RESOURCES
Updated on 7/6/2022 If the grant you are looking for is not specifically listed below, note the general rule for grants, is they are ordinarily to be included in gross income, unless specifically identified in legislation as being non-taxable. ProgramREAD MORE
The American Rescue Plan Act of 2021, that was passed in March of 2021, allocated $28.6 Billion to the Restaurant Revitalization Fund, to be administered by the Small Business Administration (SBA). Grant Amounts For eligible business that were in operationREAD MORE
Below is a brief summary of the ERC rules for 2020 and 2021, which includes clarifications provided by IRS Notice 2021-23. For additional guidance on this credit see the IRS FAQs. 2020 Employee Retention Credit Summary Entity qualifies if: ShutREAD MORE
The American Rescue Plan Act of 2021, that was passed in March of 2021, provided an enhanced child and dependent care credit (CDCC) for tax year 2021. Refundable Credit for 2021 This 2021 credit is refundable provided either the taxpayerREAD MORE
The Employee Retention Credit (ERC) was originally created as part of the CARES Act, passed in March of 2020. This was a refundable payroll tax credit to be taken against quarterly employment taxes for qualified wages paid after March 12,READ MORE
On January 15, 2021, the IRS announced that it won’t be ready to start accepting and processing 2020 tax returns for individuals until February 12, 2021. This is later than in previous years, when the IRS is usually ready toREAD MORE
On December 27, 2020 President Donald Trump signed into law the $900 billion Covid-19 relief bill passed by Congress on December 21, 2020. The largest provision in the bill includes $325 billion in aid for small businesses that were heavilyREAD MORE
On November 30, 2020 Governor Gavin Newsom announced the creation of a $500 million Covid-19 Relief Grant for small businesses that have been impacted by covid-19. $500 Million in Covid-19 Relief Grants for Small Businesses There will be two roundsREAD MORE
California has multiple resources for small businesses impacted by Covid-19 including the following: Extensions, Tax Relief, and Credits Extended filing Deadline The California Department of Tax and Fee Administration (CDTFA) is providing a three-month extension for individuals and businesses toREAD MORE
Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released Notice 2020-32, which clarified that no deduction would beREAD MORE