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/
Filing Deadline Updates, IRS and California FTB
Filing Deadline Updates, IRS and California FTB. The IRS has set up a “Coronavirus Tax Relief” page on their website. We expect, as additional information becomes available and formal guidance is issued, it will be accessible on that webpage. Federal and state tax authorities have responded to the Coronavirus by announcing extensions of some tax…
Assessing the Impact of the Coronavirus on Your Business and Staff
Impact of Coronavirus on your Business In a press conference on March 11, the World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus announced that the outbreak of the coronavirus (COVID-19) can be characterized as an official pandemic, with the risk of further global spread. As the WHO and the Centers for Disease Control and Prevention (CDC) continue to…
How to Support Your People through Compassion, Compliance and Accountability
People First How can you support your people through compassion, compliance and accountability? As organizations continue to navigate the ever-changing landscape this pandemic presents, it is important to stay aware of the impact on employees due to illness, reduced hours, or loss of unemployment. Employees are facing increased emotions, heightened anxiety, fear, added stress from…
COVID‐19 virus Message from Managing Partner Alan Olsen
COVID‐19 virus Message from Managing Partner Alan Olsen March 17, 2020 Dear Clients and Friends, Greenstein, Rogoff, Olsen & Co., LLP (GROCO) CPAs & Advisors remains committed to serving our clients. We hope this email finds you and your family well and in good health. If the COVID‐19 virus is affecting you or a loved…