california - Linkenheimer LLP CPAs & Advisors

California Tax Updates for June 30th

Update 1:

Local minimum wages in several California areas will increase on July 1, 2021. The per hour rates include the following: Berkeley ($16.32); Emeryville ($16.97); Fremont ($15.00 for small employers, $15.25 for large employers); Long Beach ($15.69, and for concessionaire workers $15.32); Los Angeles City ($15.00, and $17.65 for hotel workers); Los Angeles County ($15.00 for small employers); Malibu ($15.00 for small and large employers); Milpitas ($15.65); San Francisco ($16.32); Santa Monica ($15.00 for small employers and $17.64 for hotel workers).

Update 2:

On July 11th, Californians receiving unemployment benefits will again be required to search for work. The CA Employment Development Department (EDD) is currently sending notices to claimants to inform them of the reinstatement of this requirement. The search for work has been a mandatory part of the unemployment insurance program since its inception but has been suspended during the pandemic. As of July 11th, most claimants will again need to be able to search for work to maintain eligibility. […]

By Linkenheimer LLP|2021-07-02T17:25:28+00:00July 2nd, 2021|business, CA tax, california|0 Comments

California Tax Updates for 4/21

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 […]

By Linkenheimer LLP|2021-04-21T23:34:09+00:00April 21st, 2021|business, ca, CA tax, california|0 Comments

California Tax Updates for 3/24

Update 1:

Two more California cities, Pomona and Santa Ana, have adopted Hero Pay Ordinances to give extra pay to certain workers during the COVID-19 pandemic. Pomona’s ordinance is effective from 3/1/21 through 6/29/21, requiring qualifying retail businesses to pay an additional $4.00 per hour to their workers. Here are the details for Pomona, including which businesses are affected: https://bit.ly/3cCcAkt. Santa Ana’s ordinance also requires $4 per hour of additional pay (from 3/3/21 through 6/30/21). Here are the details for Santa Ana, including which businesses are affected. https://bit.ly/3cEREsX. Or, contact your Linkenheimer CPA with questions.

Update 2:

In his 2021 State of the State address, California Governor Gavin Newsom didn’t propose new or higher taxes. The address was delivered virtually from Dodger Stadium in Los Angeles earlier this month. Newsom devoted most of his address to the COVID-19 pandemic, highlighting the state’s progress in battling […]

By Linkenheimer LLP|2021-03-24T18:46:37+00:00March 24th, 2021|ca, CA tax, california, covid-19, small business|0 Comments

Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline

The Treasury Department and Internal Revenue Service announced on Wednesday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, […]

By Linkenheimer LLP|2021-03-19T17:56:36+00:00March 19th, 2021|ca, CA tax, california, ftb, irs, tax deadlines|0 Comments

California Tax Updates for 3/17

Post 1:

New California sales and use tax rates take effect on April 1, 2021. The CA Dept. of Tax and Fee Administration (CDTFA) has announced new rates that were approved by CA voters in November 2020. The new tax rates apply only within the indicated city or county limits. The new rates, tax codes, acronyms and expiration dates will be available to download and view before April 1, 2021, on the CDTFA webpage. They have been organized into three categories, by city, county and unincorporated areas. Here’s more: https://bit.ly/3sZfXIR

Post 2:

California’s Franchise Tax Board (FTB) has announced the 2021 mailing of CA Golden State Stimulus payments. This is a one-time payment of $600 or $1,200 to eligible recipients. Those eligible are taxpayers who have filed a 2020 tax return, has CA adjusted gross income of $75,000 or less, is either a CA earned income tax recipient or filer with an individual taxpayer identification […]

By Linkenheimer LLP|2021-03-17T18:22:36+00:00March 17th, 2021|ca, CA tax, california, ftb|0 Comments