Insights

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    National Taxpayer Advocate Delivers Annual Report to Congress

    January 12th, 2022

    On January 12, 2022 National Taxpayer Advocate Erin M. Collins, the official “voice of the taxpayer” to both the IRS and Congress, released her 2021 Annual Report to Congress.     It’s not surprising that the report categorized 2021 as a very challenging year for both taxpayers and tax professionals. There were delays in processing millions of […]

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    2021-2022 Tax Planning Guide

    November 15th, 2021

    Welcome to the 2021 Tax Planning Guide. Back in April, the Biden administration proposed some of the most sweeping changes to the Internal Revenue code in the 70+ years that Petrinovich Pugh & Company, LLP has been a CPA firm. If enacted, they would have a substantial impact on many. However, none of the Biden […]

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    Passage of CA Assembly Bill Creates Elective Pass-Through Entity Tax

    October 11th, 2021

    On July 16, 2021, Governor Gavin Newsom signed into law California Assembly Bill 150, creating an elective pass-through entity (“PTE”) tax. The bill is intended to provide tax relief to California small business owners facing unprecedented economic hurdles due to COVID-19. AB150 provides these taxpayers with a workaround to the $10,000 limitation on SALT itemized […]

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    PPP Loan Forgiveness and Repayment

    August 11th, 2021

    What Borrowers Need to Know A lot is happening with Paycheck Protection Program (PPP) loans. For many businesses that received first-round PPP loans, the forgiveness application deadline is fast approaching. While not taking action before the deadline expires could trigger repayment, borrowers may still submit forgiveness applications after the deadline, with their lending institution repaying […]

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    The Green Book

    July 8th, 2021

    Biden Administration’s Proposed Tax Strategies The Biden Administration recently released its Green Book, which outlines the administration’s proposed tax strategies for the current term.   The proposal to tax capital gains for individuals and trusts with incomes greater than $1 million at ordinary income tax rates (currently as high as 40.8%) has been much publicized.  The […]

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