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IRS Announces Inflation Adjustments for 2023 Tax Year

December 09, 2022   |   Posted in: Individual Tax, Tax Laws

Because inflation is high, many IRS inflation adjustments for 2023 will change more than they have in recent years. In the IRS Revenue Procedure 2022-38, it details these amounts. The following chart shows how these adjustments compare to amounts for 2022. Refer to these changes for your individual tax planning. In addition, the Social Security Administration announced that the Social Security wage base (the amount of earnings subject to ... more

PPP Update: Deductibility of Eligible Expenses on California Returns

May 05, 2021   |   Posted in: Tax Laws, Timely News

California Governor Gavin Newsom signed Assembly Bill 80 (AB 80) on April 29, 2021 to allow certain businesses to deduct their eligible expenses that were paid with forgiven Paycheck Protection Program (PPP) loans. Prior to this new legislation, California did not allow a tax deduction of eligible expenses paid with forgiven PPP loan funds. California did not conform to the federal law that was enacted on December 27, 2020 as part of the ... more

IRS Extends 2020 Individual Federal Return Filing Due Date

March 19, 2021   |   Posted in: Individual Tax

On March 17, 2021, the IRS announced that the federal individual income tax filing due date for 2020 returns will be automatically extended from April 15, 2021 to May 17, 2021. Formal IRS guidance will be issued shortly. The extended due date also applies to the tax payment due with the individual return. No interest or penalties will accrue for tax payments that were due on April 15, 2021 if they were paid by May 17, 2021. However, any required ... more

Employers: Register for the CalSavers Retirement Program

January 04, 2021   |   Posted in: Business Advisory Services, Individual Tax

The California State Treasurer’s office has begun sending email reminders to California employers to register for the CalSavers Retirement Savings Program (CalSavers). CalSavers was passed into law in 2016.  California employers with five or more employees, and at least one of whom is age 18 or over, are required by state law to participate in CalSavers if they do not offer an employer-sponsored retirement plan.   Employers are required to ... more

New IRS Guidance: Non-Deductibility of Expenses Paid with PPP Loans

December 03, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws, Timely News

The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan funds to small businesses in order to help them pay eligible expenses (payroll costs, mortgage interest, rent, and utilities).  These covered loans are to be fully forgiven and not to be treated as income to the loan recipients as long as the loans are used to pay eligible expenses.    While it was clear that a ... more

Nonprofit Purchasing Policy Considerations

November 23, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws

Nonprofits have a multitude of compliance standards to juggle, and constructing a comprehensive nonprofit purchasing policy is no exception. Maintaining tax-exempt status requires adherence to very specific behaviors, and written policy should be reviewed periodically to ensure your organization meets or exceeds standards.  Under the new procurement standards, all NPOs receiving federal awards must have a written procurement policy that outlines ... more

LIHTC Partnerships Impacted by Limitations on Business Interest

August 05, 2018   |   Posted in: Affordable Housing, Tax Laws

LIHTC Partnerships Impacted by Limitations on Business Interest

Due to the changes in the federal tax law resulting from the passage of the 2017 Tax Cuts and Jobs Act, the deduction for business interest can be severely limited for many taxpayers for tax years beginning after December 31, 2017.  The interest deduction cannot exceed the sum of: Business interest income for the tax year 30% of the taxpayer’s adjusted taxable income Taxpayer’s floor plan financing interest (applicable to auto ... more

Important Tax Update for Qualified Transportation Fringe Benefits

May 29, 2018   |   Posted in: Tax Laws

by Stanley Woo, CPA Due to the changes in the Federal tax law brought on by the 2017 Tax Cuts and Jobs Act, the transportation fringe benefits provided by an employer to employees are no longer deductible by the employer. This change in the law will impact employers in the for-profit sector and surprisingly, employers in the not-for-profit sector. For non-profit organizations, the transportation fringe benefits provided to employees are now ... more

Reporting Collaborative Activities: A Complex Issue for Not-For-Profits

August 09, 2017   |   Posted in: Not For Profit, Tax Laws

More and more not-for-profits are joining forces to better serve their clients and cut costs. But such relationships can come with complicated financial reporting obligations. Starting with the simplest For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active participants in a joint operating activity — for ... more


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