Navolio & Tallman LLP strives to keep abreast of the latest developments in tax, audit, and accounting. We periodically issue announcements and newsletters to update our clients on important issues.
Governor Newsom just signed into law Senate Bill 113 (“SB 113”), which includes several taxpayer-friendly changes to the California elective passthrough entity tax (PTET). As a reminder, the PTET is designed to allow owners of qualifying passthrough entities (entities taxed as a partnership or an S corporation) to deduct state taxes on their share of […]
This post has been updated to reflect changes made by California Senate Bill 113 (“SB 113”), which was signed into law on February 9, 2022. Such changes are indicated in red below. As most of you may recall, the 2017 Tax Cuts and Jobs Act (“TCJA”) included a provision that imposed a $10,000 cap on […]
Last month, the IRS issued Notice 2021-10, providing further extensions of relief regarding qualified opportunity zone funds (“QOFs”) in light of the ongoing pandemic. Relief for QOF Investors: 180-Day Investment Period Generally, taxpayers have 180 days from the date gain is realized from a sale or exchange to reinvest those gains into a QOF and […]
From the time the Paycheck Protection Program was introduced with the enactment of the CARES Act on March 27, 2020, numerous clarifications, changes, and guidance have been issued by the Small Business Administration. This page consolidates all of our past communications to our clients on the topic and will continue to be updated as more […]