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"I want to borrow to buy a boat or RV. Can I count that as a home and deduct mortgage interest? Maybe! Mortgage interest on debt used to buy a motor home or boat can be deductible if it has cooking, sleeping and toilet facilities. The write-off is also subject to the other requirements, such as no deductions for more than two homes. Mortgage interest on these homes may not be deductible for the alternative minimum taxbut far fewer people owe this levy than before the 2017 overhaul."

Heads up! If approved as drafted, there is a retroactive provision in the potential 2nd stimulus check. "Restrictions for dead people and prisoners Anyone who died prior to Jan. 1, 2020 would not be eligible for a stimulus payment, according to the Republican plan.... The Treasury Department has said that the heirs of people who died before they received the money were not eligible to keep it. One outstanding question is how the agency would apply the new rule, if enacted, Holtzblatt said. Prisoners would also largely be shut out from receiving any money if they are imprisoned at the time the payment is made or are incarcerated throughout 2020. Both of these changes would apply retroactively to the first stimulus payments." https://www.cnbc.com//how-the-1200-stimulus-checks-in-the-

Heads up! If approved as drafted, there is a retroactive provision in the potential 2nd stimulus check. "Restrictions for dead people and prisoners Anyone who died prior to Jan. 1, 2020 would not be eligible for a stimulus payment, according to the Republican plan.... The Treasury Department has said that the heirs of people who died before they received the money were not eligible to keep it. One outstanding question is how the agency would apply the new rule, if enacted, Holtzblatt said. Prisoners would also largely be shut out from receiving any money if they are imprisoned at the time the payment is made or are incarcerated throughout 2020. Both of these changes would apply retroactively to the first stimulus payments." https://www.cnbc.com//how-the-1200-stimulus-checks-in-the-

Trusts are really powerful, says Tracy Craig, the chair of law firm Mirick O’Connell’s trusts and estates group in Worcester, Mass. I call them the workhorses of the estate plan because they can do so much for you. She recommends that families with minor children have a trust, which lets you appoint a trustee to manage the money until they’re legally adults and gives you the opportunity to specify how the assets can be used as your children grow up.

https://www.nytimes.com///us/trump-daca-supreme-court.html

PLUS $500 PUSH From the IRS Issue Number: IR-2020-81...Continue reading

Eligible Employers that are entitled to claim the refundable tax credits are businesses and tax-exempt organizations that: (i) have fewer than 500 employees, and (ii) are required under the FFCRA to pay ‘qualified sick leave wages’ and/or ‘qualified family leave wages.’ ... The Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar..., for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. The FFCRA gives businesses with fewer than 500 employees (referred to throughout these FAQs as "Eligible Employers") funds to provide employees with paid sick and family and medical leave for reasons related to COVID-19, either for the employee's own health needs or to care for family members. Workers may receive up to 80 hours of paid sick leave for their own health needs or to care for others and up to an additional ten weeks of paid family leave to care for a child whose school or place of care is closed or child care provider is closed or unavailable due to COVID-19 precautions. The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits. https://www.irs.gov//covid-19-related-tax-credits-for-requ

IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others WASHINGTON To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty... or interest will be due. Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due. Extension of time to file beyond July 15 Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004. An extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties. Estimated Tax Payments Besides the April 15 estimated tax payment previously extended, today’s notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty. 2016 unclaimed refunds deadline extended to July 15 For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date. IRS.gov assistance 24/7 IRS live telephone assistance is currently unavailable due to COVID-19. Normal operations will resume when possible. Tax help is available 24 hours a day on IRS.gov. The IRS website offers a variety of online tools to help taxpayers answer common tax questions. For example, taxpayers can search the Interactive Tax Assistant, Tax Topics, Frequently Asked Questions, and Tax Trails to get answers to common questions. Those who have already filed can check their refund status by visiting IRS.gov/Refunds.

EMPLOYERS! https://www.fisherphillips.com/resources-alerts-congress-fi

FREE RESOURCES! Free Federal & State Payroll Tax Seminars by the CA EDD (Employment Development Department)!

FREE WEBINAR by the IRS! Understanding the Gig Economy Thursday, February 20, 2020 11 AM PT | (60 minutes including Q & A)... This webinar will provide an overview of the following: - What is the Gig Economy? - How does a gig worker know if they are an employee or self-employed? - Business expenses and recordkeeping for gig workers - Rules for home rentals - Tax payment options for gig workers - Plus, a live Q & A https://www.webcaster4.com/Webcast/Page/1148/32995

CALIFORNIA AB 5 Effective January 1, 2020, the California Assembly Bill 5 ("AB 5") now governs whether or not you need to hire someone as an employee or independent contractor in California. Are your contractors truly contractors under this new law? If you are in the Bay Area and have been wondering about how AB 5 impacts you, check out this event. It's free and sponsored by a wonderful organization called SELC. SELC usually focuses on supporting worker coops, but this ...teach-in offers information on how AB 5 impacts small businesses as well. I've volunteered with them and recently attended a wonderful and inspiring event hosted by SELC. Plus you have a chance to get free legal advice! https://www.theselc.org/teach_in_ab_5_and_cooperatives

During Cooley's In-House Counsel MCLE Workshop today, I learned that the new fingerprinting rule in California discovered 6,000 criminal history reports and 2,200 convictions that were previously unknown to the California State Bar! Also, you can take a behavioral test to help you work better with others! http://www.christineporath.com/assess-yourself/ https://www.cooley.com//2020/2020-01-16-mcle-2020-san-diego