New Developments – 6/5/20
The President signed into law the Paycheck Protection Program Flexibility Act (H.R. 7010) earlier today.
Pandemic Emergency Unemployment Compensation Phase 2 – In early July, the EDD will start mailing notices to those who used all their UI benefits after July 2018 and before June 2, 2019, who were not included in Phase 1. If you are in this group and you are fully or partially unemployed, you will have to apply for a new UI claim before the EDD can file an extension because your benefit year has expired. If you are not eligible for a new regular UI claim, the EDD will automatically file a PEUC extension on your last UI claim.
UPDATE — The California Assembly is currently drafting Assembly Bill 1850 that seeks to clarify the rules and modify the exceptions for employee classification created by Assembly Bill 5 discussed below. Check back for further updates.
In 2018, the California Supreme Court rendered its decision in the Dynamex case that significantly altered the rules used to classify workers as employees or independent contractors. In an attempt to “simplify the rules” and “help” workers in the gig economy the California legislature passed, and the Governor signed, Assembly Bill 5 (AB 5) in 2019. The bill codified the worker classification tests used by the California Supreme Court. Prior to the passage of AB 5 many industry lobbyists were busy in Sacramento getting exceptions and special rules included in AB 5. As a result, the worker classification rules are now very complex, have many exceptions and come with significant penalties for noncompliance. (more…)
President Trump’s campaign promise of major tax reform was fulfilled on Dec 22nd when he signed H.R. 1 that had been quickly pushed through Congress. This legislation is the most widespread change to our tax system since 1986. It will have a significant impact on individuals, business entities, choice of corporate structures and multi-national businesses. The implementation of some of the changes is subject to varying interpretations so we are anxiously awaiting further guidance from the IRS. (more…)
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017. (more…)
The Republican promise of tax reform in 2017 took a huge step forward yesterday when Republican lawmakers released a framework for tax reform, announcing that their goals are to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The framework generally reiterates proposals made by President Donald Trump in April. (more…)
ASL Principal Carol Wagner began serving in the role of Secretary for the California Society of CPAs (CalCPA) in May 2011. She will serve as Secretary until April 2012, and most recently served on the CalCPA board as Treasurer. Carol has been a member of CalCPA since 2001, and is also the Chair of the Silicon Valley/San Jose Chapter’s Accounting Principles and Auditing Standards committee since 2006. Carol is also in charge of ASL’s Audit and Accounting department, and has more than 20 years of experience.