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Tax Alerts

Employee Retention Credit: Possible “Cashback” Refunds

Monday, January 18, 2021

Congress signed the Consolidated Appropriations Act of 2021 on December 27, 2020. This act changed the employee retention tax credit that was originally introduced by the CARES Act in March 2020. The employee retention tax credit is a refundable payroll tax credit that incentivizes qualified employers to continue paying their employees. The following are key […]

California Coronavirus Tax Relief for Small Businesses and Nonprofits

Wednesday, January 13, 2021

Reserve Up To $100,000 in 2020 Tax Credits Today! Your business or organization could be eligible to receive a tax credit of up to $1,000 for each net employee hired between July 1, 2020 and November 30, 2020, for a total of up to $100,000. Thanks to California’s new Main Street Small Business Hiring Credit, […]

New PPP Loan Application Forms Released & California Small Business Relief Grant

Tuesday, January 12, 2021

The US Small Business Administration (SBA) and the Treasury recently released the new Paycheck Protection Program (PPP) loan application forms based on the COVID-19 Aid Bill passed on December 27, 2020. The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form. Form 2483 is an […]

Send a New Form 1099-NEC to the FTB

Friday, January 8, 2021

As of January 2021, when businesses are preparing 1099s for the 2020 tax year, they will now use new federal Form 1099-NEC to report nonemployee compensation, which replaces Form 1099-MISC. You will continue to use the 1099-MISC for reporting other types of payments such as rents, royalties, medical and health care payments, and nonqualified deferred […]

IRS Issues Standard Mileage Rates for 2021

Friday, January 8, 2021

The Internal Revenue Service issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile […]