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Governor Newsom just signed into law Senate Bill 113 (“SB 113”), which includes several taxpayer-friendly changes to the California elective passthrough entity tax (PTET). As a reminder, the PTET is designed to allow owners of qualifying passthrough entities (entities taxed as a partnership or an
This post has been updated to reflect changes made by California Senate Bill 113 (“SB 113”), which was signed into law on February 9, 2022. Such changes are indicated in red below. As most of you may recall, the 2017 Tax Cuts and Jobs Act
Last month, the IRS issued Notice 2021-10, providing further extensions of relief regarding qualified opportunity zone funds (“QOFs”) in light of the ongoing pandemic. Relief for QOF Investors: 180-Day Investment Period Generally, taxpayers have 180 days from the date gain is realized from a sale
From the time the Paycheck Protection Program was introduced with the enactment of the CARES Act on March 27, 2020, numerous clarifications, changes, and guidance have been issued by the Small Business Administration. This page consolidates all of our past communications to our clients on
As you may already be aware, last week, the President signed the Consolidated Appropriations Act of 2021, a new stimulus package intended to further extend financial relief to both businesses and individuals. Following are some of the highlights: 1. Deductibility of PPP-Funded Expenses The legislation
Last week, the IRS released guidance (via Notice 2020-39) providing for additional flexibility relating to Qualified Opportunity Zone investments in light of the current pandemic. For your reference, following are the highlights: 180-Day Investment Period Generally taxpayers must reinvest capital gain in a qualified opportunity
The following is a summary of the tax provisions included in the CARES Act that was signed into law on March 27, 2020. BUSINESS TAX PROVISIONS: EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 (SECTION 2301) Eligible employers can claim a
Last week on April 9th, the Federal Reserve and Treasury announced two new lending facilities as part of the Main Street Lending Program: the Main Street New Loan Facility and the Main Street Expanded Loan Facility. These facilities are intended to provide additional lending assistance
This post was last updated on April 10, 2020 to reflect recent changes in the federal and state filing and payment due dates and will continue to be updated as new developments arise. Dear Clients, During these unprecedented times, we sincerely hope that you
If your business has workers that you are classifying as independent contractors or you are currently operating as an independent contractor, please be aware that recent legislation in California may require that such workers (or you) be reclassified as employees under California law. Read on
Navolio & Tallman LLP is very proud and excited to announce the admission of Celia Lau and Stephanie P. Ringrose to the partnership, effective January 1, 2020. Celia spent the first 5 years of her career working with high-net-worth individuals and real estate clients at
Navolio & Tallman LLP is very proud and pleased to announce the admission of Jeffrey C. Messerschmidt to the Navolio & Tallman LLP partnership, effective January 1, 2018. Jeffrey has been with the firm for over 8 years. He works closely with the firm’s business
Press Release SAN FRANCISCO, CA — San Francisco accounting firm Navolio & Tallman LLP has been named one of Accounting Today’s 2017 Best Accounting Firms to Work For in recognition of its excellence in creating a quality workplace for its employees. The national survey and
Navolio & Tallman LLP is pleased to announce that we have expanded our firm and enhanced our capabilities with the addition of Thomas J. Parry and Stanley M. Tolle as partners effective July 1, 2017. We will continue to operate the firm as Navolio &
With 2016 nearing an end and a new president set to take office next year, now is the time to consider actions you can still take to maximize your tax savings for the year. There are many options available based on your unique tax situation,
Background Historically, regulations have been unclear with interpreting when an expenditure made with respect to tangible property may be deducted as a repair expense or must be capitalized as an improvement and depreciated over time. In an attempt to clarify the rules, the IRS has
As you may know, the Public Company Accounting Oversight Board (“PCAOB”) has authority over the financial statement audits of public companies and broker-dealers. CPA firms performing audits of public companies and/or broker-dealers are required to be registered with and subject to inspection by the PCAOB.
Today, the President signed into law the Tax Increase Prevention Act of 2014 (“the extenders bill”), which retroactively extends for one year (through 2014) most but not all of the “tax extenders” that had expired after 2013. The key provisions that were extended through December
With the end of 2014 quickly approaching, now is the time to consider actions you can still take to minimize your taxes. There are many options available based on your unique tax situation, but here are a few interesting ones to consider: Donate to the
When a partnership (or LLC taxed as a partnership) terminates, the taxable year of the partnership ends on the date of termination, and a final income tax return is due within three and a half months from that date. As the PENALTIES FOR LATE FILING
The Franchise Tax Board (“FTB”) requires that California state taxes be withheld at a rate of 7% on payments and distributions of CA-source income to domestic (U.S.) non-CA residents when such payments exceed, or are expected to exceed, $1,500 to any such recipient in a
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (“the 2012 Tax Act”), which affects all taxpayers. The summary below highlights some of the more relevant tax provisions in the 2012 Tax Act: Payroll Tax Holiday The payroll
Governor Jerry Brown’s Proposition 30 passed this month, retroactively increasing income taxes effective January 1, 2012. These rates will remain in effect for seven years (through the end of 2018) as follows: New Rates for 2012-2018 10.3% (1% increase) on income of: $250,001–$300,000 for single/MFS;
Navolio & Tallman LLP and colleagues from other CPA firms have witnessed a large increase in the number of audits of wealthy individuals and small businesses over the past year. In the near future, we also expect a higher rate of gift and estate tax
