Tax | SingerLewak

Pass-Through Entity Tax Changes Applicable to Tax Year 2021

Feb 14, 2022 | News & Events, Specialty Tax, Tax, Tax Compliance and Advisory

California Governor Signs into Law Taxpayer-Friendly Measures Related to California’s Pass-Through Entity Tax (PTE), Net Operating Loss Limitations and Other Provisions Overview Following the recent proposed budget by Governor Gavin Newsom, the California legislature...

California Increases Conformity Provisions to IRC Section 529 Tuition Plans

Dec 10, 2021 | Specialty Tax, Tax, Tax Compliance and Advisory

OVERVIEW Existing law, known as the Golden State Scholarshare Trust Act, establishes the Golden State Scholarshare College Savings Trust, under the administration of the Scholarshare Investment Board, to provide financial aid for postsecondary education costs of...

2021 California Business Income Tax Returns to Include Unclaimed Property Questions

Oct 25, 2021 | Specialty Tax, Tax, Tax Compliance and Advisory

CALIFORNIA ASSEMBLY BILL (AB) 46 Assembly Bill 466 authorizes the Franchise Tax Board (“FTB”) to share certain information with the State Controller’s Office related to unclaimed property. Beginning tax year 2021, the FTB will include additional questions for...

Senate Finance Democrats’ Framework for “Overhauling International Taxation”

Aug 27, 2021 | International, Tax

The Framework, released by Finance Chairman Wyden and Senators Brown and Warner on August 25, outlines options for making changes to US international tax provisions enacted as part of the 2017 Tax Reform Act (the 2017 Tax Cuts and Jobs Act, or the 2017 Act)....

IRS Buckles Down on Micro-Captives

Jun 10, 2021 | Tax

Recently, in Caylor Land & Dev. v. Comm., the Tax Court once again held that a micro-captive insurance arrangement failed to qualify as an insurance company for federal income tax purposes. As a result, the taxpayers were unable to deduct the insurance premiums...

Do You Qualify to Use the NIMS Inventory Method?

Jun 10, 2021 | Tax

Generally, taxpayers are required to take inventories at the beginning and end of each taxable year. However, the TCJA and regulations provide an exception for certain “small businesses.” If your business qualifies, you may be able to treat certain costs as...

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