Archive of entries posted by Reuven Rubinson

Updated – Still Unenforceable – The filing requirement for the BOI report is back in place and many companies registered prior to January 1, 2024 have to file this report by the end of this year

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Update December 27, 2024 – the injunction prohibiting enforcement of the BOI report is back in place until the motions panel decides, on an expedited basis, the appeal filed last week. The injunction prohibiting enforcement of the BOI report has been stayed. Accordingly, as of today, many companies are required to file this report by …

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Beneficial Ownership Information report is now unenforceable for the time being

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A federal court has issued an injunction prohibiting the government from enforcing the BOI report which was required from most corporations and partnerships by the end of this year. Given the incoming administration, I would be very surprised if the law is going to be enforced in the future, Here is a LinkedIn post regarding …

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Unemployment Compensation in California – Community Property Split

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From Spidell If a married couple’s combined AGI (calculated without any UI compensation) is below $150,000, then MFJ taxpayers may exclude up to $20,400 of unemployment income even if one of the spouses had less than $10,200 in UI and the other spouse had more than $10,200. That is because California is a community property …

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Personal Protective Equipment Deductible as Medical Expense

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The IRS issued Announcement 2021-7 today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending …

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Tax Filing Deadline Extended – Not 1st Est Tax payment

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Here is a notice From Spidell Tax: California conforms to IRS May 17 extension, and AB 80 update (03-18-21) The FTB has confirmed that California will follow the IRS filing and payment extension date of May 17, 2021, for individual taxpayers only. Like the IRS extension, the California extension will not apply to the estimated tax …

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Senate passes COVID relief bill, onto House

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The Senate has passed the COVID relief legislation which includes a provision that the first $10,200 of unemployment compensation in 2020 will be nontaxable. Now onto the House where is expected to be passed. I predict this will require the IRS to extend the April 15 filing deadline in order to make changes to its …

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Stimulus Payment Information

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Information from Drake Software on Stimulus Payments: Recovery Rebate Credit The IRS announced last week that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued. Get My Payment was updated on January 29 to reflect the final payments and will not be updated again. If individuals …

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