The Corporate Transparency Act (CTA) imposes far-reaching new reporting obligations on many U.S. businesses, and the penalties for non-compliance are substantial. With only a few months left before the January 1, 2025,...more
Under the Corporate Transparency Act, commencing on January 1, 2024, all corporations, limited partnerships, LLCs, LLLPs, and other entities formed by a filing with a secretary of state’s office must file online reports with...more
Back in August, our firm released an alert on the Corporate Transparency Act (the “CTA”), summarizing the reporting obligations and the important deadlines for entities that will be considered “reporting companies” under the...more
As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, on January 10, 2023, the IRS issued an initial extension of the 45- and 180-day deadlines for IRC §1031 exchange...more
As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, the IRS has issued an extension of the 45- and 180-day deadlines for IRC §1031 exchange transactions. ...more
In IRS Notice 2020-75, the IRS invited the states to circumvent the $10,000 limit on the deduction of state taxes by individuals, trusts, and estates for purposes of calculating federal income tax by permitting the states to...more
The metaverse is the future; it involves wearing a headset that transports you to anywhere you want to go. You can do it on your own time and in your own home. So not only will you be able to watch something “when and where...more
In IRS Notice 2020-75, the IRS invited the states to circumvent the $10,000 limit on the deduction of state taxes by individuals, trusts, and estates for purposes of calculating federal income tax by permitting the states to...more
Selling your company for a huge profit sounds enticing. What could be wrong with getting a huge up-front payment at capital gain rates in lieu of years of future sweat for an uncertain return and ordinary income treatment?...more
The much-awaited second round of coronavirus relief legislation was signed into law on December 27, 2020. This article summarizes the ways in which individuals and businesses can benefit from this relief....more
On June 4, 2020, the IRS issued Notice 2020-39, which provides important relief to qualified opportunity zone investors (“QOZ Investors”), qualified opportunity funds (“QOFs”) and qualified opportunity zone businesses...more
6/10/2020
/ Community Development ,
Coronavirus/COVID-19 ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Popular ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Relief Measures ,
Safe Harbors
This client alert summarizes recent federal tax changes that are intended to provide relief to businesses and individuals impacted by the coronavirus (“COVID-19”) epidemic, including changes effected under recent IRS...more
4/3/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Employee Retention ,
Families First Coronavirus Response Act (FFCRA) ,
Internal Revenue Code (IRC) ,
Net Operating Losses ,
Payroll Taxes ,
Relief Measures ,
Retirement Plan ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Deferral ,
Tax Relief
Final regulations on opportunity zones were issued by the IRS on December 19, 2019. There are a few major changes and clarifications in the final regulations compared to the prior proposed regulations, a summary of which is...more
New proposed regulations on opportunity zones were issued in May of 2019. We are happy to provide you with this eBook, written by Greenberg Glusker Partner, Schuyler (Sky) M. Moore, which incorporates these proposed...more
The 2017 tax bill provides massive tax benefits to any taxpayer that recognizes capital gain (“Gain”) and that invests an amount equal to the Gain to acquire an interest (“Fund Interest”) in an “Opportunity Zone Fund” (a...more
This letter provides a summary of the material provisions of the new tax bill. In order to make this extraordinarily complex bill somewhat understandable, I have left off a number of details and simplified the discussion, so...more