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…
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…
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…
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…
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…
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…
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)…
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…
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…
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…
