New California law Proposition 19 will significantly change how certain real estate is taxed in the state. The proposition will benefit seniors and certain select California homeowners, while children who expect to inherit real estate may lose out on major tax savings.
The Corporate Transparency Act (CTA) is a new United States federal reporting requirement that requires business entities to report beneficial ownership. The CTA will take effect by January 1, 2022. Certain companies are exempt from this new regulation.
Businesses and individuals have many important federal tax deadlines to track throughout the year. Most deadlines for annual returns are in the spring, with extensions available until the fall.
Corporate & Business taxes Santa Clara Chugh, LLP Corporate & Business Taxes in Santa Clara, Services offers company configuration and major jurisdictions, along with the far-reaching guidance and backing that will help organizations, all things considered, to set up business activities effectively in foreign markets. Chugh, LLP addresses clients from an expansive array of corporate …
Businesses can now deduct 100% of certain meal expenses for tax years 2021 and 2022 under the Consolidated Appropriations Act, 2021. This policy is designed to stimulate the restaurant industry and provide breaks for other businesses.
Tax season is officially here! The Internal Revenue Service (IRS) has announced that it will begin accepting and processing tax forms for individuals starting February 12, 2021. This date is two weeks later than normal to accommodate for tax law changes and the recent stimulus relief package.
The recent Consolidated Appropriations Act, 2021 expanded the employee retention credit significantly. Many new companies may now be eligible for the credit, including those who have previously taken out a Paycheck Protection Program (PPP) loan.
For tax year 2020, businesses must start to use a redesigned Form 1099-NEC, Nonemployee Compensation for reporting certain payments to nonemployees, such as independent contractors. Businesses must issue the form to payees by February 1, 2021.
Since 2017, partnerships are by default audited by the Internal Revenue Service (IRS) using the centralized partnership audit regime (CPAR). Under this regime, partnerships are audited at the partnership level, and any adjusted tax liability found during the audit is paid by the partnership in the year the audit is concluded. Partnerships can elect out of this tax treatment each year.
Some individuals who reside in California may want to change their state of residence to a state with lower or no taxes to save on their income taxes. But this is not as easy as it may seem. California’s state income tax rules can make it complicated to change from a resident to a nonresident.
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