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April 15, 2020

Paycheck Protection Program Loans for Taxpayers with Self-Employment Income

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, SBA Loans, Self-Employment, Sole Proprietors,
April 14, 2020

Proposed Delays to Accounting and Auditing Standards in Response to COVID-19

By Deepa Bhat, CPA, Principal

In response to the widespread disruption caused by COVID-19, the Financial Accounting Standards Board (FASB) announced in their Board meeting on April 8, 2020, a proposal for delays in the following accounting standards for certain entities: (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, COVID-19
Tags: Accounting and Auditing Standards, Coronavirus, COVID-19, Deepa Bhat, Financial Accounting Standards Board,
April 8, 2020

Business Valuation and COVID-19: What Are Business Owners Thinking?

By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services

There is quite a bit of uncertainty with businesses given the global coronavirus pandemic.  This uncertainly also means that a company’s value has been impacted since uncertainly creates risk and increased risk lowers value.  What is this doing to a business owner?  What are they thinking and how are they navigating through all of this? (more…)

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Categories: COVID-19, Valuation Services
Tags: Business owners, Business Valuation, Coronavirus, COVID-19, Jeff Faust,
April 1, 2020

The Coronavirus Pandemic and Fraud

By Nick Sabbatini, CPA, Audit Manager

Please be aware of potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration (SBA): https://www.sba.gov/document/report–sba-programs-scams-fraud-alerts


Links in emails and texts. Those few words, in the context of fraud, likely lead you to think of a range of potential threats to your business. If you’ve addressed the risk appropriately, you’ve trained your employees that such communications may even appear to come from management, others within your organization, or from known vendors and customers. However, these types of attacks are likely to increase in times of crisis, when curiosity, empathy, philanthropy, and fear push people to seek new information, help others in need, and find ways to protect themselves. (more…)

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Categories: COVID-19
Tags: Coronavirus, COVID-19, Fraud, Nick Sabbatini,
April 1, 2020

CARES Act - Individual Provisions

The CARES Act contains several provisions to get cash directly into the hands of taxpayers who are either currently employed or not working. These sources of cash include:

  • Economic Impact Payments (Cash Rebates)
  • Distributions from retirement plans such as 401(k) or IRA accounts
  • Unemployment benefits
  • Emergency Sick and Family Leave is required under the Families First Act

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: CARES Act, Coronavirus, COVID-19,
April 1, 2020

CARES Act - Business Provisions

While businesses are carefully watching their cash flow, The CARES Act contains several provisions to provide cash for immediate operating needs:

  • Payroll Protection Loans
  • SBA Economic Injury Disaster Loans
  • SBA Economic Injury Disaster Grant

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: CARE Act, Coronavirus, COVID-19,
April 1, 2020

SBA Relief Program Comparison Chart

For additional information and daily updates, see:

  • The Paycheck Protection Program Flexibility Act Eases PPP Forgiveness Rules
  • SBA Releases Paycheck Protection Program Loan Forgiveness Application and Limited Guidance
  • SBA Releases Additional Guidance Regarding Certification of “Need” for PPP Loan
  • SBA Announces Retro-Active Change to Paycheck Protection Loan Program
  • Paycheck Protection Program Loans for Taxpayers with Self-Employment Income
  • Paycheck Protection Program and Forgivable Loans Summary
  • COVID-19 and Tax Changes

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: Coronavirus, COVID-19, EIDL Emergency Grants, Paycheck Protection Program, SBA Economic Injury Disaster Loan, SBA Loans,
April 1, 2020

Families First Coronavirus Response Act (FFCRA)

On April 3, 2020, the IRS has released Form 7200 to claim advance payment of tax credits discussed below.

  • IRS FAQ: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, requires private employers with fewer than 500 employees to provide employees with paid sick leave or extended family and medical leave for specific reasons related to COVID-19.

Effective Date: April 1, 2020, and applies to leave taken between April 1, 2020 – December 31, 2020 (more…)

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Categories: COVID-19, Human Resources
Tags: Coronavirus, COVID-19, Families First Coronavirus Response Act, FFCRA,

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