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About Daniel Novak

Daniel Novak is a Manager in our Novato office.

PPP Deductions may be coming for California

Today the U.S. Department of the Treasury has officially announced that States are allowed to conform to Federal law on PPP loan deductibility.  A few weeks ago California AB 80 was stalled as the state asked for clarification on limitations in the American Rescue Plan over concern that passing AB 80 would limit Federal funds available to the state.

While this doesn’t mean PPP loan expenses will be allowed quite yet, the state legislature has been given the green light to act.

For the official press release click here:

By |April 8th, 2021|Categories: Announcements, BCo Community News, IRS|Comments Off on PPP Deductions may be coming for California

YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY

Although vote counting continues and legal challenges to the election endure, many news media organizations have projected that former Vice President Joe Biden will become the 46th President of the United States on January 20, 2021.

The House of Representatives will remain under Democratic control, but control of the Senate is somewhat less certain since the balance of power will be determined in January 2021 following a run-off election for two open Senate seats in Georgia. The run-off is necessary because neither of the candidates in either of the races obtained more than 50% of the total vote count as required by the state’s election law. A win by the two Democratic candidates would shift the balance of power in the Senate from one of GOP control […]

By |December 8th, 2020|Categories: Announcements, BCo Community News|Comments Off on YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY

Update on IRS functions during the government shutdown

The IRS has just released an update on what they will and will not be doing during the government shutdown:

The IRS will continue to:

  • Process electronic and paper-filed returns (including amended returns)
  • Issue refunds
  • Respond to taxpayer questions
  • Send out automated notices
  • Implement the Tax Cuts and Jobs Act

What the IRS will not do:

  • Process transcript requests (If a POA is on file they will through e-services)
  • Process new POA requests
  • Conduct any audit functions (unless the SOL could expire)

For the full notice click here.

By |January 21st, 2019|Categories: BCo Community News|Comments Off on Update on IRS functions during the government shutdown

Don’t forget to let your CPA know if you have a foreign bank account

Did you know that if you have a foreign bank account, or even just signature authority over a foreign account that isn’t in your name, that your CPA should know about it?  While there is no specific tax on having a foreign bank account, the penalty for failure to disclose can range from $10,000 and up to 50% of the balance of the account if the failure is found to be willful.  The IRS is working down their lists.  Years ago they were going after billionaires with secret Swiss bank accounts, but more recently they are enforcing penalties against much smaller account holders.  Two weeks ago, in a more shocking court case, a taxpayer was ordered to pay $697,229 related to an account inherited from her […]

By |January 21st, 2019|Categories: BCo Community News|Comments Off on Don’t forget to let your CPA know if you have a foreign bank account
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