• COOPER, MOSS, RESNICK, KLEIN & Co
    Certified Public Accountants
    15165 Ventura Boulevard, Suite 330
    Sherman Oaks, CA 91403
  • Phone: (818) 728-9868
    Fax: (818) 728-9822
    Email us here.
    admin@cmrkcpa.com

The lastest PPP news for you

Congress has passed and the President has signed a bill that provides more flexibility with regard to loan forgiveness and other issues related to the Paycheck Protection Program (PPP). The PPP Flexibility Act of 2020: Allows borrowers to use the funds for up to 24 weeks or December 31, 2020 whichever is earlier (rather than […]

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Congress expands small business COVID-19 relief

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic […]

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The latest IRS news for you

To our Clients and Friends: First, we hope each of you and your families are well and safe. During the past 2 days, the Internal Revenue Service has issued guidance that essentially defers until July 15 the required filing of virtually all returns and documents that would otherwise be due between now and July 15.  […]

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Tax Relief provided by CARES Act

Dear Client: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary […]

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An Update from us on COVID-19

To Our Clients and Friends: First, we hope you and your family are safe and well in this unprecedented disturbance to our lives. We want to assure you that we take the health and well-being of our community, clients, and staff very seriously. Like you, we’re closely monitoring the quickly developing effects of the Coronavirus […]

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TCJA Series: Alimony Won’t Be Deductible by the Payor, and It Won’t Be Taxable to the Recipient

The Tax Cuts and Jobs Act (TCJA) has made changes to the tax treatment of alimony that take effect for divorces and legal separations after 2018. Current rules. Under the current rules, an individual who pays alimony may deduct an amount equal to the alimony or separate maintenance payments paid during the year as an “above-the-line” deduction. (An “above-the-line” deduction, i.e., a deduction that […]

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TCJA Series: Changes to 529 Plans for School Tuition

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in. These changes take effect for 529 plan distributions after 2017. A 529 plan distribution is tax-free if it is used to pay “qualified higher education expenses” of […]

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TCJA Series: New Deduction for Pass-Through Income.

The new law provides a 20% deduction for “qualified business income,” defined as income from a trade or business conducted within the U.S. by a partnership, S corporation, or sole proprietorship. Investment items, reasonable compensation paid by an S corporation, and guaranteed payments from a partnership are excluded. The deduction reduces taxable income but not […]

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TCJA Series: $10,000 Limit on State and Local Taxes

Dear Client: Next in our series about changes from the Tax Cuts and Jobs Act (TCJA): There are new limits placed on individual itemized deductions for various kinds of non-business taxes, beginning January 1, 2018. Before the changes were effective, individuals were permitted to claim the following types of taxes as itemized deductions: state, local, […]

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TCJA Series: Home Mortgage Interest Deduction Under the New Tax Law

Dear Client: Next in our series detailing changes resulting from the Tax Cuts and Jobs Act (TCJA), new rules for deducting home mortgage interest: Deductibility of interest on “acquisition debt.”  Taxpayers may deduct interest on mortgage debt that is “acquisition debt.” Acquisition debt means debt that is: (1) secured by the taxpayer’s principal home and/or […]

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