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
3/14/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
Regulatory Requirements ,
Reporting Requirements
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
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
10/19/2023
/ California ,
FEMA ,
Franchise Tax Board ,
Income Taxes ,
IRS ,
Natural Disasters ,
Relief Measures ,
Severe Weather ,
State Taxes ,
Tax Debt ,
Tax Returns ,
Time Extensions
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
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 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
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 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
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
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
10/6/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Human Resources Professionals ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Deductions ,
Payroll Taxes ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Returns
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
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
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
5/8/2020
/ Best Practices ,
Continuing Legal Education ,
Coronavirus/COVID-19 ,
Employer Liability Issues ,
Funding ,
Joint Venture ,
Nonprofits ,
Remote Working ,
Return-to-Work Agreements ,
Risk Management ,
Tax Liability ,
Webinars ,
Workplace Safety
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
IRS Notice 2020-23 Grants Broad Relief Affecting Exempt Organizations, 1031 Exchanges, Qualified Opportunity Funds, And More.
...more
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
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
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
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
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
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
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
5/7/2019
/ Capital Gains ,
Infrastructure ,
Interest Income ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Public Private Partnerships (P3s) ,
Qualified Opportunity Funds ,
Real Estate Development ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
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
12/12/2018
/ Construction Project ,
Infrastructure ,
Interest Income ,
IRS ,
New Guidance ,
Project Finance ,
Public Private Partnerships (P3s) ,
Public Projects ,
Real Estate Development ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Urban Planning & Development
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
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