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.
As most of you may recall, the 2017 Tax Cuts and Jobs Act (“TCJA”) included a provision that imposed a $10,000 cap on the amount of state and local taxes individual taxpayers could deduct (“SALT cap”), applicable for tax years 2018 through 2025. Notably, this limitation does not apply to state taxes paid by business […]
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 […]
As you may already be aware, last week, the President signed the Consolidated Appropriations Act of 2021, a new stimulus package intended to further extend financial relief to both businesses and individuals. Following are some of the highlights: 1. Deductibility of PPP-Funded Expenses The legislation provides that expenses paid for with proceeds from a PPP […]