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Sections 1202, 1244 & Installment Sales On-Demand
Topics include an in-depth analysis of the 100/75/50% exclusion of gain under section 1202 for qualified small business stock, with additional attention paid to the specific (and unclear) treatment in MA, the status of 1202 in the draft legislation, along with the...
Sections 338(h)(10), 336(e), & S Corporations On-Demand
Topics include a basic overview of the election, reasons to and not to elect, what transactions qualify for the election, treatment of specific asset types and liabilities, treatment of built-in-gain, installment sales, and non-participating...
Is it a trade or business? Or a hobby or investment?
Whether a revenue-generating activity constitutes a trade or business is usually straightforward — until it isn't. The most common confusion on this issue occurs around hobbies that generate revenue and investments that contain a degree of personal involvement. Many...
Related Party Notes and Transactions: Section 267, Imputed Interest, Disallowed Losses, and Like-Kind Exchanges
This course will examine the complexities of related party transactions for tax advisers working with closely held businesses and their owners. The panelist will explain when imputed interest is required, when it is recognized by the payor and payee, when loss...
Important Filing Deadline Information for PFC Clients
To Our Valued Clients and Associates, This message is intended for all individual tax clients of Paresky Flitt and Company. As you may be aware, on March 17, 2021, the filing and payment deadline for individual tax returns was extended to May 17. Prior to...
The rules on interest for loans between related parties
One of the more confusing aspects of taxation is the federal mandate for a business to charge interest on loans to or from its owners. This is primarily targeted at corporation/shareholder loans but can affect other business entities as well. Given current interest...
SBA provides new Sch C PPP loan calculation
To Our Valued Clients and Associates, As we mentioned earlier this week, the SBA was going to be issuing guidance on the revised PPP loan calculation for Schedule C filers. Today, that guidance has been issued via an Interim Final Rule (IFR) and an updated PPP loan...
Biden Administration updates to PPP program
To Our Valued Clients and Associates, Recently, the Biden administration announced its first changes to the PPP program, including a big change for Schedule C filers. First, effective Wednesday February 24th and continuing for two weeks, the SBA has been directed to...
COVID-19 Relief Bill Update
To our Valued Clients and Associates, At long last, the House and Senate have agreed to a second significant stimulus package. We will highlight some of the more salient points from the over 5,500-page bill. As is with most government bills, there is a lot...
IRS Clarifies Non-Deductibility of Expenses paid with Forgiven PPP Funds
To our Valued Clients and Associates, Late Wednesday night, November 18th, the IRS released Revenue Ruling (Rev. Rul.) 2020-27 and Revenue Procedure (Rev. Proc.) 2020-51 to clarify the rules for deducting expenses paid with PPP funds. While we have been looking for...