COVID – 19 Relief Status Update 04.06.20
‘Phase 4’ stimulus wish lists floated
https://newsletters.usdbriefs.com/2020/Tax/TNV/200403_2.html?elqTrackId=6e9dc0831e234fbb852445add1ad3b21&elq=f288114b18834cf9b76e2880f0d7df36&elqaid=69563&elqat=1&elqCampaignId=13246
Two-year suspension of SALT deduction cap clears House
https://newsletters.usdbriefs.com/2019/Tax/TNV/191220_1.html
Governor Newsom Signs Executive Order Providing Relief to California Small Businesses https://www.gov.ca.gov/2020/03/30/governor-newsom-signs-executive-order-providing-relief-to-california-small-businesses/
“Mark Koziel, CPA, CGMA, the AICPA’s executive vice president of firm services, added, “Based upon statements from members of Congress, it appears that the intent of the PPP was to base the salary calculation on gross wages with no adjustment for federal taxes. This ensures that payroll tax expenses are not passed on to the small businesses in need. In a program of this magnitude, it’s expected that guidance will evolve and terms will be clarified.”
https://www.aicpa.org/content/aicpa/press/pressreleases/2020/aicpa-coalition-recommends-ppp-applicants-use-gross-payroll-approach-in-calculations.html?j=269729&sfmc_sub=124900764&l=2078_HTML&u=8847730&mid=7306387&jb=612&utm_medium=email&SubscriberID=124900764&utm_source=NewsUp_A20Mar225&Site=aicpa&LinkID=8847730&utm_campaign=Newsupdate&cid=email:NewsUp_A20Mar225:Newsupdate:o+discuss+the+appropriate+method+for+calculating+Average+Monthly+Salary:aicpa&SendID=269729&utm_content=Special
Dave Ramsey, well-known author and radio financial advisor https://www.daveramsey.com/ (whom I am not endorsing, but I like his “no debt” approach) had a very strong message to listeners:
Paraphrasing: “Don’t take these loans. Don’t believe the government. They will change the rules later.” That seems harsh, but I wanted to pass that thought along.
April 5, 2020: Excellent Forbes article about the confusion in computing the amount of PPP loans:
https://www.forbes.com/sites/anthonynitti/2020/04/05/paycheck-protection-program-loans-three-things-the-sba-and-banks-need-to-agree-on-now/
Not Your Mother’s Pants!
What happens when you mix a charitable auction with a famous pair of pants from an iconic movie worn by a legendary international superstar? A six-figure donation to cancer research and a lot of very happy people… On November 2, 2019, the Estate of Olivia Newton-John listed several items on Julien’s Auction. The famous actor…
New Guidelines for Deferring Payroll Tax Obligations During COVID-19 Disaster
New Guidelines for Deferring Payroll Tax Obligations During COVID-19 Disaster New guidelines for deferring payroll tax obligations during COVID-19 disaster. On August 8, 2020, President Trump issued a Presidential Memorandum (Notice 2020-65) directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding,…
Should I Move Out of California Due to the Proposed Wealth Tax?
Should I Move Out of California Due to the Proposed Wealth Tax? Why now? I am currently getting a lot of questions from individuals wanting to change their state tax status to California non-resident due to ab2088. Ab2088 known as the Wealth Tax, is a bill going through the California legislation process. “This bill would…
COVID-19 Stimulus Round 4, which plan will go into effect?
COVID-19 Stimulus Round 4, which plan will go into effect? Many people have been looking forward to the government’s next round of COVID-19 stimulus– sadly, the fourth wave of COVID-19 relief and the laws around it have become highly politicized and appear to be caught in gridlock between the House and Senate. While both Republicans…