Tax

AB 80, the California bill to allow deductions for expenses paid with forgiven PPP debt, has been amended to include significant changes

The IRS and the Treasury have announced that states can conform to recent federal tax benefits (such as the allowance of deductions for amounts paid with forgiven PPP debt) and still benefit from the federal funding provided to states through the American Rescue Plan Act (ARPA)

The IRS issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses

The American Rescue Plan Act (ARPA) geared towards assisting both individuals and businesses was signed into law on March 11, 2021 by President Biden

The FTB has confirmed that California will follow the IRS filing and payment extension date of May 17, 2021, for individual taxpayers only

The American Rescue Plan Act has been approved by Congress and is on its way to President Biden, who is expected to sign the bill by the end of the week

Recent developments in artificial intelligence are revolutionizing how tax professionals carry out tax work

New tax credits will now be available to self-employed individuals who need to take family and sick leave

On February 27, the House voted on an Employee Retention Tax Credit extension through December 31, 2021