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.
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 …
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.
The US Small Business Administration (SBA) recently expanded its rules for Paycheck Protection Program (PPP) loan forgiveness. New regulations allow businesses to spend a smaller percentage of their PPP loan proceeds on payroll costs, have a longer time to rehire their workforce, and get more time to spend their loan proceeds, among other changes. But how exactly is PPP loan forgiveness calculated, and how does the process work? There are a few critical pieces of information that businesses should know when seeking PPP loan forgiveness.