certain entities to report their owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). Below are...more
For individual owners of pass-through entities, such as partnerships, limited liability companies (“LLCs”), business trusts, and S Corporations, Virginia’s elective Pass-through Entity Tax (“PTET”) offers potential federal...more
Elective PTE Income Taxes Payable to Virginia -
Beginning July 1, 2022, Virginia’s new law establishing a workaround for the federal income tax limitation on deductions for state and local taxes (SALT) became effective....more
With the end of 2021 fast approaching, below are the top seven year-end financial planning tips Sands Anderson PC’s Trust & Estate Planning Team and Tax Team are addressing with business owners and executives...more
On December 21, 2020 Congress passed an annual spending bill containing $900 billion in COVID-19 pandemic relief and stimulus measures. President Trump signed this bill into law on December 27, 2020. In addition to...more
12/29/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On August 8, 2020, President Trump issued the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster (the “Executive Order”) allowing for the deferral of employee social security payroll tax...more
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) became law and changed several major aspects of the CARES Act and the Paycheck Protection Program (“PPP”). The Flexibility Act...more
There has been much confusion and anxiety regarding the Paycheck Protection Program (PPP) loans because of the changing and incomplete guidance provided by the Small Business Administration (SBA) and the related threats of...more
Many of the pre-closing due diligence steps in the typical commercial real estate transaction such as title searches, surveys, inspections, local zoning issues, and environmental testing have been seriously disrupted and...more
The Internal Revenue Service (IRS) and the Virginia Department of Taxation (Department) have each provided guidance regarding the extensions for the filing of tax returns and the payment of taxes. This outline of IRS and...more
The Internal Revenue Service (IRS) and the Virginia Department of Taxation (Department) have each provided guidance regarding the extensions for the filing of tax returns and the payment of taxes. This outline of IRS and...more
The Internal Revenue Code (“IRC”) Section 199A Qualified Business Income Deduction (“QBI Deduction”) generally provides a 20% deduction (or reduction) of a taxpayer’s qualified net business income received from a pass-through...more
2/7/2019
/ Business Taxes ,
Internal Revenue Code (IRC) ,
Pass-Through Entities ,
Qualified Business Income ,
Rental Income ,
Rental Property ,
Revenue Procedures ,
Safe Harbors ,
Section 199A ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Tax Returns
The Supreme Court handed down its decision in the South Dakota v. Wayfair, Inc. on June 21, 2018. For those businesses that make extensive use of Internet sales, the decision now stands to change the competitive landscape of...more
6/25/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus