2312, 2020

Proposition 19 Client Alert

December 23rd, 2020|Categories: Tax Articles|

California voters recently approved Proposition 19, which may significantly increase property taxes when real property is transferred between a parent and child. This Client Alert explains the changes to current law and what to consider in deciding whether to take action before the new law takes effect on February 16, Continue Reading

1812, 2020

California Small Business Hiring Tax Credit Application Period Underway

December 18th, 2020|Categories: Tax Articles|

On September 9, 2020, Senate Bill 1447 was signed into law and created a new tax credit aimed at providing relief to struggling small businesses. SB 1447 provides certain small businesses with a $1,000 tax credit for each net increase to full-time employees. Applications are allocated on a first-come, first-served Continue Reading

January 2021

Monthly Tax Law Tip

Beginning on January 1, 2021, California’s annual $800.00 LLC tax is waived for the first year of existence of newly formed LLCs.  This is in effect through January 1, 2024.

1412, 2020

The CARES Act and Qualified Improvement Property

December 14th, 2020|Categories: Tax Articles|

A provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided a much-anticipated technical amendment regarding “qualified improvement property” (QIP). This provision corrected a flaw in the Tax Cuts and Jobs Act (TCJA) of 2017, and has made QIP eligible for bonus depreciation of 100%, applied retroactively Continue Reading

1312, 2020

Section 199A, SSTBs and Related Parties

December 13th, 2020|Categories: Tax Articles|

Introduction. The Tax Cuts and Jobs Act of 2017 (the “Act”) added Section 199A to the Internal Revenue Code (the “Code”). Section 199A provides a deduction that reduces the effective tax rate on qualified business income (“QBI”) for owners of businesses taxed as sole proprietorships, partnerships, limited partnerships, limited liability Continue Reading