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Business Tax Relief, California Follows Federal COVID-19 Tax Rules

Tuesday, September 29, 2020

California Governor Gavin Newsom has recently signed a bill regarding COVID-19 business tax relief. This bill outlines the state’s intention to mirror how a federal taxation law is forgiving certain business loans. Bolstering Californian Small Businesses Newsom signed three bills into law on September 9, 2020. The intention is to help bolster small businesses in […]

California Employment Law Offers Covid-19 Tax Relief

Tuesday, September 29, 2020

There are two new California employment laws in response to the COVID-19 pandemic. They both provide tax relief to California businesses, as well as new jobs to Californians. Based on the businesses hiring practices of the business, there are significant tax advantages associated with both programs. Here are the details. California Tax Credit for Small […]

Property Tax Changes on California’s November Ballot

Tuesday, September 29, 2020

One Proposition Has Had Its Share of Controversy Of the 12 propositions that will be on the California ballot in November, two of them would make big changes to long-standing property tax laws. Split-roll Measure The passage of Proposition 15, also called the “split-roll measure,” would repeal Proposition 13 protections for nonresidential commercial and industrial […]

Proposed Regulations Address Small Business Simplified Accounting Rules

Tuesday, September 29, 2020

Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. The Tax Cuts and Jobs Act put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method of accounting, are not required to use inventories, are not required to […]

Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

Tuesday, September 29, 2020

The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and recapture the benefit of the credits when necessary. Under the Families First Act, […]