During his long and varied career, Raj Patel has relished the opportunity to share his accounting expertise with clients of many sizes across a wide array of industries. He has served small gas stations, hotels, nonprofit organizations, and Fortune 500 companies.
The Senate recently passed Democrats’ $3.5 trillion budget resolution package. While the policy is not yet law, it could have major changes in store for how the US taxes cryptocurrencies. Specifically, the policy would impose reporting requirements on cryptocurrency brokers, similar to how stockbrokers must report customers’ sales to the Internal Revenue Service (IRS).
With historically low mortgage interest rates, the real estate market is thriving in the United States. Whether you are purchasing new property, looking to sell, or simply hoping to lower your tax bill, join our Chugh CPAs, LLP team of experts for an insightful conversation on effective real estate tax strategies that can help you save money.
Section 139 allows employers to offer tax-free disaster relief payments to their employees for certain unreimbursed expenses. While Section 139 payments cannot be used to pay wages, they can be used to reimburse employees for “reasonable and necessary” expenses incurred due to the COVID-19 pandemic.
Jyoti Jhaveri is a Partner and Accountant in our firm’s Santa Clara, CA office.
Accounting was an easy career choice for Jyoti Jhaveri. Says Jyoti, “Growing up, I always loved working with numbers and people – accountancy was a natural extension.” After discovering accounting during her studies in business, Jyoti quickly realized that she enjoyed and could truly excel in the field. Before long, Jyoti decided to pursue finance as a full-time career.
On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.