IRS Coronavirus Tax relief News Releases: https://www.irs.gov/coronavirus IRS: IR-2020-59: People First Initiative https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program The IRS has launched a way for people who qualify for the $1,200 stimulus check to register to receive them. This will be helpful for those whoREAD MORE
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U.S. Small Business Administration: COVID-19 Economic Injury Disaster Loan Online Application https://covid19relief.sba.gov/#/ U.S. Small Business Administration: 7(a) Loan Application Checklist. Provides link to form and list of information needed to apply for the traditional 7(a) business loan. https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-application-checklist%20 U.S. Treasury:READ MORE
California Franchise Tax Board Notice 2020-20 Extension of time to file tax protests, appeals and refund claims. https://www.ftb.ca.gov/tax-pros/law/ftb-notices/2020-02.pdf Employers statewide directly affected by the new coronavirus may request up to a 60-day extension of time from the EDD to fileREAD MORE
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Cares Act Sec. 1102 General Loan Info & Eligibility LOAN GENERAL INFO: Click here to download the PPP Loan Calculator Loan Term 2 Years Maximum Loan amount $10 million Interest Rate 1% No Loan Fees, or Prepayment Penalties PPP ApplicationREAD MORE
Retirement Fund Planning Opportunities: Below is a list of the provisions in the CARES Act which impact retirement accounts: The due date for 2019 Traditional and Roth IRA contributions is automatically extended to July 15, 2020 to coincide with theREAD MORE
California Sales Tax Relief On Thursday, April 2, 2020, Governor Gavin Newsom announced that California businesses with taxable annual sales of less than $5 million can take advantage of a payment plan where up to $50,000 of sales and useREAD MORE
Business Losses (Net Operating Losses “NOLs”) The CARES Act allows for the carryback of NOLs arising in taxable years ending in 2018, 2019 and 2020 to the five years preceding the loss year. Prior to this Act, NOLs were onlyREAD MORE
Recovery Rebates All U.S. residents who have a work eligible Social Security number and cannot be claimed as a dependent by another taxpayer are eligible for a recovery rebate as follows: Amount of Rebate Starts Phasing Out Fully Phased OutREAD MORE
General Information April 5, 2020 On Friday March 27, 2020, President Donald Trump signed the largest economic relief package in U.S. history. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, responds to the coronavirus pandemic, by providingREAD MORE