2021 welcomed a flurry of new tax changes, expanding certain COVID-related stimulus and making permanent some of the tax benefits that were set to expire in 2020. In addition, California voters passed Prop 19, introducing significant property tax changes to real estate inheritance in California.
The provisions of the CARES Act are detailed and complex. We hope this summary provides some interim guidance specific to entertainment professionals and small businesses as we collectively navigate these challenging times.
It’s that time of the year again – tax season. And with tax season comes fake IRS and Social Security Administration phone calls.