Balance Due Notices from the IRS
Did you dutifully mail your payment to the IRS and then receive a scary notice from them saying you owe them more money and it now includes interest and penalties? Next you check your bank account and notice the check... Read More →
Much ado about the Payroll Tax break
On August 8th the White House published an Executive Memorandum that ordered a deferral of social security payroll taxes for employees earning less than $104k per year from September 1 to December 31, 2020. But, employees may never actually see this... Read More →
More answers on PPP loan forgiveness
The SBA published a new set of Frequently Asked Questions yesterday regarding PPP loan forgiveness: A borrower has 10 months from the end of the Covered Period (8 or 24 weeks) to submit their loan forgiveness application, and they are... Read More →
Good Changes to the PPP loan forgiveness for Sole Proprietors (no Employees)
On June 17th, the Paycheck Protection Program (PPP) Flexibility Act of 2020 was enacted which made major changes to the provisions for PPP loan forgiveness and the SBA released revised forgiveness applications.Over the next week we will publish articles outlining the changes... Read More →
Now easier to qualify for a penalty-free retirement distribution
The CARES Act provided taxpayers with the option to take penalty-free coronavirus-related withdrawals of retirement funds of up to $100,000 in the aggregate between January 1, 2020, and December 31, 2020. To qualify for the penalty relief, taxpayers must have... Read More →
Rule Change for the PPP!
In the tradition of having a major tax law change every few days during 2020, Congress has now passed the PPP Flexibility Act and the President is expected to sign it. The key features of the bill: Extending the loan... Read More →
Stimulus Check by Prepaid Debit Card
The Treasury recently announced that nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the... Read More →
California Unemployment – more benefits are coming
Increased Pandemic Unemployment Assistance (PUA) benefits The EDD recently announced that as of May 20, the EDD is now able to increase the weekly benefit amounts paid to eligible workers applying for the federal Pandemic Unemployment Assistance program or already... Read More →
I got PPP money and EIDL money… now what?!
When the pandemic hit, many nervous business owners applied for everything that they could to keep their businesses afloat. Now they are seeing random amounts of money being deposited in their bank account and don’t know what to do. Economic... Read More →
Worksheet for Calculating PPP forgiveness
On May 15, 2020 the SBA released a worksheet for calculating PPP loan forgiveness. Note: this worksheet does not provide any more official guidance or definitions on what is forgivable. So taxpayers and their advisors are still in the dark about... Read More →