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 a deduction for expenses paid
$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
New Law Extends Opportunity for Businesses to Claim Employee Retention Credit
The Consolidated Appropriations Act of 2021, signed into law in December 2020, modified some of the CARES Act provisions, including expanding Employee Retention Tax Credit (ERTC) eligibility and extending the
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-
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
Potential Impacts of the Election on Tax Reform
The recent presidential and upcoming Senatorial special elections may have a significant impact on tax law next year (2021) and therefore the need for 2020 year-end tax planning is extraordinarily
Reserve Your Small Business Hiring Credit Now
Businesses with 100 employees or less are eligible for California’s new Small Business Hiring Credit, equal to $1,000 per net increase in qualified employees. Businesses that have been negatively impacted
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
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
