About Cheri

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So far Cheri has created 24 blog entries.
27 04, 2021

Rev. Proc. 2021-20: A Safe Harbor for Missed PPP Deductions

2021-04-28T17:35:54+00:00April 27th, 2021|Tax Articles|

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 The failure to deduct those expenses was consistent with IRS guidance at the time, but that guidance was superseded by the COVID-Related Tax Continue Reading

8 04, 2021

Tax Provisions in the American Rescue Plan Act of 2021

2021-04-08T02:25:12+00:00April 8th, 2021|Tax Articles|

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

17 03, 2021

Section 1061’s Application to Real Estate Carried Interests (or Not)

2021-03-18T00:00:26+00:00March 17th, 2021|Tax Articles|

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

3 03, 2021

Exchange Period for 1031 Exchanges

2021-03-03T23:56:35+00:00March 3rd, 2021|Tax Law Tips|

March 2021

Monthly Tax Law Tip

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