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COVID-19

COVID-19 Will Changes to CA’s PPP Loan Bill Affect Your Business?
April 21, 2021in COVID-19 0 Comments 0 Likes

Will Changes to CA’s PPP Loan Bill Affect Your Business?

2020 California PPP Law Explained California enacted a law in late 2020 allowing businesses to exclude PPP loan amounts under the federal CARES Act for state tax purposes, but denying

by Karen Turner
COVID-19 $1.9 Trillion American Rescue Plan Act
March 15, 2021in COVID-19 0 Comments 0 Likes

$1.9 Trillion American Rescue Plan Act

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA). This $1.9 trillion stimulus package contains extensions to unemployment, stimulus payments and provisions for small

by Manny Ramirez
COVID-19 PPP Loan Applications Re-Open
January 13, 2021in COVID-19 0 Comments 0 Likes

PPP Loan Applications Re-Open

Key Changes and Upcoming Deadlines The U.S. Small Business Association and Treasury re-opened the Paycheck Protection Program (PPP) on January 11, 2021. Initially, only community financial institutions that serve minority-

by Fernando Jimenez
COVID-19 COVID-19 Relief Bill Signed into Law
December 29, 2020in COVID-19 0 Comments 0 Likes

COVID-19 Relief Bill Signed into Law

President Trump signed off on a $900 billion COVID relief bill on December 27, 2020, offering economic aid as the pandemic worsens. His approval came just in time to avert

by Fernando Jimenez
COVID-19 PPP Loan Audits: What You Need to Know
October 26, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Audits: What You Need to Know

Many small business owners received forgivable loans as part of the CARES Act Paycheck Protection Program (PPP). If you received a PPP loan, you may be audited by the SBA

by Manny Ramirez and Fernando Jimenez
COVID-19 Tax Alert – Proposition 15 Raises Property Taxes!
October 21, 2020in COVID-19 0 Comments 0 Likes

Tax Alert – Proposition 15 Raises Property Taxes!

Amid an unprecedented economic crisis, special interests are pushing Prop 15 on the November 2020 statewide ballot to begin the process of eroding Propositions 13’s property tax protections. This is

by Manny Ramirez
COVID-19 Tax Alert: Payroll Tax Deferral Began Sept 1
September 14, 2020in COVID-19 0 Comments 0 Likes

Tax Alert: Payroll Tax Deferral Began Sept 1

The U.S. Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the “payroll tax holiday” ordered by President Donald Trump in early August as part

by Manny Ramirez and Fernando Jimenez
COVID-19 Payroll Tax Deferral Starts Today – Employer Can Elect In or Out
September 4, 2020in COVID-19 0 Comments 0 Likes

Payroll Tax Deferral Starts Today – Employer Can Elect In or Out

On August 28, 2020, the Department of Treasury and Internal Revenue Service (IRS) issued official guidance for taxpayers on the payroll tax deferral ordered by President Donald Trump on August

by Manny Ramirez and Fernando Jimenez
COVID-19 You Have Received Your PPP Loan, Now What?
August 17, 2020in COVID-19 0 Comments 0 Likes

You Have Received Your PPP Loan, Now What?

More than 4 million small businesses have applied for and received their Paycheck Protection Program (PPP) loan. The next logical question is: How do you account for it? There has

by Ian Lawson and Erik Tischofer
COVID-19 What does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
August 11, 2020in COVID-19 0 Comments 0 Likes

What does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this

by Fernando Jimenez
COVID-19 PPP Loan Extension Gives Small Businesses 5 More Weeks
July 9, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Extension Gives Small Businesses 5 More Weeks

President Trump signed a bill into law on July 4, 2020 that extends the Paycheck Protection Program (PPP) deadline for five more weeks until August 8. The original deadline to

by Manny Ramirez
COVID-19 PPP loan forgiveness changes July 2020
July 6, 2020in COVID-19 0 Comments 0 Likes

PPP Loan Flexibility & Maximizing Forgiveness

The Paycheck Protection Program Flexibility Act recently became law to provide additional flexibility on the use of Paycheck Protection Program (PPP) funds and make it easier for businesses to qualify

by Manny Ramirez and Fernando Jimenez
COVID-19 IRS Guidance Provides RMD Rollover Relief
July 1, 2020in COVID-19 0 Comments 0 Likes

IRS Guidance Provides RMD Rollover Relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take

by Karen Turner
COVID-19 New Law Improves PPP Loan Flexibility & Forgiveness
June 29, 2020in COVID-19 0 Comments 0 Likes

New Law Improves PPP Loan Flexibility & Forgiveness

The recently approved Paycheck Protection Program Flexibility Act (PPPFA) provides businesses with much-needed flexibility regarding the use of Paycheck Protection Program (PPP) funds and eases the requirements for full loan

by Karen Turner
COVID-19 IRS Denies Deductions for Expenses Paid by PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

IRS Denies Deductions for Expenses Paid by PPP Loans

The IRS has recently confirmed that they will not allow taxpayers to claim tax deductions for expenses that were paid by PPP loans that were forgiven, even for recurring expenses

by Karen Turner
COVID-19 Good News for Small Businesses as Senate Passes PPP Reform Bill
June 8, 2020in COVID-19 0 Comments 0 Likes

Good News for Small Businesses as Senate Passes PPP Reform Bill

The U.S. Senate passed the House version of the Paycheck Protection Program Flexibility Act on June 3, 2020, easing restrictions on how small businesses can use their PPP loan funds

by Karen Turner
COVID-19 SBA Clarifies Good Faith Certification for PPP Loans
June 8, 2020in COVID-19 0 Comments 0 Likes

SBA Clarifies Good Faith Certification for PPP Loans

On April 23, the Small Business Administration (SBA) issued a warning that businesses with substantial access to liquidity may not qualify for Paycheck Protection Program (PPP) loans. Concerned that their

by Karen Turner
COVID-19 Net Operating Loss
May 31, 2020in COVID-19 0 Comments 0 Likes

CARES Act Alert – NOL Filing Deadline Now June 30, 2020

The CARES Act has loosened the rules around net operating loss deductions (NOLs), in addition to other tax relief. The CARES Act provides a five-year carryback for losses earned in

by Courtney Holst
COVID-19 House Proposes More Flexibility for PPP Program. Will Senate Follow?
May 29, 2020in COVID-19 0 Comments 0 Likes

House Proposes More Flexibility for PPP Program. Will Senate Follow?

The U.S. House of Representatives passed a bill on May 28, 2020 that would make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by reducing

by Karen Turner
COVID-19 Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives
May 5, 2020in COVID-19 0 Comments 0 Likes

Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives

The Paycheck Protection Program (PPP) loan is anticipated to quickly run through its second round of $310 billion in funding due to high demand, which will leave many small business

by Karen Turner
COVID-19 New Funds Now Available for PPP and EIDL Loans
April 27, 2020in COVID-19 0 Comments 0 Likes

New Funds Now Available for PPP and EIDL Loans

On April 24 the Paycheck Protection Program (PPP) Increase Act of 2020 was signed into law. The Act is an interim stimulus plan designed to provide relief to small businesses

by Karen Turner
COVID-19 How to Achieve Maximum PPP Loan Forgiveness
April 24, 2020in COVID-19 0 Comments 0 Likes

How to Achieve Maximum PPP Loan Forgiveness

If you received a Paycheck Protection Program (PPP) loan, you have probably already started thinking about the next step – determining how much of the loan will be forgiven. Qualifying

by Karen Turner
COVID-19 New COVID-19 law makes favorable changes to “qualified improvement property”
April 20, 2020in COVID-19 0 Comments 0 Likes

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred

by Karen Turner
COVID-19 The IRS announces new COVID-19-related assistance for taxpayers
April 13, 2020in COVID-19 0 Comments 0 Likes

The IRS announces new COVID-19-related assistance for taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file

by Karen Turner
COVID-19 Answers to questions about the CARES Act employee retention tax credit
April 7, 2020in COVID-19 0 Comments 0 Likes

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the

by Karen Turner
COVID-19 Paycheck Protection Program Analysis Tool
April 2, 2020in COVID-19 0 Comments 0 Likes

Paycheck Protection Program Analysis Tool

RJI CPAs has developed a tool to simplify the application process when applying for a Paycheck Protection Program loan. The tool includes the total amount for which you qualify and

by Manny Ramirez and Fernando Jimenez
COVID-19 The CARES Act and What it Means to You
March 30, 2020in COVID-19 0 Comments 0 Likes

The CARES Act and What it Means to You

The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020. The Act aims to provide economic relief through a multitude

by Manny Ramirez and Fernando Jimenez
COVID-19 SBA Offers Low-Interest Loans to CA Businesses Impacted by COVID-19
March 24, 2020in COVID-19 0 Comments 0 Likes

SBA Offers Low-Interest Loans to CA Businesses Impacted by COVID-19

The U.S. Small Business Administration announced on March 16th that they are offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a

by Manny Ramirez and Fernando Jimenez
COVID-19 Coronavirus (COVID-19): Tax relief for small businesses
March 23, 2020in COVID-19 0 Comments 0 Likes

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has

by Karen Turner
COVID-19 What you need to know about the Families First Coronavirus Response Act
March 20, 2020in COVID-19 0 Comments 0 Likes

What you need to know about the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave

by Karen Turner
COVID-19 BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15
March 20, 2020in COVID-19 0 Comments 0 Likes

BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15

U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19)

by Karen Turner
COVID-19 The IRS extends the federal income tax payment deadline
March 20, 2020in COVID-19 0 Comments 0 Likes

The IRS extends the federal income tax payment deadline

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice

by Karen Turner

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