2020 Deficits and Potential Payroll Tax Holiday
California Health Insurance Penalty:
https://www.coveredca.com/individuals-and-families/getting-covered/penalty-and-exemptions/
Guidance addresses deductibility of expenses related to Paycheck Protection Program loans:
https://newsletters.usdbriefs.com/2020/Tax/TNV/200501_1.pdf
$3.7 Trillion Deficit:
https://newsletters.usdbriefs.com/2020/Tax/TNV/200501_3.pdf
Fewer People filed by April 15th:
https://www.cpapracticeadvisor.com/tax-compliance/news/21135618/21-million-taxpayers-delayed-filing-past-april-15
Payroll Tax Holiday
https://www.washingtonexaminer.com/news/white-house-strongly-considering-demand-to-include-payroll-tax-cuts-in-next-relief-package
Late Filed IRS Form 5471 – Automatic Penalty of $10,000 is a reality!
IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, has been a filing requirement for many decades if a U.S. taxpayer owns a significant amount of a foreign corporation. The form has gotten ever longer over the years and is now long and difficult to complete, and in some cases,…
Should You Invest in Residential or Commercial Properties?
Should You Invest in Residential or Commercial Properties? Most people in Northern CA started investing in real estate by buying their own homes. And most have made money as real estate in Northern CA has continued to appreciate in value. So when they move up, they decide to rent out their first homes. And then…
Unpleasant Tax Surprise for Thousands of IRA Holders
Unpleasant Tax Surprise for Thousands of IRA Holders Imagine getting a letter in the mail telling you that you owe more than $24,000 in taxes, with about a fourth of that total being because of late penalties. That’s the kind of surprise that nobody ever wants to get. However, that’s exactly what happened to one…
Corporate Tax Planning: Mergers, Acquisitions and Reorganizations
Corporate Tax Planning: Mergers, Acquisitions and Reorganizations by Greenstein, Rogoff, Olsen & Co., LLP In today’s ever-changing business world, a corporation often needs to reconstruct its form for economic survival and growth. These corporate divisions and combinations usually involve exchanges of stock and property, and normally would be taxable transactions. However, Congress enacted certain provisions…