Posts

tax workaround
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New Law Tax Workaround for CA Pass-Through Business Owners

Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying…
tax credit
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Is Your Company Eligible for the Employee Retention Tax Credit?

Richard A. Huffman, CPA, MST Tax Partner By retaining employees during the pandemic, your company may be eligible for a payroll tax credit of up to $5,000 per employee in 2020 and $28,000 per employee in 2021. The employee retention…
american rescue plan act
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Significant Tax Provisions from Biden’s American Rescue Plan Act

Richard A. Huffman, CPA, MST Tax Partner   The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions: Business tax provisions: Family and sick leave credits –…
ppp loans
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PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST Tax Partner Tony Maldonado, CPA Tax Senior   While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance…
law
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CA Governor Signed Law to Conform to Federal Tax Law Changes

The California governor signed law AB 91, also known as the "Loophole Closure and Small Business and Working Families Tax Relief Act of 2019" which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant…
Individual Tax Law Changes

Individual Tax Law Changes

like-kind exchange
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How to Co-ordinate Cost Segregation with Like-kind Exchange

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand…
Tax Law Changes Business

Tax Law Changes Business Chart and Highlights