by Charles Le | Feb 5, 2021 | tax
For taxable years beginning on January 1, 2020, California will now allow cannabis businesses operating as individual sole proprietorships, limited liability companies taxed as partnerships and S Corporations to claim deductions and credits paid or incurred in... 
by Charles Le | Sep 15, 2020 | tax
On September 11, 2020, the IRS released general guidance for the cannabis industry. This is likely a response to a Treasury Department internal watchdog report which was critical of the IRS’ lack of guidance towards the cannabis industry. The guidance is published on... 
by Charles Le | Aug 17, 2020 | tax
The IRS issued a set of proposed regulations on July 30, 2020 that addresses several key accounting issues for small businesses. The issues addressed uncertainties under the Tax Cuts and Jobs Act (TCJA) in connection with simplified accounting procedures covered under... 
by Charles Le | May 7, 2020 | tax
The IRS announced Notice 2020-32 and clarifies that no deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a PPP loan pursuant to the CARES Act. The income associated with the forgiveness of the PPP... 
by Charles Le | Apr 23, 2020 | tax
The California Employment Training Panel (ETP) founded in 1982, provides funding for businesses who enhance the skills of their workforce through employee training. The ETP program is funded by a special payroll tax under the California Unemployment Insurance (UI)... 