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Tax

Tax Filing Season Will Begin February 12, 2021

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.

Partnership Audit Rules: Should Partnerships Elect Out of the Centralized Partnership Audit Regime?

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.

Changing California Residency for Tax Purposes

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.

Paycheck Protection Program (PPP) Loan Forgiveness Rules: Answers to your Frequently Asked Questions

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.

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