EIDL Loan Increase
More good news is coming from the SBA for small business owners and nonprofits: The maximum amount these organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program has increased to $500,000 for 24…
THE WORLD ACCORDING TO BERNIE (as far as estate and gift taxes are concerned)
On March 25, Senator Sanders (I-VT) and Senator Whitehouse (D-RI) proposed a bill that would make very sweeping changes to the current estate and gift tax system. A similar bill is likely to be proposed in…
Applying ASC 606 Using the Five-Step Model
In our last blog, we discussed the basic concepts of ASC 606, the new revenue recognition standard. Today, let’s dig in a little deeper to see what exactly the five-step model of the new standard is…
In Limbo: PPP Loans and Your California State Taxes
Can you deduct expenses paid with PPP forgiven loan amounts from your California state taxes? The answer is still: We don’t know. We were hopeful earlier this month when a bill, AB 80, was introduced…
Tax Deadline Extended
The following only applies to individual returns. So far, all other returns and entities will retain their original due dates. The IRS will be extending the 2020 tax filing due date for individuals to May 17,…
What is ASC 606 and How Does It Impact You?
ASC 606, the new revenue recognition standard is something you may have heard a lot about lately. It’s the FASB’s (Financial Accounting Standards Board) answer to keeping revenue evaluations balanced and comparable across different industries. It…
Highlights from the American Rescue Plan Act OF 2021
The $1.9 trillion law signed by President Biden last week includes funding for agriculture, nutrition, education, veterans, vaccines, therapeutics, testing, public health, housing, airlines, state and local governments, and, this is where you come in….… help…
What Private Companies Need to Know About the New Lease Standards
The new lease standards set forth by the Financial Accounting Standards Board has far-reaching and complex impacts for all companies. This new standard was approved in 2016 but the effective date of the has been pushed…
The American Rescue Plan Act of 2021: A Synopsis
The American Rescue Plan Act of 2021 is on its way through Congress, expected to become law by March 14. The bill includes the following for employers: Paid sick and family leave credits Employee retention…
Good News for Schedule C Filers …
Good news for sole-proprietors, independent contractors and self-employed individuals (Schedule C filers) who still plan on applying for a PPP loan: The SBA announced last week that these individuals can use gross receipts rather than net…
PPP LOAN DEADLINES
Today the Biden Administration announced that from 9:00 AM EST on Wednesday, February 24 until 5:00 PM EST on Tuesday, March 9, only those small businesses with fewer than 20 employees may apply for and receive PPP…
We’re Not in Kansas Anymore: PPP, ERC, and R&D—Oh My!
Recent news of possible COVID relief in the form of the GOP’s $700 billion package to the Democrat’s $1.9 trillion package may obscure the fact that there was a relief package adopted in December. December’s relief…
CARES Act changes to tax laws with relation to the real estate industry:
The CARES Act has affected many things in many ways. We want to take a few moments and focus on a few of the ways it has had an impact on the real estate industry. Just…
PPP2 Application Details
We have had a lot of calls and questions coming in from clients asking to help with the latest PPP 2 application process.So, we thought we would throw out a few important details for those of…
Relief Bill Offers Provisions for Families and Children
The second stimulus package (Consolidated Appropriations Act, 2021) includes $10 billion to provide immediate assistance to child-care providers and $250 million for the Head Start program. Who is in line for this aid? There are multiple…
Hidden Tax Break: Meal Deductions Get a Boost
The recently passed relief bill, officially called the Consolidated Appropriations Act, 2021, contained a provision designed to give a boost to the restaurant industry: upgrading what had been a 50% meal deduction to 100% for "food…
Proposition 19 and Your Property Taxes
Last November, California voters passed Proposition 19, making two major changes to the state’s property tax laws. The first change impacts the property tax on transfers of property between parents and children, and the second impacts…
What the New PPP Means for Your Business
Enacted at the end of 2020, the Consolidated Appropriations Act, 2021, allocates $325 billion to small businesses, nonprofits and venues hit hard by the COVID-19 pandemic. Of that amount, approximately $284 billion goes toward the Paycheck…
DO YOU HAVE A “WEIRD” BUSINESS STRATEGY? IF NOT, NOW IS THE TIME TO GET ONE!
I’ve written about this before in bits and pieces, but today, I decided to sit down and organize my thoughts on “weirdness.” I think that one of the best strategies for building a future for your company…
Tax Law Changes and Other Congress Updates – As of December 21, 2020
On Monday, Congress approved the second longest piece of legislation ever written. This is our hot-of-the-presses summary but bear in mind that it might be two or three weeks before we really understand all of the…