How to pay deferred self-employment tax
The CARES Act allowed self-employed individuals and household employers to defer the payment of some of their Social Security taxes on their 2020 tax returns. This was a one-time deferral. Half of the deferred amount is due by 12/31/21 and... Read More →
Beware: You might have to pay back the Advance Child Tax Credit
As part of the American Rescue Plan Act of 2021,there is an expanded child tax credit with an option for advance payments and of course, it is confusing so let’s try and break it down: 2020 Child Tax Credit Age 16... Read More →
Stimulus payments for small businesses and low-income Californians
The Governor has announced he will sign two bills today that will provide cash payments to qualified small businesses impacted by COVID-19 and lower-income families. Yesterday, the Legislature passed the following bills: SB 87 would codify and provide an additional... Read More →
How much did I receive in stimulus money?
If you cannot find Notice 1444 that confirms your stimulus payment amount, you can view the amounts of your Economic Impact Payments through your personal IRS account. You just have to register/login to your account and then go to the “Tax... Read More →
2020 Filing Season – IRS will accept returns starting Feb 12
The IRS announced today that the 2020 filing season will start about 3 weeks later than usual. The IRS will start accepting returns on Friday February 12th. This is because of all the tax law changes that were in the... Read More →
2nd Stimulus Check may arrive by Debit Card
The Treasury Department and the IRS are issuing millions of second stimulus payments (aka Economic Impact Payments) by prepaid debit card to speed delivery of the payments to as many people as possible. If the Get My Payment tool on IRS.gov... Read More →
1099-NEC filing requirement with California
If you own a business you are aware of the requirement to issue 1099s to all service providers who are not corporations who you pay $600 or more by cash, check, or other bank transfer mechanism (e.g. Venmo). For 2020,... Read More →
PPP Round 2 will open the week of January 11th
The SBA has announced that the next round of the Paycheck Protection Program (PPP) will open January 11th. The options available are: “Second Draw” Loans for businesses who have experienced a 25% decline in gross receipts, “Top-up” for original PPP loans where... Read More →
When do I get my 2nd stimulus check?
As part of the COVID-related Tax Relief Act of 2020, additional stimulus payments have been approved. The payments are $600 per person plus $600 for eligible dependents under the age of 17. If your 2019 Adjusted Gross Income (AGI) is above... Read More →
Nothing like a few last minute tax changes to make 2020 complete!
Late on 12/27/2020 the President signed the COVID-related tax relief Act of 2020. The tax-related provisions include: Allowing the deduction of expenses paid with forgiven PPP debt; Creating a simplified forgiveness process for PPP loans under $150,000; Repealing the provision... Read More →