California PPP Tax Conformity: Although it is no secret that California has yet to release information on whether or not it will partially conform state tax code to the current federal tax rules regarding forgiven Paycheck Protection Program (PPP) loans, CalCPA has shared why the delay is taking place.
During the Employee Retention Credit Webinar, we covered the following topics:
AMERICAN RESCUE PLAN ACT 2021 How the ARPA Affects You The latest legislation providing economic and other relief from COVID-19 has passed Congress and President Biden is expected to sign it into law. The American Rescue Plan Act (ARPA) includes $1.9 trillion towards funding for state and local governments, businesses, and individuals. The ARPA is meant to expand and extend major provisions made in the CARES and Consolidated Appropriations Acts. … Read more
New Text Phishing Scam The Security Summit (a partnership of the IRS, private sector, and state tax agencies) has released a warning. It was to taxpayers about a COVID-related New Text Phishing Scam. It deceives people into providing their bank information. The scam is generated by a text message claiming the person has received the $1,200 Economic Impact Payment (EIP). This is the text message that has been used: “You … Read more
Deferring Employee Payroll Taxes The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows deferring employee payroll taxes beginning on September 1, 2020. It’s important to note that this relief is intended for the employer, not the employee. The employer is the “affected taxpayer” in this Executive Order. Initial Guidelines This Executive Order is for employers who … Read more
PPP Interim Final Rule: Owner-Employee Compensation and Eligible Nonpayroll Costs On Monday, August 24, 2020, the Small Business Administration (SBA) and U.S. Treasury released an interim final rule. It gave further guidance on the Payroll Protection Program (PPP) loan forgiveness for owner-employee compensation and eligible nonpayroll costs. The interim final rule states that owner-employees of C or S corporations. Those with less than a 5% stake are exempt from the … Read more
PPP Loan Forgiveness Updates Webinar Come join our webinar to get more information on the PPP loan forgiveness updates. We will show you what the updated eligible expenses are, cover the new Paycheck Protection Flexibility Act, go through the new Interim Final Rule, and walk you through the rules for loan forgiveness. We want to give you the tools to succeed during this time. Topics PresentersSal Kureh, PartnerLeo Zhang, Staff … Read more
Paycheck Protection Program Reminder Just as a reminder, the Paycheck Protection Program (PPP) Loan application deadline is today (June 30, 2020). With today being the last day to apply for a PPP loan, there is no more time to wait if you have decided that this program is the right thing to do for your business. You will need to have all of the required information before you go to a lender, so be sure to talk … Read more
Orange County Grant Small Business Relief Program If your business is located in Fountain Valley, Newport Beach, Tustin, or Westminster, your city is administering the grants. You can get information on them at https://ociesmallbusiness.org/local-grant-and-loan-programs/ If your business is located in Orange County supervisorial district 4, which includes the cities of Brea, Fullerton, LaHabra, Placentia, most of Anaheim, part of Buena Park and unincorporated communities, you can get information athttps://ociesmallbusiness.org/ocdistrict4/ If your business is located in Orange County supervisorial district … Read more
