by Dana Borys | Jun 23, 2020 | tax
OVERVIEW OF TIGTA REPORT DATED MARCH 30, 2020 The Treasury Inspector General for Tax Administration (“TIGTA”) was established in the 1980’s to provide independent oversight of the Internal Revenue Service’s (“IRS”) activities. On March 30, 2020, TIGTA released... 
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 Sara Raby | May 5, 2020 | tax
While many individuals are struggling financially during the COVID-19 pandemic, there are tax planning strategies that can be implemented now for long term income tax savings. Convert IRA to ROTH IRA – If the value of your IRA has taken a dive during this... 
by Sara Raby | Apr 29, 2020 | tax
On April 24, 2020 the SBA issued guidelines for all entities, including self-employed taxpayers and partnerships, with regards to calculating monthly payroll costs in relation to the Paycheck Protection Program (PPP) loans. SELF-EMPLOYED INDIVIDUALS Self-employed... 
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)... 
by Kailas Patel | Apr 21, 2020 | tax
Last week the Small Business Administration (SBA) released an updated set of Interim Final Rules for the PPP (Paycheck Protection Program). These latest rules supplement the First PPP Interim Final Rules with guidance for individuals with self-employment income who... 