Cameron Hess
For California real estate sales not otherwise exempt, there is a mandatory 3 1/3% withholding requirement from the seller’s gross sales price. Usually this is handled through escrow and in an installment sale; the amount may be paid in installments. California also allows self-reporting to compute withholding using the actual estimated gain, assuming that the […]
READ MORECDTFA Sales Tax application to delay payments 60 days: https://www.cdtfa.ca.gov/services/covid19.htm EDD application to delay payments of state payroll taxes information: https://www.edd.ca.gov/payroll_taxes/emergency_and_disaster_assistance_for_employers.htm#RequestsForExtensiontoReportandPay City of Sacramento, zero interest business continuation loans up to 25k, ($1M cap): https://cityofsac.forms.fm/covid19-relief/forms/7750 City of Roseville – Interest free loans up to 20k: http://roseville.ca.us/cms/one.aspx?pageId=16550955 (application period begins 3/26 at Noon)
READ MOREProperty Tax Reductions Does COVID-19 provide an opportunity for a California property tax reduction? Possibly and sometimes, but it involves some careful planning.While COVID-19 can certainly affect property values, because California uses a January 1, 2020 lien date to set most assessed values – and that’s what determines the property tax bill, unfortunately, the Assessor’s […]
READ MOREThe IRS has issued Notice 2020-23 which effectively extends about 300 deadlines in connection with taxpayer filings, elections, payments and administrative actions as well as governmental actions. In a nutshell, multiple actions have been extended to July 15, 2020 involving a broad range of activities. These extensions address both taxpayer concerns and reduced IRS workforces […]
READ MORESummary Section 1031 exchange agreements with intermediaries affected by COVID-19 may wish to insert the following language: Limited Force Majeure Extension. If, due to a disaster or other unforeseeable circumstances (including COVID-19), the exchanger cannot perform, then the time for the performance of any action required by exchanger for either an identification or completion of […]
READ MOREThe CARES Act has a major impact on federally-backed funded multi-family communities, and in some instances, may not only delay evictions for 120 days, but in some circumstances may further prevent eviction of non-paying tenants for nearly 1½ years. CARES Act Federal Loan – Tenant Eviction Protection While meaning to do good, the CARES Act […]
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