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January 28, 2021

California Voters Pass Proposition 19 - What Happens Next?

By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group

California Proposition 19 – Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020) – was approved on November 3, 2020, with a slim margin of 51.1% of voters supporting it. The proposition eliminates two provisions of Proposition 13 that were very beneficial to property owners. The effective date of the changes made by Proposition 19 are:

  • For Base-Year Value Transfers – April 1, 2021, and later
  • For Parent to Child Transfers and Grandparent to Grandchild Transfers – February 16, 2021, and later

What do these changes mean for property owners? (more…)

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Categories: Family Wealth & Individual Tax Planning, Real Estate
Tags: anu joshi, Homeowners, Property owners, Proposition 13, Proposition 19,
January 14, 2021

New Paycheck Protection Program Launched This Week By SBA

The Consolidated Apportionment Act of 2021, signed by President Trump in late December, authorized $285 billion of funding for a new round of PPP loans. Loans are available to borrowers that previously received a PPP loan and to first-time borrowers. The SBA released application forms last week and opened their lender portal this week to a limited number of lenders to help underserved businesses get first access to PPP funds.

The SBA’s Portal will open Friday, January 15th for lenders with assets under $1 billion, and opens Tuesday, January 19th for all other lenders. Eligibility requirements have changed from the previous program. (more…)

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Categories: COVID-19
Tags: Paycheck Protection Program, PPP Loan, Small Businesses,

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