Current information about business, tax and financial challenges during the current Covid-19 health crisis. Covers both business and personal income tax planning and compliance and business capital challenges.

IRS

Bret Scholl, CPA, CGMA

April 8, 2021

California taxes on Paycheck Protection Program (PPP) funds? Maybe not.

Bret Scholl, CPA, CGMA

April 8, 2021

The California saga for taxing Paycheck Protection Program funds continues.

The ever-changing landscape for how California will or won’t tax a business’s Paycheck Protection Program (PPP) funds continues to resemble a game of ping pong.

First, California lawmakers were clear they would tax the proceeds (by not allowing deductions paid with the funds). Then, as the political blow back about taking that position arose quickly, lawmakers proposed several pieces of legislation to partially change course.

Bret Scholl, CPA, CGMA

March 30, 2020

CARES Act Economic Impact Payment Information

Bret Scholl, CPA, CGMA

March 30, 2020

The Internal Revenue Service late this afternoon issued guidance (IR-2020-61) about the CARES Act economic impact payments that will be made. These are the payments to eligible individuals based on income levels. The IRS has announced that they will begin sending out the payments in the next three weeks. Here are the details.