Insights

Should You File a Protective Refund Claim for ACA-Related Payments?

Should You File a Protective Refund Claim for ACA-Related Payments?

The U.S. Supreme Court has agreed to hear arguments on whether the Affordable Care Act (ACA) is unconstitutional. It is expected that the Supreme Court will not make a decision until the first half of 2021. This is raising questions regarding if taxpayers should file...

PPP Loan Audits: What You Need to Know

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 to ensure funds were used for their intended purpose. Businesses receiving more than $2 million...

Tax Alert – Proposition 15 Raises Property Taxes!

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 estimated to be the largest property tax increase in California...

Tax Alert: Payroll Tax Deferral Began Sept 1

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 of COVID-19 relief. The guidance provides a temporary respite from Social...

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

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 8, 2020. The notice allows employers to defer withholding on compensation...

You Have Received Your PPP Loan, Now What?

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 been some discussion that PPP loans are not really debt, but in substance, are...

Retroactive California Tax Hike Proposed by Legislature

Retroactive California Tax Hike Proposed by Legislature

Democrats in the California state legislature have proposed a significant tax hike on taxable income of $1 million and higher. Legislators say the tax hike would raise more than $6 billion a year to help K-12 schools and government services hurt by the coronavirus...

PPP Loan Extension Gives Small Businesses 5 More Weeks

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 apply for the PPP was Tuesday, June 30, however $130 billion still remained in the fund. The...

PPP Loan Flexibility & Maximizing Forgiveness

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 for full loan forgiveness. Among the changes are an expansion of...