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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,
December 13, 2020

Year-End Tax Planning Ideas for Individuals and Business Entities

As this very unusual year comes to a close, we can look forward to the prospects and challenges waiting for us next year. Until then, there are many tax planning opportunities available to individuals and business entities that can be implemented before December 31, 2020.

Congress is currently working on another stimulus package with provisions that will provide assistance to business entities and no significant tax changes for individuals. It is uncertain if this legislation will be enacted before the end of the year. Watch our website for further details.

Please contact us to discuss any of the ideas discussed below. (more…)

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Categories: Business Taxation, COVID-19, Execs & Owners
Tags: Business Entities, Individual Tax Planning, Year-end tax planning,
December 11, 2020

2020 Tax Preparation - Prepare for an Unprecedented Tax Season

With the end of 2020 approaching, it is time to prepare for what promises to be an unprecedented tax season. Here are some of the key issues that business owners, financial officers, and tax executives should consider now.

Note: This is by no means a complete list, and the tax consequences of some pandemic relief programs might change. (more…)

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Categories: Business Taxation, COVID-19, Execs & Owners
Tags: CARES Act, COVID Tax Provisions, PPP Loan, Tax Preparation,
By ASL Guest
•
July 20, 2017

Technology is Transforming the Nonprofit World

By Josh Cross, CPA, Principal 

The landscape of nonprofits is changing and ironically it is looking a lot like the for-profit start-up world. These social entrepreneurs are using the same methods and ideas used by the most successful start-ups in the marketplace today and most of it is centered on harnessing the power of technology. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: crowdfunding, Data Security, josh cross, nonprofits, online donations, Start-ups, technology,
July 11, 2017

IRS Reissues Proposed Regulations For Centralized Partnership Audit Regime

By Franceen Borrillo, CPA, Principal

We want to make our clients aware that on June 13, 2017, the U.S. Internal Revenue Service and the Department of the Treasury re-released proposed regulations (REG 136118-15) that provide guidance on the new centralized partnership audit regime. The proposed regulations implement the new centralized partnership audit regime enacted as part of the Bipartisan Budget Act of 2015 (BBA). (more…)

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Categories: Business Taxation
Tags: BBA, centralized partnership, Franceen Borrillo, IRS, TEFRA,
By ASL Guest
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March 7, 2017

Payroll Tax Offset for R/D Credit-Possible Action Required

By Erika Diebert, Tax Senior

There is an opportunity for Qualified Small Businesses (QSBs) to utilize their unused federal 2016 R&D credits against their 2017 payroll tax liability (Employer portion of FICA). This was enacted as part of the PATH Act of 2015 but is just now becoming available starting with the income tax filings for the 2016 tax year.

The offset of payroll taxes will be available for R&D credits generated on the 2016 tax return from R&D expenses incurred in 2016. R&D credit carryovers from years prior to 2016 cannot be used. The maximum benefit allowed to be claimed in a tax year is $250,000. An election to use the credit against payroll taxes is made on an originally and timely filed (including extensions) Form 6765 by completing section D of the form. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: Action Required, Payroll Tax, QSBs, Qualified Small Businesses, R&D Credit, Update,
By Jyothi Chillara
•
January 24, 2017

Trump Presidency, Taxes, and Stock Option Compensation

We all have heard and know of people becoming millionaires overnight with “stock option” money, especially in Silicon Valley. Stock options are an important part of the compensation package for many employees in the technology sector. For companies, it is a tool to retain employees and motivate them to perform better as the company’s growth and success translates to their success.

The most common types of stock options are Incentive Stock Options (ISO’s) and Non-Qualified Stock Options (NQSO’s). The tax consequences to employees are as follows:

Incentive Stock Options (ISO) (more…)

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Categories: Business Taxation, Execs & Owners, Updates & Alerts
Tags: Incentive Stock Options, ISO, Jyothi Chillara, Non-Qualified Stock Options, NQSO, Stock Option Compensation, Taxes, Trump,
By Abraham Livchitz
•
January 18, 2017

California Competes Tax Credit - Update

In November 2016 the Governor’s Office of Economic Development announced that it had awarded $61 million of California Competes tax credits to 74 taxpayers.

These business entities promised to add over 6,500 jobs and invest $670 million in the California economy.

http://www.business.ca.gov/Portals/0/Files/CCTC%20Meeting%20Agenda%2011-17-16.pdf

The credits granted ranged from $8 million to businesses receiving the minimum credit of $20,000.  The program is required to grant 25% of the credits to small businesses. It is interesting to note that credits were granted to many taxpayers not operating in manufacturing. Taxpayers receiving credits included entities performing: engineering consulting (Roseville), software development (Folsom); dentist (Fresno), day care services (Oakland); financial planning (Irvine),  data analysis (Los Angeles) and architecture (Anaheim). (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: Abe Livchitz, California Competes Tax Credit,
By Abraham Livchitz
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November 17, 2016

Don’t Be Surprised By New Tax Filing Due Dates

Beginning next year several tax filing due dates will be changing. The existing filing schedule has been in place since I manually prepared tax returns with pencil and paper before the computer age began so these changes are significant. The new filing dates were established under the Protecting Americans from Tax Hikes (PATH) Act of 2015 without much publicity outside of the tax practitioner community. The new filing dates are effective for tax years beginning January 1, 2016, so taxpayers unaware of the new dates may have an unexpected surprise next year.

Fortunately, the traditional April 15th due date for individual tax returns has not changed but the due dates of business returns have been modified. The changes were implemented to help smooth the tax filing process for taxpayers owning interests in pass-through entities such as partnerships and S-Corporations. (more…)

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Categories: Business Taxation, Execs & Owners, Updates & Alerts
Tags: Abe Livchitz, corporations, Due dates, Federal extended due dates, New, partnerships, PATH Act of 2015,
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