May 2020
IRS Releases 2021 Amounts For Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an [...]
Paycheck Protection Program Loan Forgiveness Calculators
Many small businesses are struggling navigating the complexity of the Paycheck Protection Program (PPP) and loan forgiveness aspect of it. While legislation, regulations and info regarding loan forgiveness is changing and revised often, it's important [...]
California Tax Updates for May 21st
Update 1: Do you still have questions about how California helps those affected by the novel coronavirus (COVID-19) pandemic? The CA Franchise Tax Board (FTB) has just updated its frequently asked questions (FAQs) by adding a [...]
Did You Get An Economic Impact Payment That Was Less Than You Expected?
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks [...]
Fortunate Enough To Get A PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results [...]
Business Charitable Contribution Rules Have Changed Under The CARES Act
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to [...]