News
Min Zhao and Destiny Flood Join PP&Co Partner Group
July 14, 2022We are pleased to announce that Min Zhao and Destiny Flood have been promoted to the position of Partner at the firm. “Min has been a significant contributor to the firm’s tax practice and instrumental in strengthening the firm’s policies and procedures,” said Jie Zhu, PP&Co International Tax Partner. “Min wears many hats (mother, wife,... View Article [...]
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Early Cut-off Dates for Roth IRA Conversions
December 16, 2021The Build Back Better Act (“the Act”) currently includes a provision that would prohibit after-tax IRA contributions conversions (also known as a “backdoor” Roth conversion) to a Roth IRA for all taxpayers beginning January 1, 2022. If you are considering converting after-tax retirement contributions to a Roth IRA, you may want to act promptly. If the... View Article[...]
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US House Passed Build Back Better Act
December 2, 2021The U.S. House of Representatives recently passed the Build Back Better Act (BBBA) by a vote of 220-213. The BBBA includes provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes. The Congressional Budget Office (CBO) estimates that the legislation will increase the deficit by... View Article[...]
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AB150 Creates Elective Pass-Through Entity Tax
October 12, 2021On 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... View Article[...]
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PPP Loan Forgiveness and Repayment
August 13, 2021Many businesses that received Paycheck Protection Program (PPP) loans are facing a critical deadline. Not taking action before the deadline expires could jeopardize the ‘forgiveness’ of the loan. This means that those borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. If that isn’t daunting enough, some borrowers... View Article[...]
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