Expertise: Individual Tax

The Bipartisan Budget Act of 2015 (BBA), P.L. 114-74 repealed the partnership audit provisions and introduced a new centralized audit regime for IRS audits of entities required to file Form 1065 ‘U.S. Return of Partnership Income.’ The BBA procedures changedREAD MORE

The IRS has issued multiple disaster relief notices for various states. See below for the current states and counties where tax-filing and tax-payment deadline relief is provided extending various due dates. Please note that if you are a taxpayer locatedREAD MORE

The IRS has issued four disaster relief notices, CA-2023-01, CA-2023-02, CA-2023-03 and CA-2023-04 providing storm relief for various counties in California. These notices apply to different counties, with some overlap, and have different applicable periods, as well as varying filingREAD MORE

For our full article on the differences between each IRS announcement related to tax relief for storm victims in California click here. CA-2023-01 CA-2023-02 CA-2023-03 CA-2023-04 Alameda X X Alpine X X Amador X X Butte X X Calaveras XREAD MORE

The California Franchise Tax Board (FTB) has updated its stance on the treatment of the Employee Retention Credit (ERC). Previously, the FTB had stated that any refunds received through the ERC would be taxable for California income tax purposes, whileREAD MORE

Form 1099-K is an information return used to report certain electronic payment transactions. Third-party payment processors like PayPal, Venmo, Stripe and Cash App report the gross amount of payment transactions processed, as well as the number of transactions processed, toREAD MORE

The IRS has added new domestic filing exceptions for partnerships and S-corporations for filing and furnishing Schedules K-2 and K-3 for tax years beginning in 2022. Background For tax years beginning in 2021, the IRS released new schedules for pass-throughREAD MORE

On August 24, 2022, President Biden announced a student debt relief plan which includes the following: Another extension of the pause to repay student loans Starting in March 2020, as a result of one of the COVID relief measures, federalREAD MORE

On June 22, 2022, Hawaii Governor David Ige signed Act 115, which provides a one-time constitutional refund to each qualifying resident of Hawaii who files an income tax return for tax year 2021. Who Qualifies for the Act 115 RefundREAD MORE

On June 30, 2022, California Governor Gavin Newsom signed the $308 billion state budget for 2022-23 that includes another round of tax rebates, as well as significant spending for various programs. The key items included in the budget include theREAD MORE