CA Set to Vote on AB 80 & PPP CA Nontaxable up to $150K by Mike Noon

Courtesy of Spidell: PPP deductions may be coming for California¬†(04-08-21) The IRS and the Treasury have announced that states can conform to recent federal tax benefits (such as the allowance of deductions for amounts paid with forgiven PPP…

Read more

COVID Relief passed by Congress March 10, 2021 by Mike Noon

The American Rescue Plan Act has been approved by Congress and is on its way to President Biden, who is expected to sign the bill by the end of the week. Key provisions of the bill include the…

Read more

2020 Unemployment Income up to $10,200 Possibly Nontaxable by Mike Noon

UNEMPLOYMENT- If you had unemployment income in 2020, you will want to hold on filing your 2020 tax return until this latest stimulus bill is passed, becomes law, and IRS updates the 2020 tax forms. The Senate passed…

Read more

PPP Loan Application Open Today by Mike Noon

Missed 1st PPP loan, can apply now as first timer! 25% reduction in revenue is only required for 2nd PPP loans, not 1st timers. If 1st PPP loan was not enough and still have Covid issues, can apply…

Read more

3 Martini Lunch by Mike Noon

If you search the proposed new tax bill 6,000 pages or so, you won’t find the exact words for 3 Martini Lunch, it’s a metaphor:) Since 1994, a business meal deduction has been limited to a 50% write-off…

Read more

PPP Loan Expenses Appear to be Now Deductible by Mike Noon

Not passed by Congress yet or signed by the President yet, but a new stimulus bill is underway. For business owners that took out a PPP loan and used it all for the allowed expenses, the new bill…

Read more

PPP Loan Forgiveness and Adding Covered Expenses Back to Income by Mike Noon

Those that received a PPP Loan that was needed to continue business operations due to COVID, have an opportunity to get the loan forgiven. If the loan was forgiven, then you cannot deduct qualified expenses (i.e. mostly payroll)…

Read more

California Creates $100 Million Hiring Tax Credit for Small Businesses by Mike Noon

California Creates $100 Million Hiring Tax Credit for Small Businesses. SB 1447 allows businesses with 100 or fewer employees to receive a tax credit of $1,000 per net new hire after July 1, 2020, compared to their workforce…

Read more

IRS New Form 1099-NEC for Non-Employee Compensation by Mike Noon

The new IRS Form 1099-NEC (non-employee compensation) will be used strictly for reporting 2020 independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC…

Read more

Unemployment Fully Taxable for Federal by Mike Noon

Unemployment is fully taxable for Federal.¬† Even the extra US Government COVID kicker of $600/$300 a week is fully taxable for Federal purposes. CA does not tax unemployment or the COVID kicker. Taxpayers may want to elect Federal…

Read more