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…
We all just went through an incredibly difficult process of calculating and applying for our PPP Loan with the SBA. Our banks were just as confused as we were in what felt like a good old Oklahoma Land Rush. Would we do anything wrong that would push us to the Read more…
UPDATED APRIL 30, 2020 Beware! Scammers and criminals are out in full force now that President Trump has signed into law the CARES Act. Scammers are sending out emails similar to this one LSL Partner Pam Bustos received: The IRS will NEVER reach out directly to you via text, phone 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…
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…
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…
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…
Treasury Secretary Steven Mnuchin announced on Friday, March 20, that “at President Trump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Although the tax filing due date has 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…
Tax planning is the process by which we make sure you are paying the right amount of taxes at the right frequency. Why? If you own your own business, you need to manage your tax liability, which means not paying too little, of course, but not paying too much either. Read more…