Our CPAs help you stay on top of Tax Changes – LSL CPAs & Business Advisors – Brea, Santa Ana & Sacramento, California – (714) 672-0022
Treasury and the SBA have issued precious little additional guidance since our Webinar last Thursday, April 30th. But there has been a little news. The Good News For purposes of the headcount and pay rate reduction tests, if you offer to rehire a laid off employee and that employee turns Read more…
Please note: On April 8, 2020 we added the update below to this article originally published on March 30, 2020 Much has transpired since we wrote our original “20 Question Answered” piece. It has only been a little over a week but it seems like it’s been a year! After Read more…
More relief for small businesses! Governor Newsom signed an executive order on March 30th that allows the California Department of Tax and Fee Administration to grant a 90-day extension, without penalties, for tax returns and payments for all businesses filing a return for less than $1 million in taxes. Highlights Read more…
If you did take out a Paycheck Protection Plan loan, you can stop reading. Congratulations! But, we’re sorry. This provision doesn’t apply to you. If you were ineligible, this provision grants you a credit of up to $5,000 per employee during 2020. The credit is applied first to your share Read more…
On April 2nd California Governor Newsom announced a one year reprieve on sales tax for small businesses.This effort is meant to provide business owners with the cash flow they need to meet current obligations and continue to stay afloat. What does this mean? Instead of business owners paying the sales Read more…
Due to the COVID-19 pandemic, individuals and businesses will have an additional 90 days to pay the IRS if they owe additional income tax for 2019, according to Treasury Secretary Steven Mnuchin on Tuesday, March 17, 2020. Based on the latest updates, individuals can defer up to $1 million of Read more…
We want to make sure you know about the latest COVID-19 relief factors for your businesses. For U.S. businesses with fewer than 500 employees, the Treasury Department, the Internal Revenue Service, and the Labor Department announced that these small and mid-sized employers could start taking advantage of two new refundable Read more…
In late 2018, the United States government announced the new Excise Tax for products purchased from China. Many distributors and manufacturers raced out and purchased extra merchandise to avoid the Excise Tax for as long as possible. By purchasing excess inventory, they thought they would be saving money because they Read more…
Since the new tax law, also known as the Tax Cut and Jobs Act (“TCJA”), was enacted by Congress and signed into law in December of 2017, the IRS has begun to issue some clarifications on portions of the law. On October 3, 2018 the IRS issued Notice 2018-76 which Read more…
How Tax Cuts and Jobs Act (TCJA) Effects Charitable Donations on Your 2018 Tax Return With the passing of the Tax Cuts and Jobs Act (TCJA), it’s estimated that the number of taxpayers who will itemize on their 2018 tax return will fall by more than half compared to 2017. Read more…