On April 22, 2021, the IRS issued Revenue Procedure 2021-20, which provides a safe harbor allowing taxpayers who did not deduct expenses paid with forgiven PPP loans in 2020 to deduct those expenses in the next tax year. The failure to deduct those expenses was consistent with IRS guidance at the time, but that guidance was superseded by the COVID-Related Tax Continue Reading …
The filing date for federal and California tax returns has been moved forward from April 15 to May 17, but this is only for individuals. Trusts and estates, and corporations, still have an April 15 filing date, and estimated payments for individuals are still due on April 15.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”), a $1.9 trillion economic stimulus package and comprehensive COVID relief bill that provides a wide range of assistance to businesses and individuals. As with the COVID-related Acts preceding it, ARPA facilitates much of this assistance through changes to the federal tax code. This blog Continue Reading …
Persons interested in investing in real estate may not have the capital to purchase or develop real estate. Ordinarily those persons will seek out investors to provide the capital, while retaining a profits interest in the venture (a “promote” in the real estate world) in exchange for managing and facilitating the venture. A promote held by such a service partner is Continue Reading …
If you are doing a 1031 exchange, your exchange period ends on the earlier of: (i) 180 days after the close of the sale of the relinquished property, or (ii) the next due date for your tax return. That means that, if your sale closed after October 17, you will need to file for an extension of Continue Reading …