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american rescue plan act
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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 –…
relief
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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…
employee retention credit
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New COVID Relief Bill Expanded Employee Retention Credit Benefits

Richard A. Huffman, CPA, MST Tax Partner   The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June…
covid relief bill
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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 loans
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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…
ppp

SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

Richard A. Huffman, CPA, MST Tax Partner The Small Business Administration has released additional Paycheck Protection Program (PPP) guidance and revised the forgiveness application form to align with the Paycheck Protection Program…
paycheck protection program

BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program

Richard A. Huffman, CPA, MST Tax Partner The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president.  The law will extend the Paycheck Protection Program…
ppp
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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…
coronavirus enacted laws

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…