Posts

Tax Update on Business Meals Being 100% Deductible in 2021
Angela Tang, CPA
Estate & Trust Supervisor
The cost of business meals were considered a deductible expense since 1986, the problem is only 50% of such costs were allowed as a deduction until now. The latest 2020 stimulus…

Is Your Company Eligible for the Employee Retention Tax Credit?
Richard A. Huffman, CPA, MST
Tax Partner
By retaining employees during the pandemic, your company may be eligible for a payroll tax credit of up to $5,000 per employee in 2020 and $28,000 per employee in 2021.
The employee retention…

Significant Tax Provisions from Biden’s American Rescue Plan Act
Richard A. Huffman, CPA, MST
Tax Partner
The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions:
Business tax provisions:
Family and sick leave credits –…

CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity
Richard A. Huffman, CPA, MST
Tax Partner
The long awaited recently announced California pandemic relief package includes the following benefit highlights for businesses and individuals:
California partial conformity…

New COVID Relief Bill Signed Into Law
Richard A. Huffman, CPA, MST
Tax Partner
The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President.
The CAA, 2021 bill includes the renewal…

PPP Loan Forgiveness Taxability in 2020
Richard A. Huffman, CPA, MST
Tax Partner
Tony Maldonado, CPA
Tax Senior
While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance…

Healthcare Providers Receive CARES Act Provider Relief Fund
The CARES Act allocated $175 billion in grants to support hospital and healthcare providers on the front lines of the coronavirus response to recover lost revenue and increased expenses as a result of the pandemic.
Certain grants do not…

Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics
As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago. Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses…

Why Gifting During an Economic Downturn May Be Right for You
Janelle Tokunaga, CPA, MST
Tax Supervisor
While it may seem like there has been a shortage of good news lately, we wanted to bring your attention to a few bright spots that have come about during our current economic downturn. …

Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)
Janet Kim, CPA, MST
Tax Director
The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded…

Avoid Phishing in the Time of COVID-19
As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom.
Some websites are offering information on COVID-19 relief programs in exchange for signing up through…

Summary Analysis of Coronavirus Enacted Laws
Richard A. Huffman, CPA, MST
Tax Partner
With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies.
In our…