The IRS on Friday, January 10, 2025 extended tax payment and filing deadlines to October 15, 2025 for Los Angeles County individuals and businesses because of the recent fires. The California Governor’s office followed suit...more
As practitioners predicted, the California Franchise Tax Board has adopted the federal November 16, 2023 extensions for similar state returns and payments. To those CPAs and taxpayers who pulled all-nighters to get returns...more
10/19/2023
/ California ,
FEMA ,
Franchise Tax Board ,
Income Taxes ,
IRS ,
Natural Disasters ,
Relief Measures ,
Severe Weather ,
State Taxes ,
Tax Debt ,
Tax Returns ,
Time Extensions
March Update -
As another deluge of storms ravages California and the Southeast, the Internal Revenue Service (IRS) on February 24, 2023 announced a further extension of the May 15 tax deadline to October 16, 2023 for...more
Congress has come bearing gifts this holiday season to those businesses hit hard by the ongoing COVID-19 crisis. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act...more
Per our May 5, 2020 eAlert, the IRS in Notice 2020-32 concluded that a taxpayer cannot deduct payroll, rent, utilities and other business expenses funded with a forgiven Paycheck Protection Program (“PPP”) loan. The IRS’s...more
Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more
10/6/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Human Resources Professionals ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Deductions ,
Payroll Taxes ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Returns
On May 26, 2020, the U.S. Treasury released Final Regulations on donor disclosure requirements that shield many nonprofits – except 501(c)(3) charities and 527 political organizations – from the requirement to disclose the...more
IRS Notice 2020-23 Grants Broad Relief Affecting Exempt Organizations, 1031 Exchanges, Qualified Opportunity Funds, And More.
...more
A flurry of activity during the past 2 weeks – at federal, state and local levels – gave tax filing and payment relief to taxpayers because of the COVID-19 pandemic, which exploded in the U.S. in the middle of March,...more
The IRS on July 23 issued final regulations (“Final Rules”) implementing the Internal Revenue Code section 506 requirement that an entity notify the IRS of its intent to operate as a Code section 501(c)(4) social welfare...more
The IRS’ new policy regarding employer identification numbers (“EINs”) could significantly delay the formation of new entities, especially by non-U.S. persons, unless practitioners and their clients get very proactive. ...more
Last December we told you about favorable IRS guidance letting P3 contractors and investors keep full tax deductions for interest on debt. The IRS kept a P3-friendly approach in last week’s proposed regulations on “qualified...more
5/7/2019
/ Capital Gains ,
Infrastructure ,
Interest Income ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Public Private Partnerships (P3s) ,
Qualified Opportunity Funds ,
Real Estate Development ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
Contractors and investors in P3s can continue taking a full tax deduction for interest on debt under recent IRS guidance (Revenue Procedure 2018-59, issued November 26). ...more
12/12/2018
/ Construction Project ,
Infrastructure ,
Interest Income ,
IRS ,
New Guidance ,
Project Finance ,
Public Private Partnerships (P3s) ,
Public Projects ,
Real Estate Development ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Urban Planning & Development
The recent tax reform bill (Tax Cuts and Jobs Act, H.R. 1), which the House Ways and Means Committee introduced November 2, would subject public pension plans to unrelated business income tax (“UBIT”) on their pre-packaged...more
11/10/2017
/ 501(c)(3) ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Pensions ,
Proposed Legislation ,
Public Funds ,
Retirement Plan ,
Tax Code ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
The IRS has released a new, interactive Form 990-EZ (Short Form Return of Organization Exempt From Income Tax) to make the annual chore of return filing even easier for “small” tax-exempt organizations, and help them avoid...more
The Internal Revenue Service (IRS) recently released two position papers that affect new, and some existing, social welfare organizations described in section 501(c)(4) of the Internal Revenue Code (Code). Last month the IRS...more
If you have ever paid a current or ex-employee in a settlement or after a trial or arbitration (and what employer has not?), then you know the importance of properly characterizing the payment for tax purposes. For example,...more
A foreigner starting business in the U.S. usually hires attorneys for visas, leases and licenses. The tax advisor comes later, when returns loom. This tendency is unfortunate because entering the U.S. starts the clock for...more
For California's high-earners and business owners, Proposition 30's passage in November 2012 was a "cross the Rubicon" moment. First, Proposition 30 increased tax rates retroactively to the beginning of 2012....more
The U.S. Supreme Court in June struck down the Defense of Marriage Act (DOMA) provision preventing the federal government from recognizing a legally-valid marriage of a same-sex couple, and the Internal Revenue Service...more
We recently sent an E-Alert on what the recent Supreme Court same-sex marriage decisions mean for employers, but what do those decisions mean for the couples themselves in terms of employer and tax benefits?...more
8/9/2013
/ Civil Unions ,
DOMA ,
Domestic Partnership ,
Employee Benefits ,
Hollingsworth v Perry ,
Income Taxes ,
IRS ,
Marriage ,
Proposition 8 ,
Same-Sex Marriage ,
SCOTUS ,
US v Windsor