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IRS/Franchise Tax Board/Department of Labor/FASB/AICPA

We are here to help you navigate through the information and implementation during this extremely difficult time. In addition to the traditional tax advisory services that we provide, we can also assist with other COVID-19 economic relief programs, such as the Paycheck Protection Loan Program (SBA), Treasury loans under the Coronavirus Economic Stabilization Act, and other areas that may impact you (i.e. human resources, cash flow management, outsourced accounting and finance function assistance, risk assessment, and more).


FTB Provides Additional AB 80 Guidance (07-06-21)

The Franchise Tax Board (FTB) has updated its Paycheck Protection Program (PPP) loan forgiveness webpage and released FAQs that provide much awaited guidance concerning AB 80 and how it is being applied. LEARN MORE

Tax Relief/Stimulus Payment Bills Sent to Governor (07-06-21)

The California General Assembly has sent several stimulus and tax-related bills to the Governor for his expected signature. LEARN MORE

PPP Round 2: The Sequel (05-24-21)

In December 2020, the Consolidated Appropriations Act, 2021 was signed into law, which includes approximately $284.5 billion in new PPP funding (PPP2) and reopens the PPP for first-time borrowers. LEARN MORE

Governor Signs California’s PPP Loan Bill AB 80 (04-29-21)

AB 80 is now officially law in California, providing partial conformity to federal law allowing taxpayers to deduct expenses paid with PPP forgiven loan amounts, as well as EIDL targeted and advance grants. LEARN MORE

American Rescue Plan Tax Credits Available to Small Employers (04-26-21)

The IRS and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. LEARN MORE

What Are the Rules of the Restaurant Revitalization Fund? (04-26-21)

Given the devastating impact of the pandemic, the COVID-19 stimulus package signed by President Biden is expected to provide welcome relief to struggling restaurant owners. Labeled the American Rescue Plan Act, the stimulus package has allotted $28.6 billion to the Restaurant Revitalization Fund program. LEARN MORE

Big Changes to California’s PPP Loan Bill AB 80 (04-19-21)

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

PPP Deductions May Be Coming for California (04-8-21)

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). LEARN MORE

Face Masks and Personal Protective Equipment for COVID-19 are Tax Deductible (04-02-21)

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. LEARN MORE

California Conforms to IRS May 17 Extension and AB 80 Update (03-18-21)

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

Latest federal COVID-19 Relief Bill Sent to President (03-10-21)

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. LEARN MORE

New IRS Form: Sick and Family Leave Tax Credits for the Self-Employed (03-03-21)

COVID-19 Induced Working from Home Tax Write-Offs (01-29-21)

Many people are asking whether they can benefit from tax write-offs due to working from home. LEARN MORE

Webinar | COVID-19 Aid Bill: What does it mean for you? (01-20-21)

This informative webinar covers the “second-draw” PPP loans available for small and “hard-hit” businesses. Topics include expanded qualified expenses for PPP loan forgiveness, review of the deductibility of forgiven PPP-loan-funded proceeds, and additional  considerations on the forgiveness application, along with other key provisions outlined in the new tax bill. VIEW WEBINAR

California Coronavirus Tax Relief for Small Businesses and Nonprofits (01-13-21)

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. LEARN MORE

New PPP Loan Application Forms Released & California Small Business Relief Grant (01-12-21)

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. LEARN MORE 

Widespread Concerns about Paycheck Protection Program (PPP) Loan Necessity Questionnaires (12-15-20)

Eighty-two organizations, including the AICPA, have recently expressed their concern about PPP loan necessity questionnaires. LEARN MORE

Governor Newsome Announces Immediate Assistance for Businesses Impacted by COVID-19 Including Temporary Tax Relief and $500 Million in Grants (12-07-20)

Billions in immediate, temporary tax relief will support businesses impacted by COVID-19, including an automatic three-month extension for taxpayers filing less than $1 million in sales tax and interest-free payment agreements to larger companies with up to $5 million in sales tax and expanded interest-free payment options for larger businesses particularly affected by significant restrictions on operations based on COVID-19 transmissions. LEARN MORE

IRS Releases PPP Deduction Guidance (11-19-20)

In newly released formal guidance, the IRS has confirmed that taxpayers with a reasonable expectation of Paycheck Protection Program (PPP) loan forgiveness may not deduct expenses paid with those funds, even if the forgiveness has not been granted prior to the end of the taxable year. LEARN MORE

SBA Questioning “Loan Necessity” for PPP Loans Over $2 Million (11-09-20)

The SBA has announced two new PPP forms. LEARN MORE

Business Tax Relief, California Follows Federal COVID-19 Tax Rules (09-29-20)

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. LEARN MORE

California Employment Law Offers Covid-19 Tax Relief (09-29-20)

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. LEARN MORE

Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act (09-29-20)

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. LEARN MORE

Webinar Recording – PPP Loan Forgiveness for Businesses (09-24-20)

This informative webinar discusses the additional guidance issued by the (SBA) on August 11, 2020, for loan forgiveness under the Paycheck Protection Program and reiterates the changes to the program based on the Flexibility Act. LEARN MORE

Paycheck Protection Program Guidelines: New Interim Final Regulations (07-30-20)

The Treasury Department and Small Business Administration (SBA) recently issued new Paycheck Protection Program (PPP) guidelines. LEARN MORE

California Employment Law Offers Covid-19 Tax Relief (06-25-20)

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. LEARN MORE

Paycheck Protection Program Loans Frequently Asked Questions (06-25-20)

The Small Business Administration, in consultation with the Department of the Treasury, has provided timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). This document will be updated on a regular basis. LEARN MORE

AICPA Guidance – Accounting for PPP Loan Forgiveness (6-11-20)

The AICPA has developed a Technical Question and Answer (TQA) 3200.18Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program, which provides additional guidance with respect to accounting for Paycheck Protection Program (PPP) loans in accordance with US GAAP. LEARN MORE

PPP Loan Forgiveness Expansion Bill Sent to the President (6-4-20)

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) was passed by the House and Senate and is now on its way to the President. The President has indicated that he will sign the bill. LEARN MORE

PPP Loan Forgiveness Guidance Released (05-18-20)

The SBA has released the long-awaited loan forgiveness guidance and a Loan Forgiveness Application that Paycheck Protection Program borrowers should submit to their lenders. LEARN MORE

Accounting for PPP Loans and Maximizing Forgiveness (04-29-20)

If your company has received or will be receiving a loan from the Paycheck Protection Program (PPP), it is important to track the activity of these funds in great detail, with supporting documentation for all expenses. LEARN MORE

PPP Loan Calculations for the Self-Employed and Partnerships (04-27-20)

The SBA has finally issued guidelines on calculating monthly payroll costs for Paycheck Protection Program loans for all entities, including self-employed taxpayers and partnerships. LEARN MORE

Refunds for California Insurance Policyholders (04-17-20)

On April 13, 2020, California Insurance Commissioner Ricardo Lara ordered insurance companies to refund a portion of premiums to both consumers and businesses in order to provide relief during the COVID-19 pandemic. LEARN MORE

IRS issues FAQs on Economic Impact Payments (04-16-20)

FAQs on the new Economic Impact Payments highlight some areas that are already causing problems and confusion for a number of taxpayers. LEARN MORE

Economic Injury Disaster Loan Emergency Advance (04-08-20)

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. LEARN MORE

Tax Deadline Extended for Nonprofits (04-14-20)

In response to COVID-19, the IRS released Notice 2020-23 (the Notice) to extend tax deadline relief for additional returns that were not included in Notice 2020-18. This extended relief postpones the due date for all returns in the Form 990 series to July 15, 2020. LEARN MORE

AICPA Issues Audit & Accounting Guidance FAQs on COVID-19 (04-09-20)

Read our April Audit & Assurance newsletter.

Department of Labor COVID-19 Required Posters, Facts Sheets, and Q&As (04-03-20)

https://www.dol.gov/agencies/whd/pandemic

Paycheck Protection Program (03-31-20)

Your business may be eligible for a Paycheck Protection Loan. LEARN MORE

Families First Coronavirus Response Act FAQs (03-30-20)

Frequently asked questions regarding sick and medical leave from the U.S. Department of Labor. LEARN MORE

Business Tax Relief, California Follows Federal COVID-19 Tax Rules (03-29-20)

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. LEARN MORE

Late-breaking FTB and Department of Labor Guidance (03-26-20)

Details of the most recent guidance from the FTB and the Department of Labor. LEARN MORE

FAQ Regarding Extension Relief (03-24-20)

IRS answers questions regarding extension relief. LEARN MORE

IRS Filing Deadline (03-21-20)

The Treasury Department has extended the April 15 deadline to file returns and to pay taxes to July 15. The Treasury is scheduled to announce more information about these extensions within a few days. As soon as the information is released, we will share it with you. LEARN MORE

Coronavirus Related Paid Leave (03-20-20)

The Treasury Department, IRS, and the Department of Labor announce a plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave. LEARN MORE 

Families First Coronavirus Response Act (H.R. 6201) for Businesses (03-18-20)

What are the new mandated employer-paid benefits and costs in the Coronavirus Bill, including employer-paid sick leave, employer-paid family leave benefits, and employer tax credits. LEARN MORE

California Filing Deadline (03-13-20)

The Franchise Tax Board (FTB) has extended both the filing and payment deadline to July 15 for those impacted by COVID-19. LEARN MORE 

U.S. Small Business Administration Disaster Loan Assistance (03-05-20)

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. LEARN MORE

 

For more information or assistance with your particular tax situation, please contact our tax professionals at info@windes.com or toll free at 844.4WINDES (844.494.6337).

 

 

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