The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Employers With 5 or More Employees Required to Offer Retirement Savings Program by June 30, 2022

Posted on May 3, 2022May 13, 2022 by Moskowitz LLP Tax Planning & Compliance,

California law requires small employers with 5 to 50 California-based employees to offer a retirement savings program or enroll as a participating employer in the CalSavers Retirement Savings Program by June 30, 2022. The requirement is based on a company’s having California-based employees, regardless of the company’s state of incorporation...

Pass Through Entity Tax Payments are Due June 15 for Tax Year 2022

Posted on May 2, 2022May 5, 2022 by Moskowitz LLP State & Local Taxation,

The pass-through entity tax allows certain California pass-through entities to pay state income tax at the entity level. In return, qualified taxpayers can get a nonrefundable tax credit for their share of state tax paid at the entity level, thus reducing their individual income tax liability. It is important to...

2022 IRS Initiatives and Target Investigations

Posted on April 26, 2022May 3, 2022 by Moskowitz LLP Tax: Audits, Litigation & Collection,

The tax landscape is changing again. The Biden Administration has introduced new initiatives for 2022 as part of a push to boost IRS collection efforts and increase taxpayer compliance. The effort comes as the Administration attempts to collect unpaid or past-due tax revenue as well as to target businesses that...

Understanding Tax Accounting and the Importance of Year-Round Maintenance

Posted on April 20, 2022May 3, 2022 by Moskowitz LLP Tax Services,

Understanding Tax Accounting Every business needs an accounting department to log and maintain accurate records of purchases, inventory, sales, shipping, and attendant expenses. Accounting allows you not only to track growth and keep expenses in check—it allows you to evaluate the status of your business from multiple viewpoints at any...

Understanding Key Performance Indicators (KPIs): What They Are And Why They Matter

Posted on April 13, 2022April 26, 2022 by Moskowitz LLP Business Law,

Growing your business in today’s rapidly evolving marketplace can be challenging. How effectively you meet your company’s objectives can make the difference between success and failure. Key Performance Indicators (KPIs) offer a series of metrics you can use to gauge progress and performance, whether company-wide or within a specific department....

IRS Initiatives 2022

Posted on March 29, 2022April 20, 2022 by Moskowitz LLP Tax: Audits, Litigation & Collection,

Pass-Through Entity Initiatives S-Corporation Distributions S-Corporation Losses Claimed in Excess of Basis Campaign S-Corporations Built-in Gains Tax Sale of Partnership Interest Syndicated Conservation Easement Transactions Tax Cuts and Jobs Act (TCJA) Campaign U.S. Territories Self Employment Tax Virtual Currency High Income Non-filer International Taxation Expatriation of Individuals (International Tax) Forms...

Foreign Tax Credit: What is it?

Posted on March 22, 2022March 22, 2022 by Moskowitz LLP International Taxation,

An Overview of the Foreign Tax Credit The foreign tax credit is exactly what it states in the title. It is a credit for the foreign taxes paid in another country. However, a taxpayer must qualify for the credit. Under 26 U.S.C. 901, a taxpayer may choose to be credited...

Got Employees? See if you qualify for The Employee Retention Tax Credit

Posted on March 8, 2022March 8, 2022 by Moskowitz LLP Distressed Business/COVID-19,

What is the Employee Retention Credit? The Employee Retention Tax Credit has been one of the most important pandemic relief programs introduced to help employers negatively impacted by government pandemic orders. Furthermore, the changes to ERC eligibility requirements have opened the program to a wide range of businesses that were...

SALT Workaround Enacted!

Posted on February 21, 2022March 15, 2022 by Moskowitz LLP Tax Planning & Compliance, State & Local Taxation,

California just enacted Senate Bill 113 (SB 113), which made California’s new passthrough entity elective tax much more attractive for certain owners of S corporations, partnerships, and LLCs taxed as a partnership or S corporation. Many of the limitations and drawbacks to paying this tax were just recently removed by...

2022 Tax Preparation: Important Tax Documents to Look For

Posted on February 9, 2022March 1, 2022 by Moskowitz LLP Tax Services,

With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox: 1. Child Tax Credit Letter From July through December 2021, the IRS paid out 50% of projected child tax credit payments to qualified households. The IRS is sending...

Recovery Startup Businesses: Claiming the Employee Retention Tax Credit

Posted on February 8, 2022February 22, 2022 by Moskowitz LLP Distressed Business/COVID-19,

The COVID-19 pandemic has affected the way we work, shop, learn, and live. For business, the pandemic has created a range of challenges—from compliance with safety mandates to logistics challenges—to staying profitable. What may be surprising is that during the pandemic, a remarkably large number of new startup businesses were...

Understanding and Qualifying for the Work Opportunity Tax Credit

Posted on February 1, 2022February 8, 2022 by Moskowitz LLP Business Law,

A robust economy relies on a business environment that promotes growth. One way to achieve this is to incentivize companies to expand their workforce. The Work Opportunity Tax Credit (WOTC) represents a government effort to boost hiring, while creating opportunities for traditionally marginalized workers. Let’s take a closer look at...

Watch Our Latest Webinar on Historic Building Tax Credits

Posted on January 13, 2022April 6, 2022 by Moskowitz LLP Webinar, Real Estate Law,

Recorded: Tuesday, January 25 Watch Recorded Webinar Real estate is an important part of any comprehensive financial portfolio, but when it comes to utilizing tax credits, many property owners continue to lose out. Despite the benefits, finding and applying applicable tax credits can be difficult and overly complicated, meaning many...

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