Archives for Laws

Congress Passes $900 Billion COVID Relief Package

January 7, 2021 Categories: Business, Deductions, Economy, Federal, Filing, Health, Laws, News, Tax Credits, Tax Return, and Taxes.
Congress Passes $900 Billion COVID Relief Package

  First off, Happy New Year! I hope you all enjoyed a happy, and most importantly, healthy holiday season. Secondly, it’s a brand new year… But we’re still facing many of the same problems. Particularly in California. Govern Newsom has extended the current lockdown order “indefinitely.” Which has forced many businesses to shutter or further curtain operations. Of course, this is bad news for a whole lot of people, business owners and employees alike. And
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Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

December 9, 2020 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, Tax Credits, Tax Return, and Taxes.
Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

  Given the complete financial and economic bedlam 2020 has unleashed, the Payroll Protection Program (PPP) has been an absolute Godsend from countless small businesses AND their employees. But that said, the program has not come without its share of confusion, and in some cases, consequences. And one of the biggest concerns for many businesses as we coast into the end of the fiscal + calendar year is whether or not PPP funded expenses can
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Payroll Protection Program (PPP) Terms Redefined Under Newly Releases Payroll Protection Program Flexibility Act (PPPFA)

June 23, 2020 Categories: Business, Economy, Federal, IRS, Laws, News, and Taxes.
Payroll Protection Program (PPP) Terms Redefined Under Newly Releases Payroll Protection Program Flexibility Act (PPPFA)

The legislation drafted to help individuals and businesses stay afloat financially during the COVID-19 pandemic was necessarily created at breakneck speed. As such, it’s not surprising to see numerous revisions come just as quickly. Since drafting the CARES Act and the Payroll Protection Program, legislators and relevant government agencies have noted several important faults in the initial original legislation and accompanying regulations. To remedy these imperfections, and help small businesses manage their ongoing financial challenges,
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What Are The Tax Consequences of Accepting Stimulus Funds?

June 2, 2020 Categories: Business, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
What Are The Tax Consequences of Accepting Stimulus Funds?

  Could there be a light at the end of the tunnel? Well, the COVID-19 infection rate (and mortality total) in LA County is not as encouraging as one might hope. But overall, stats are improving. Setting aside, of course, the overall national death toll, which has crested 100,000 (and some predict may double before this crisis has completely dissipated). And as if the situation isn’t dire enough, already agitated citizens took to the streets
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CARES Act Stimulus Package Update

April 8, 2020 Categories: Business, Economy, Federal, IRS, Laws, News, Tax Credits, and Taxes.
CARES Act Stimulus Package Update

  I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

February 26, 2020 Categories: Deductions, Federal, Health, IRS, Laws, News, Tax Credits, and Taxes.
The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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California Establishes An Individual Mandate for Health Insurance Coverage

February 12, 2020 Categories: Health, Laws, News, Tax Return, and Taxes.
California Establishes An Individual Mandate for Health Insurance Coverage

The Affordable Care Act (ACA) – AKA Obama Care – has yet to be totally repealed. And it’s more likely to be replaced rather than canceled without a credible alternative in place. But several key elements of the program have been excised since the Trump Administration won the White House in 2016. This includes removing the penalty for failing to purchase health insurance. The “Individual Mandate,” as it was originally known, required every citizen to
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Looking to Reduce Your 2019 Income Taxes? Top 10 Year-End Tax Tips…

December 18, 2019 Categories: Deductions, Federal, Filing, IRS, Laws, and Taxes.
Looking to Reduce Your 2019 Income Taxes? Top 10 Year-End Tax Tips…

WOW! Somehow, 2019 totally flooooooooooooooooooown by!? Not sure where the time went? But with the fiscal year-end quickly approach, it’s the time to start thinking about your taxes. And it’s especially important to evaluate your tax situation NOW! Because there are several tax-sheltering measures you can take before December 31st. Measures with the potential to lop a sizable sum off of your 2019 tax bill. And toward that end, here are 10 tax-savings tips… 1.
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How Does The Qualified Business Income Deduction (QBI) Benefit Your Real Estate Investments?

October 16, 2019 Categories: Education, IRS, Laws, News, and Taxes.
How Does The Qualified Business Income Deduction (QBI) Benefit Your Real Estate Investments?

There’s no doubt real estate is a lucrative investment! Ownership of income-generating properties has been the seat of many eventually towering fortunes. But the liabilities involved with real estate are considerably larger than other investments. Managing tenants and maintenance, along with property and income taxes are expenses that perpetually eat away at your profit margin. Good News For Real Estate Investors But despite these expenses, there’s some good news for real estate investors on the
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Tax Payers First Act Brings Welcome Reforms to IRS Appeals Process

September 19, 2019 Categories: Audit, Deductions, Education, Federal, Filing, IRS, Laws, News, Tax Credits, and Tax Return.

Few things induce gut-churning panic faster than notice of an IRS audit. It’s a fear to which no taxpayer is immune. But thankfully, the recent passing of the Taxpayer First Act (TFA) is bringing some solace to taxpayers grappling with an IRS audit. Particularly for those appealing an audit. Internal Revenue Service Independent Office of Appeals To begin with, the TFA establishes the Internal Revenue Service Independent Office of Appeals. This new administrative body is
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