• 01.25.22

    Crypto Reporting Rules in the Biden Infrastructure Deal

    The Infrastructure Investment and Jobs Act, H.R. 3684, commonly referred to as the infrastructure bill, was signed into law by President Biden on November 15, 2021.

  • 08.26.21

    IRS Urges Entities with EINs to Update Responsible Party and Contact Information

    A news release issued by the IRS on July 30, 2021, reminds holders of Employer Identification Numbers (EINs) that a change in responsible party requires an update to be provided to the IRS within 60 days of the change by filing IRS Form 8822-B.

  • 02.11.21

    Update on Deductibility of Expenses Paid With Forgiven PPP Loans

    The IRS released an advance version of Rev. Rul. 2021-2, which is consistent with a legislative change allowing taxpayers to deduct otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven (or expected to be forgiven).  

  • 12.15.20

    Prop 19 to Significantly Restrict Family Transfer Exclusion From Property Tax Reassessment

    On November 3, 2020, California voters approved Prop 19, which will make several changes to the state’s property tax laws. Among these changes are new restrictions on the applicability of the parent–child/grandparent–grandchild exclusion from property tax reassessment ...

  • 12.11.20

    Update on Federal Tax Reporting of Virtual Currency and Related State Tax Issues

    On August 18, 2020, the IRS released a draft Form 1040 for the 2020 tax year (the “2020 Form 1040”). The following question appears on the first page of the 2020 Form 1040: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest ...

  • 09.02.20

    Updated: Guidance on Payroll Tax Deferral

    On August 8, 2020, President Trump issued an executive order directing the Secretary of the Treasury to permit employers to defer the withholding and deposit of certain payroll tax obligations.

  • 05.19.20

    SBA Publishes Loan Forgiveness Application for Paycheck Protection Program

    On May 15, 2020, the Small Business Administration (SBA) published a form of the loan forgiveness application for borrowers of Paycheck Protection Program (PPP) loans under the CARES Act.

  • 03.27.20

    Employers Receive Payroll Tax Credit Relief for Emergency COVID-19 Sick Leave

    To help employers cover the cost of paid sick leave or family or medical leave for their employees who miss work for reasons related to the COVID-19 pandemic, the Families First Coronavirus Response Act (H.R. 6201) provides for an employer federal tax credit against the Social Security portion of ...

  • 03.27.20

    Federal and State Tax Return Filing and Payment Dates Postponed

    After previously announcing a delay in the payment due date (but not the return filing date) for individual and corporate income taxes below certain thresholds, on March 21 the Internal Revenue Service announced that the federal income tax filing due date for 2019 returns is automatically extended ...

  • 03.27.20

    Delay of Payment of Employer Payroll Taxes

    Under Section 2302 of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), an employer may delay the payment of the employer share of Social Security taxes (6.2% rate) that otherwise would be due between March 27, 2020, and December 31, 2020.

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