Category Archives: Tax

Subscribe to Tax RSS Feed

California Property Tax Changes to Parent-Child Exclusion

Recently passed Proposition 19 will seriously limit the ability to transfer California real property to a child without causing a reassessment and higher property taxes. The new law takes effect February 16, 2021, so if you want to and are able to take steps to preserve this benefit it is important that you act immediately.… Continue Reading

The Results Are In – California State and Local Tax Ballot Measures

On November 3, 2020, California voters decided a number of state and local tax-related ballot measures.[1]  The most significant tax increase, the property tax “split roll” initiative, and some other local tax increases were defeated.  However, overall voters were willing to approve a number of meaningful tax increases—especially San Francisco voters.  Following is an overview … Continue Reading

California Voters Reject Ballot Measures Related to Rent Control and Property Tax

While the results are yet to be certified, it is clear, a week after Election Day, that Californians have rejected both Proposition 15 – The California Schools and Local Communities Act of 2020 (“Prop. 15”)[1] and Proposition 21 – Rental Affordability Act (“Prop. 21”).[2]  Despite this most recent response from the electorate, it is likely that real … Continue Reading

Splitting The Roll – Commercial And Industrial Property Owners May Face Significant California Property Tax Increases Starting As Early As The 2022-2023 Fiscal Year

California’s Proposition 13 prevents the assessed value of California real property from increasing by more than 2% per year, unless there is a change of ownership or completion of new construction.  On November 3, 2020, California voters will decide whether most commercial and industrial property should be removed from the protections of Proposition 13, with … Continue Reading

California Court of Appeal Decision May Result in Big Tax Savings for Some Commercial Property Owners

In a decision that could save some commercial property owners hundreds of thousands of dollars in taxes, the Court of Appeal for the First Appellate District of California held in 731 Market Street Owner, LLC v. City and County of San Francisco (Cal. Ct. App., June 18, 2020, No. A154369) that the City and County … Continue Reading

Code Section 1031 Like Kind Exchange Deadlines Extended

On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”) which expands the filing and payment deadline relief announced by the Internal Revenue Service (“IRS”) in March.  The March announcement gave taxpayers until July 15, 2020 to file their federal income tax returns and to pay federal income taxes, each of which were originally … Continue Reading

IRS Change in Application Requirements for Obtaining Employer Identification Number Could Affect Many International Investors in U.S. Real Estate

Effective May 13, 2019, the Internal Revenue Service (IRS) changed the requirements for obtaining an employer identification number (EIN)[1]. The IRS no longer permits an entity to be named as the “responsible party” on IRS Form SS-4 (Application for Employer Identification Number). Instead, only an individual can act as a responsible party. This is particularly … Continue Reading

Opportunity Zones Update: NEW PROPOSED TREASURY REGULATIONS (PART II)

Qualified Opportunity Zone Businesses BACKGROUND In December 2017, as part of the Tax Cuts and Jobs Act (“TCJA”), Congress established a new tax incentive program to promote investment in certain low-income communities designated by the IRS as qualified opportunity zones. The tax incentives obtained by investing in a qualified opportunity fund (“QOF”) allow taxpayers to … Continue Reading

IRS Change in Application Requirements for Obtaining Employer Identification Number Could Affect Many International Investors In U.S. Real Estate

Effective May 13, 2019, the Internal Revenue Service (IRS) changed the requirements for obtaining an employer identification number (EIN). The IRS now requires that an individual with a social security number (SSN) or individual taxpayer identification number (ITIN) be named as the “responsible party” on IRS Form SS-4 (Application for Employer Identification Number), except in … Continue Reading
LexBlog

By scrolling this page, clicking a link or continuing to browse our website, you consent to our use of cookies as described in our Cookie and Advertising Policy. If you do not wish to accept cookies from our website, or would like to stop cookies being stored on your device in the future, you can find out more and adjust your preferences here.

Agree