While stimulus checks and forgivable loans have received a lot of attention during the COVID-19 shutdown, businesses and individuals should not overlook other available relief provisions that could help them reduce taxes and improve cash flow. Several of these measures could enable a taxpayer to file amended federal tax returns to recover taxes paid in previous years and request a refund. (more…)
New Challenges to California Proposition 13
By Abe Livchitz, CPA, Senior Tax Manager & Jimmie Machlan, CPA, Tax Manager
ASL Real Estate Group
This November, voters will be deciding many national and state issues. Californians will be asked to make important decisions on measures impacting commercial property owners and residential homeowners. California Proposition 15, also called the “split roll tax” would require commercial and industrial properties to be taxed on current market value. California Proposition 19 would change certain property tax exemptions and transfer rules. If either proposition passes, the changes will not only impact how property tax is calculated but also result in significant tax increases for many property owners. The State Legislative Analyst estimates that in 2025 property tax revenues could be $8 to $12 billion higher if Proposition 15 is enacted. (Official Voter Information Guide – Prop 15) (more…)