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…

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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…

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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…

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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)…

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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…

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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…

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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…

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Employee Social Security 6.2% Tax Deferral 9/1/20 to 12/31/20 UPDATE by Sandra O’Connor

The Treasury and the IRS have finally released guidance today on the deferral of the employee’s share of Social Security taxes pursuant to President Trump’s August 8, 2020, Presidential Memorandum. As you know from our last post, the…

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Employee Payroll Tax Deferral 9/1/2020 to 12/31/2020 by Mike Noon

What you need to know or what we don’t know?  The President’s Executive Order came out on August 8, 2020 with the following: Employee only paycheck of social security 6.2% tax can be deferred between 9/1/2020 and 12/31/2020.…

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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…

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