Additional extension of COVID relief for Qualified Opportunity Zone Funds

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 […]

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Paycheck Protection Program

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 […]

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PPP & Tax Provisions in Latest Stimulus Bill

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 […]

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Additional COVID-19 Relief for Qualified Opportunity Funds and Investors

Last week, the IRS released guidance (via Notice 2020-39) providing for additional flexibility relating to Qualified Opportunity Zone investments in light of the current pandemic. For your reference, following are the highlights: 180-Day Investment Period Generally taxpayers must reinvest capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized […]

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Tax Provisions in the CARES Act

The following is a summary of the tax provisions included in the CARES Act that was signed into law on March 27, 2020.   BUSINESS TAX PROVISIONS: EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19 (SECTION 2301) Eligible employers can claim a refundable payroll tax credit equal to 50% of qualified wages […]

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Main Street Lending Program

Last week on April 9th, the Federal Reserve and Treasury announced two new lending facilities as part of the Main Street Lending Program: the Main Street New Loan Facility and the Main Street Expanded Loan Facility. These facilities are intended to provide additional lending assistance to small and medium-size businesses. They also released guidance setting […]

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Update Regarding Our Services and Tax Filing Due Dates

This post was last updated on April 10, 2020 to reflect recent changes in the federal and state filing and payment due dates and will continue to be updated as new developments arise.   Dear Clients, During these unprecedented times, we sincerely hope that you and your families are healthy and safe. While the situation […]

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California Adopts New Test for Classifying Workers as Employees

If your business has workers that you are classifying as independent contractors or you are currently operating as an independent contractor, please be aware that recent legislation in California may require that such workers (or you) be reclassified as employees under California law. Read on for more details: What has changed? The major piece of […]

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Navolio & Tallman LLP Welcomes Two New Partners

Navolio & Tallman LLP is very proud and excited to announce the admission of Celia Lau and Stephanie P. Ringrose to the partnership, effective January 1, 2020. Celia spent the first 5 years of her career working with high-net-worth individuals and real estate clients at Deloitte Tax LLP in San Francisco before joining Navolio & […]

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