Part THREE: Required Minimum Distributions and 401(k)s SO much has happened this year and SO much has to be done before the year-end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope you will too. Most, but Read more…
Part TWO: The CARES Act, Net Operating Losses, and Cash Flow So much has happened this year and so much has to be done before the year end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope Read more…
Part ONE: The Pandemic (PPP loans), The Election, and Technology INSIDER’S TIP: Start Tax Planning NOW. Don’t Wait for December. INTRODUCTION TO THE SERIES So much has happened this year, and so much has to be done before the year end to help our clients make the correct decisions that Read more…
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…
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…
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…
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…