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March 31, 2020

Paycheck Protection Program and Forgivable Loans Summary

New Developments – May 2021

The FTB has stated that they will not be creating any new forms or certifications for taxpayers to demonstrate that they meet the 25% drop in gross receipts test for purposes of deducting expenses paid with forgiven PPP debt. They will be updating form instructions, though we do not know when to expect those updates.

  • New AB 80 information from the FTB

The SBA has stopped accepting new PPP applications from most lenders as general funds run out. The only remaining funds available for new applications are $8 billion set aside for community financial institutions (CFIs), which typically work with businesses in underserved communities. The agency also has set aside $6 billion for PPP applications still in review status or needing more information due to error codes.

  • SBA stops accepting new PPP applications from most lenders as general funds run out

New Developments – April 2021

Gov. Newsom signed AB 80 on April 29, 2021. AB 80 generally conforms to the federal treatment of PPP loan forgiveness and EIDL grants, with one major exception:

  • To deduct expenses paid with PPP loan forgiven amounts, the taxpayer must have a 25% reduction in gross receipts in any 2020 calendar quarter as compared to the comparable 2019 calendar quarter. If the taxpayer does not meet this threshold reduction, the expenses cannot be deducted on the California return.
  • 2021-32: California’s partial PPP conformity bill sent to Governor

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns–The IRS announced a limited safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the eligible expenses because they relied on (previously) current IRS guidance.  This safe harbor is available only for taxpayers that filed their 2020 federal tax returns prior to Dec 27, 2020.

  • Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans
  • Revenue Procedure 2021-20

(more…)

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Categories: COVID-19
Tags: Coronavirus, COVID-19, Paycheck Protection Program, Small Business Loan Program,
March 30, 2020

COVID-19 and the Impact on Your Financial Statements

By Nick Sabbatini, CPA, Audit Manager

By now, we are all aware of the Coronavirus pandemic and the impact it is having on our lives, including the impact on businesses and the overall economy. Companies are working remotely, where possible. Disruptions to vendor and customer bases, market value declines and day-to-day changes in the global economy are also creating broad impacts to companies’ operations.

At this point, the general impacts on operations for most companies are known through media coverage and changes in our daily lives, but most of us may not be fully aware of the impact on financial reporting. We have summarized a few financial statement considerations: (more…)

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Categories: COVID-19, Updates & Alerts
Tags: ASC 606, Coronavirus, COVID-19, financial statements, Nick Sabbatini,
March 26, 2020

Working From Home Best Practices

By Laura Mays, Director of HR & Employee Development   

Due to the recent COVID-19 pandemic, working from home has very quickly become the new normal for a lot of us. For some, it’s convenient to skip the commute and jump right into a day’s work, for others, it may be a little uncomfortable and challenging to juggle a work-life balance. Here are a few tips to help keep you productive while working from a home office: (more…)

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Categories: COVID-19, Updates & Alerts
Tags: Coronavirus, COVID-19, Laura Mays, Remote Working, Working from Home,
March 19, 2020

COVID-19 and Tax Updates - Recent Developments

New Developments – 12/10/21

ERC Update: IRS issues guidance regarding the retroactive termination of the Employee Retention Credit. Employers that have reduced deposits in quarter 4 or received advanced refunds can avoid late payment penalties if they make the required payments in January 2022.

  • IRS Issues Guidance Regarding the Retroactive Termination of the Employee Retention Credit
  • To help struggling businesses, the “ERTC Reinstatement Act” has been introduced in the House. The Act would retroactively reinstate the ERC for Q4.

PPP Update: Revenue Procedure 2021-48 provides that taxpayers may treat amounts that are excluded from gross income (tax-exempt income) in connection with the forgiveness of Paycheck Protection Program (PPP) Loans as received or accrued: (1) as eligible expenses are paid or incurred, (2) when an application for PPP Loan forgiveness is filed, or (3) when PPP Loan forgiveness is granted.

  • Rev. Proc. 2021-48 Examination of returns and claims for refund, credit or abatement; determination of correct tax liability.

(more…)

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Categories: Uncategorized
March 19, 2020

COVID-19 and Tax Updates

New Developments – 2/7/22

IRS letters reporting payments received for Advanced Child Credit may not be accurate

  • 2022-4: IRS Advance Child Tax Credit letters may not be accurate

Governor Newsom wants to reinstate mandatory paid COVID sick leave for California employers effective Jan 1, 2022. Unlike 2020 and 2021, when a federal tax credit was available to employers to pay for this leave, a federal credit is not available in 2022. Governor Newsom proposes to help employers pay for this program with various “tax benefits”

  • What’s in the California paid sick leave deal for workers and businesses?

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: Coronavirus, COVID-19, Paycheck Protection Program, Tax Changes,

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