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At Seiler LLP, we continually strive to provide our clients with current news, insightful opinions and tax planning tools throughout the year.

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Apr

15

2020

IRS and California Announce Tax Deadline Updates

The Internal Revenue Service has announced an extended deadline for both federal income tax filings and payments. Any taxpayer with a payment due on April 15, 2020, is considered to be affected by COVID-19 and eligible for this relief. California recently announced similar tax extensions. Download PDF > Postponed Federal Filing and Payment Dates The […]

Apr

03

2020

SBA Accepting Paycheck Protection Program (PPP) Loan Applications Starting Today

Under the CARES Act, the federal government expanded a loan program to businesses to cover employee payroll, mortgage interest, rent, and utilities expenses. A prominent feature is that all or part of the loan is potentially forgivable, provided funds are used for specific purposes. Sufficient documentation to substantiate the application is required. Who can apply? […]

Apr

02

2020

Federal Government Passes Major Stimulus Bills

Two major pieces of legislation – the Families First Coronavirus Response Act and the CARES Act – have been passed to help individuals and businesses during the coronavirus (COVID-19) outbreak. Here is our summary of highlights from both pieces of legislation. Download PDF > 1) The Families First Coronavirus Response Act (FFCRA) Among other things, […]

Feb

12

2020

Further Consolidated Appropriations Act of 2020 Provisions Impacting Tax-Exempt Organizations

On December 20, 2019, the President signed into law the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Relief Act”) as part of the Further Consolidated Appropriations Act, an omnibus spending package that funds the government through September 2020. The following excerpted provisions affect tax-exempt organizations. Download Now Modification of excise tax […]

Feb

05

2020

Spending bill extends tax breaks, adds retirement account provisions

In late December 2019, the President signed into law the Further Consolidated Appropriations Act, 2020 (“FCAA”). The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As […]

Nov

22

2019

2019-2020 Tax Planning Strategies

With the dust still settling from major tax changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA), many questions remain around previous strategies and the potential for more changes in the future. In this end-of-year summary, we’ve highlighted the most pertinent information to help you plan for 2019 taxes and beyond, including: […]

Nov

11

2019

IRS Issues Additional Guidance on Bonus Depreciation Rules

November 11, 2019 The IRS recently released final regulations for the first-year 100% bonus depreciation deduction, in addition to another round of proposed regulations. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, […]

Feb

12

2019

IRS proposes regulations for Opportunity Zone tax incentives

February 12, 2019 The Tax Cuts and Jobs Act (TCJA) includes a provision to bring capital investments to distressed areas throughout the country. It allows taxpayers to defer tax on capital gains by investing in these Opportunity Zones, which now have newly released proposed regulations from the IRS. Download Now Overview of the Opportunity Zone […]

Oct

22

2018

IRS Issued Proposed Regs on Using Rental Real Estate Income for QBI Deduction

As a follow-up to the ongoing discussion of the Tax Cuts and Jobs Act’s qualified business income deduction, we’re diving in-depth on how rental real estate income may qualify as QBI under Section 199A. Download Now Overview of the QBI Pass-through Deduction As a brief review, the TCJA offers a tax deduction of 20% of […]