August 2021
IRS Additional Guidance Addresses COBRA Assistance Under ARPA
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights [...]
California Tax Updates from 8/20
Update 1: Three southern California grocery stores will pay fines of $447,836, for violations of certain COVID-19-related employee benefits. The CA Labor Commissioner’s Office has cited three El Super stores for failing to inform employees [...]
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be [...]
Scholarships are Usually Tax Free But They May Result in Taxable Income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as [...]
Large Cash Transactions with Your Business Must Be Reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a [...]
California Pass-Through Entity Tax
Governor Gavin Newsom signed Assembly Bill 150 this past July. The new bill establishes an elective pass-through entity (PTE) tax framework that will allow California taxpayers to obtain relief from the current $10,000 limit on [...]