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California Health Department Reopening Guidelines For Restaurants, Retail and Manufacturing

May 26, 2020 /0 Comments/in /by

While a lot of business owners are taking a wait-and-see approach, The California Department of Public Health and Department of Industrial Relations recently released industry specific guidance to help employers reopeing their businesses during the Covid-19 pandemic. These new instructional documents provide businesses with some important information from employee training to customer safety and other […]

News on Good Faith Loans, PPP Audits & Other Questions

May 14, 2020 /0 Comments/in /by

Good news for PPP loan recipients(05-14-20) The Treasury Department has announced the following news regarding the Paycheck Protection Program (PPP): A new “current economic uncertainty” safe harbor applies for PPP loans of less than $2 million. These loan recipients will automatically be deemed to have made the required certification concerning the necessity of the loan […]

Covid-19: A Hard Reset For Business

May 5, 2020 /0 Comments/in /by

Much like when your computer stalls and “fingers-crossed” you unplug it from the wall and plug it back-in, Covid-19 is forcing the global economy into a hard reset. In this article we will discuss two phases that some if not most business will go through during this pandemic hard reset. Make sure to discuss these […]

Filing A Superseded Tax Return to Claim a Refund

May 4, 2020 /0 Comments/in /by

File a superseding tax return to get a refund (05-04-20) The IRS Taxpayer Advocate has suggested that a taxpayer who previously filed a 2019 return can file a superseded 2019 return on or before July 15, 2020 (October 15, 2020, if an extension was filed), and change the request to apply an overpayment to the 2020 […]

SBA Provides Self-Employed and Partners Guidance on PPP Loans

April 27, 2020 /0 Comments/in /by

PPP loan calculations for self-employeds and partnerships (04-27-20) The SBA has finally issued guidelines on calculating monthly payroll costs for Paycheck Protection Program loans for all entities, including self-employed taxpayers and partnerships. Self-employed individuals Self-employed individuals with no employees determine their monthly payroll costs by dividing their Schedule C, line 31 net profit amount, up to […]

More Recovery Disaster Funds Could be here soon for Businesses

April 20, 2020 /0 Comments/in /by

Additional round of funding could be available this week for Businesses impacted by Covid-19. Among the items being voted on, there appears to be emergency funding for businesses and front line healthcare responding to the pandemic: $300B – Payment Protection Program $50B – EIDL Economic Injury Disaster Loan $25B – Testing $75B – Hospitals Congress […]

Partners and Self-Employed – New guidance for PPP Loans

April 15, 2020 /0 Comments/in /by

PPP guidance for self-employed borrowers (04-15-20) The SBA has issued a second set of Interim Final Rules for the Paycheck Protection Program (PPP), this time focusing on how these loans work for self-employed individuals. The guidance clarifies the following issues: Individuals who are partners in a partnership (or LLC taxed as a partnership) should include their […]

Eligible Employers can request an advance of the Employee Retention Credit by submitting Form 7200

April 13, 2020 /0 Comments/in /by

IRS UPDATE: The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required […]

California Franchise Tax Board answers important questions related to Recent Federal COVID-19 Response

April 12, 2020 /0 Comments/in /by

The FTB has posted the following new FAQs about conformity to various portions of the CARES Act: Q: Are the payments that individuals receive from the federal government (i.e., $1,200 [$2,400 for individuals filing a joint return] and $500 per qualifying child) under the recently enacted federal CARES Act subject to California income tax? A: […]