Gregory Pittman

IRS Launches Audits on Business Aircraft Usage

Aviation, Taxation

Using funding from the Inflation Reduction Act, the IRS has announced its intent to target the use of business aircraft by companies and high-income individuals. This initiative will specifically focus on the personal use of business aircraft, which can impact the qualified business use of aircraft for depreciation purposes, the deductibility of employer-provided flights, and […]

Tyler Jones

Washington’s New Capital Gains Tax


On May 4, 2021, Washington Governor Jay Inslee signed Senate Bill 5096 into law, imposing a new tax on capital gains for Washingtonians. Beginning January 1, 2022, a flat rate of 7% will apply to a Washington resident’s net long-term capital gains in excess of a standard deduction and various exemptions. The standard deduction is […]

Tyler Jones

Understanding the Paycheck Protection Program Loan Forgiveness Application

Business, Coronavirus / COVID-19, Taxation

On a May 15, 2020, the Small Business Association (“SBA”) provided its first draft of the Paycheck Protection Program loan forgiveness application (“Loan Forgiveness Application”). Although there will be a great deal of work to do in order to unpack everything in the application from a legal and accounting perspective, it is helpful to take […]

IRS Issues Notice 2020-23 Providing More Relief for Taxpayers Due to Coronavirus Pandemic

Coronavirus / COVID-19, Taxation

The Treasury Department has issued Notice 2020-23, an update to Notice 2020-18 (and Notice 2020-20) which provided additional relief for taxpayers affected by the ongoing Coronavirus Pandemic. The Notice provides an explicit list of Federal tax payment obligations and Federal Tax or other Form filing obligations due dates that will be given automatic extension. Under […]

COVID-19: CARES Act and Retirement Relief

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act provides relief to those affected by the pandemic.  This blog post will focus on the provisions solely affecting retirement plans. Hardship Distributions:  The Act allows individuals affected by the virus to take early withdrawals of up to $100,000 from their retirement plans or IRAs, without incurring […]

COVID-19: IRS Postpones Filing and Payment Due Date for Taxpayers with April 15, 2020 Deadlines

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The IRS has issued Notice 2020-18 expanding tax filing and tax payment relief for taxpayers due to the Coronavirus pandemic. Who qualifies?  Any “person,” which includes an individual, trust, estate, partnership, association, company, or corporation under IRC §7701(a)(1), with a federal income tax payment or a federal income tax return due on April 15, 2020, […]

Tyler Jones

199A Treasury Regulations


IRS Issues Regulations on 20% Pass-Through Deduction On August 9, 2018, the IRS issued proposed Treasury Regulations to provide administrative guidance on one of the more drastic changes to the Internal Revenue Code contained in the Tax Cuts and Jobs Act, which was passed at the end of last year. Specifically, the newly proposed Treasury […]

Laura Hoexter

Newman’s Own Scores a Win


Newman’s Own Foundation, which has donated over $500 million to charities over 35 years, has been fighting to change the law that requires private foundations to divest themselves of certain investments. Private foundations are prohibited from owning “excess business holdings” (IRC Section 4943). An “excess business holding” is an ownership interest of more than 20% […]