July 2020
California Tax Updates for July 2nd
Post 1: Businesses that hold unclaimed property in California get extra time to file reports. Due to COVID-19, the CA State Controller (SCO) has postponed the due date for holders of such property, including unclaimed [...]
June 2020
Some People Are Required To Return Economic Impact Payments That Were Sent Erroneously
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response [...]
Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways To Chip Away At Your Bill
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, [...]
SBA Reopens EIDL Program To Small Businesses And Nonprofits
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 [...]
California Tax Updates for June 25
Update 1: Many California businesses are downsizing or have closed permanently due to COVID-19. The California Franchise Tax Board (FTB) has released a detailed set of steps needed to fully close a CA business entity, including [...]
What Qualifies As A “Coronavirus-Related Distribution” From A Retirement Plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In [...]