Business Owners—Taking Money Out of a Business

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. If the loan and repayments are not set up and processed properly, the IRS can reclassify the funding as nondeductible...

IRS Filing Deadlines & Penalties

IT’S TIME TO FILE YOUR TAX RETURNS! On June 29, 2020, the Internal Revenue Service announced that the tax filing deadline of July 15 will not be postponed. Thus, individuals, trusts, estates, C-corporations, and others with an April 15 deadline who filed for an...

CARES Act: Charitable Giving Changes Due to COVID-19

COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the new guidelines, which apply to the 2020 tax year only, taxpayers can...

Reporting Requirements for Virtual Currency

As cryptocurrency continues to evolve as a valuable commodity, the IRS has issued guidance on the reporting requirements associated with the acquisition and sale of it. What is cryptocurrency?  Cryptocurrency, also known as digital or virtual currency, is a digital...

November 2020 Ballot Measure Would Limit Proposition 13

By Andrew Gradman, Esq. An earlier version of this article was published by California Continuing Education of the Bar (CEB.com) on June 25, 2020 On May 29, 2020, the California Secretary of State announced that the California Schools and Local Communities Act of 2020...

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