In the News

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...

Get to Know RJI CPAs: Meet Ian Lawson, Audit & Assurance Director

Get to Know RJI CPAs: Meet Ian Lawson, Audit & Assurance Director

When Ian isn’t focusing on practice development and client retention for RJI CPAs, he can be found on the golf course or driving down the coast with the top down in his corvette or custom-built Mazda MX-5. Ian knew of the solid reputation of RJI CPAs long before...

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...

IRS Guidance Provides RMD Rollover Relief

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 so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and...