Expensing Employee Tuition by Sally Thrapp
When an employee is looking to go back to school or needs to in order to stay in their profession, their company can pay for that education, which can then be expensed. But is that income taxable for…
Canceling IRS & CA FTB 2019 Electronic Withdrawal Payments Setup
To stop IRS and CA 2019 payments already setup, call 2 business days prior: IRS: 888-353-4537, open 24/7 CA FTB: 916-845-0353, open 8am to 4:30pm If used credit card to pay, call payment processor.
Payroll Protection Program Loans are Different than the SBA Disaster Loans, by Mike Noon
To clarify, the CARES Act $350B business Payroll Protection Program loans are different than the SBA Disaster Loans, 2 completely different loans and applications. Check with your bank regarding the CARES Act business Payroll Protection Program loans. Banks…
COVID-19 Recovery Rebate Checks, by Mike Noon
Who is eligible for a recovery rebate? All U.S. residents or citizens with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible Social…
S-Corporation Owner Eligible for Unemployment Benefits, by Mike Noon
If you are an S-Corporation owner that is on payroll and you have taken a significant hit regarding COVID-19, fire yourself and file a claim for unemployment. Here’s the rules from CA EDD: Thus, whenever an individual who…
COVID-19 $2 Trillion Stimulus Bill Passed, by Mike Noon
This morning, the House of Representatives approved the historic $2 trillion stimulus package that passed the Senate earlier this week and the President just signed the bill. The bill approved by the House is the same as the…
Business Owner Survival Amid COVID-19, by Mike Noon
Dear Business Owners, I know COVID-19 emails and information is everywhere, but I wanted to communicate what I believe will be key to surviving these uncertain times. You are all entrepreneurs and I know you have what it…
New mandated employer-paid benefits coronavirus bill, by Mike Noon
On March 18, 2020, the President signed the Families First Coronavirus Response Act (H.R. 6201) to provide immediate relief to individuals and employers. Below is a summary of the key employer-paid sick leave and employer-paid family leave benefits,…
U.S. Extends Individual Tax Filing Deadline from April 15 to July 15, by Mike Noon
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Treasury Secretary Steven Mnuchin said.
IRS & CA FTB COVID-19 Latest Updates 3/19 by Mike Noon
IRS is now joining CA with postponing 2020 Q1 estimate due 4/15 to be paid 7/15. Quick Summary of all IRS and CA Updates: • Need to file an extension to avoid late filing penalty. • No late…