Update 1:

Employers in California who have questions about the Paycheck Protection Program (PPP) get some answers. The April edition of the CA Franchise Tax Board’s “Tax News” addresses whether CA will conform to the federal rules with respect to the PPP, which is part of the CARES Act. The Tax Board said that while income from PPP loan forgiveness is excluded for CA purposes, any credit or deduction allowed for any amount paid or incurred should be reduced by the amount of the exclusion allowed under the PPP. If other changes in CA law related to the PPP arise, the Tax Board will present the new information in its “Tax News.” Here’s more: https://bit.ly/2QsCO19

Update 2:

The 2020 tax year has brought changes to many California tax forms and instructions. That’s why the CA Franchise Tax Board (FTB) has created a tax forms webpage to describe the revisions it has made. Most of the changes are in response to federal and state tax law changes that are part of several recent laws. If taxpayers are unaffected by these law changes, they may still use the unrevised forms. The FTB tax forms webpage lists all forms and instructions that have pending revisions due to law changes and will update the information as it becomes available. Here’s the webpage: https://bit.ly/2Q1eMuk

If you have questions about PPP or other California tax questions, please contact your Linkenheimer CPA.