About Daniel Novak

Daniel Novak is a Manager in our Novato office.

Made in America Tax Plan

President Biden’s team has released additional information on the Made in America Tax Plan outlining proposed tax changes including raising corporate and individual tax rates.  Other proposals include taxing capital gains for high income taxpayers at ordinary income rates, changes to basis step up on inherited property and 1031 exchanges.

Additional details can be found here.  With the 2018 Tax Cut and Jobs act there were many revisions from the initial proposals in 2016, but this gives us an idea of what the White House is looking to accomplish.

By |May 28th, 2021|Categories: Announcements, BCo Community News|Comments Off on Made in America Tax Plan

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
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