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February 22, 2021

New Opportunities for Renewable Energy Companies

By Steve Carter, CPA, Principal
ASL Renewable Energy Group

The COVID-19 pandemic has created an array of financial, operational, and production challenges for businesses across many industries.  Decreasing demand for products/services, constantly changing government regulations, and erratic consumer spending have left many facing unique challenges.  Unfortunately, the renewable energy industry has not escaped the pandemic’s reach.  According to the International Energy Agency’s (IEA), The Impact of the COVID-19 Crisis on Clean Energy Progress, the pandemic has had an adverse impact on renewable energy investments.  Although the causes for the delay are multi-faceted, how the industry recovers and thrives is largely based on government policies and expenditures to implement change.  The good news is, several important tax incentives were recently extended and more are awaiting Congressional approval.  We have summarized them below. (more…)

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Categories: Renewable Energy, Winter 2021
Tags: Green Act of 2021, Renewable Energy Companies, renewable energy tax incentives, Steve Carter,
February 22, 2021

2020 – The Year That Was and What Lies Ahead for the Construction Industry?

By Deepa Bhat, CPA, CFE, ACA, Principal
ASL Construction Group

I was once again at my annual Board retreat (virtual, alas!) for the Builders’ Exchange of Santa Clara, and came away with some fascinating data – both historical and predictive.  Like many of us, I was curious to understand the impact of COVID-19 on this industry in 2020.  These were the top takeaways from this meeting: (more…)

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Categories: Construction Corner, Winter 2021
Tags: Builders’ Exchange, Construction Updates, Deepa Bhat,
February 22, 2021

California’s Mandatory Retirement Plan Impacts More Employers in 2022

By Abe Livchitz, CPA, Senior Tax Manager 

August 26, 2022 Update to Expand CalSavers to More Workers

Governor Newsom signed an amendment, S 1126, requiring all employers within the state of California with at least one worker to participate in the CalSavers program (reducing the minimum from five workers). The amendment is expected to take effect prior to December 31, 2025, and continues to apply to employers that do not otherwise offer a retirement plan to their employees.


May 9, 2022 Update

Action Is Required

The state-run CalSavers program was enacted in 2016 to provide employees an opportunity to build retirement savings and let employers avoid administrative fees and fiduciary responsibilities.  An email outreach program launched towards the end of 2020, so many businesses have already received a notification to register for the CalSavers retirement plan program.  In 2021, this requirement only applied to California employers with more than 50 employees, but effective in 2022, employers with more than 5 employees will be required to register.
(more…)

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Categories: Execs & Owners, Winter 2021
Tags: Abe Livchitz, CalSavers, retirement plans,
February 22, 2021

Like-Kind Exchanges After 2017 Tax Cuts and Jobs Act

By Samantha Ramirez, CPA, Tax Manager
ASL Real Estate Group

A like-kind exchange, commonly referred to as a “1031 exchange”, allows for the deferral of gains from the sale or exchange of business or investment property, as long as the exchanged properties are considered like-kind.  Any money or property received that is not like-kind is ineligible for gain deferral and is considered a taxable event.  After the 2017 Tax Cuts and Jobs Act (TCJA), the classification of like-kind was limited to include only real property.  With the new, narrower definition of like-kind, the IRS issued proposed regulations in June 2020 that defined real property for the first time for purposes of Internal Revenue Code Section 1031.  Recently, the IRS issued final regulations that adopted most of these proposed regulations, with some notable changes and clarifications. Below is a summary of the most recent changes. (more…)

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Categories: Real Estate, Winter 2021
Tags: 1031 exchange, Like-Kind Exchanges, Samantha Ramirez,
February 12, 2021

Section 1202 Qualified Small Business Stock Exclusion - Time for a Closer Look?

When the 2017 Tax Cuts and Jobs Act (TCJA) dropped the corporate tax rate to 21 percent, it triggered a new wave of interest in a somewhat obscure provision of the Internal Revenue Code, Section 1202, which could enable shareholders of qualifying businesses to avoid paying federal income tax on the gains they realize from the sale of their stock. (more…)

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Categories: Uncategorized
Tags: Qualified Small Business Stock, Section 1202, Tax Cuts and Jobs Act,
February 11, 2021

Employee Retention Credit Now Offers Big Benefits to Employers

The Employee Retention Credit was enacted in March 2020 as part of the CARES Act. It was enhanced and expanded when business relief legislation passed in December 2020 making it a more valuable option to generate cash flow. The amount of the credit was significantly increased, employers are now allowed to claim the credit until June 30, 2021, and the restriction that prevented employers with PPP loans from claiming this credit was repealed retroactively to March 2020. This repeal offers a significant opportunity for PPP loan borrowers to now benefit from this credit.

For employers eligible in 2020, the credit can be claimed on amended payroll tax returns and offset the employer portion of Social Security tax, but any excess credit is fully refundable. For 2021, employers can reduce their current federal payroll tax deposits and even request an advanced refund from the IRS. (more…)

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Categories: COVID-19, Execs & Owners
Tags: CARES Act, Employee Retention Credit, PPP Loans,
February 5, 2021

2020 Compliance Issues - IRS Prepares to Finalize Rules for 2020 Partnership Capital Reporting

After several rounds of revisions and reversals, the IRS is about to release its final version of instructions for partnerships to use when calculating and reporting their partners’ capital accounts on Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. The instructions, which the IRS is expected to finalize within a few weeks, will apply to the 2020 tax year—the tax preparation season that is already underway for most organizations.

The IRS says it will provide penalty relief for the 2020 requirement as long as partnerships “take ordinary and prudent business care in following the form instructions”.  On January 21, 2021, the IRS issued Notice 2021-13 providing additional penalty relief applicable to the calculation of beginning capital balances. Compliance could require considerable data gathering and complex calculations, so partnerships should begin working on these tasks immediately. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: 2020 Partnership Capital Reporting, Compliance Issues, Schedule K-1,

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