Some good news! After months of back and forth, California has finally passed some PPP conformity legislation and the governor has signed it. So we can finally get on with the business of computing California returns. But of course, they have added a level of complexity that requires some additional calculations and have not yet given guidance on how compliance with the new rules must be documented. Below are the key points that will be applicable.

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Shehan Chandrasekera

Original Article Posted on:  Mar 17, 2021

Link to Original Article:  https://www.forbes.com/sites/shehanchandrasekera/2021/03/17/how-are-crypto-loans-taxed/?sh=71b94954135e

DIY or do-it-yourself activities are a great test of creativity and an excellent opportunity to save a little money. Doing things yourself can also be therapeutic or fun. However, as the DIY craze catches on, many believe just by watching a couple of YouTube instructional videos, all tasks can be completed swiftly and economically as a DIY, even the sometimes complicated task of filing tax returns for small businesses.

Original Article Source Credits:   The Balance , https://www.thebalance.com/

Article Written By:  Danny Bradbury

Original Article Posted on:  March 01, 2021

Link to Original Article:  https://www.thebalance.com/what-is-a-cryptocurrency-crowdsale-391277

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  March 17, 2021

Link to Original Article:  https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Original Article Source Credits:  Forbes Advisor, https://www.forbes.com

Article Written By:  David Rodeck, John Schmidt

Original Article Posted on:  Feb 18, 2021

Link to Original Article: https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes

Original Article Source Credits: Forbes, https://www.forbes.com

Article Written By:  Brian Thompson

Original Article Posted on:  Mar 4, 2021

Link to Original Article: https://www.forbes.com/sites/brianthompson1/2021/03/04/sba-substantially-increases-ppp-loan-amount-eligibility-for-new-schedule-c-borrowers/?sh=76f9a2365c23

Original Article Source Credits:   CPA Practice Advisor  , https://www.cpapracticeadvisor.com/

Article Written By:  NA

Original Article Posted on:  Jan 27th, 2021

Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21207772/8-tax-tips-for-2021

Original Article Source Credits:   Entrepreneur , https://www.entrepreneur.com/

Article Written By:  Michel Valbrun

Original Article Posted on:  February 12, 2021 

Link to Original Article:  https://www.entrepreneur.com/article/363362

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Ashlea Ebeling

Original Article Posted on:  Feb 12, 2021

Link to Original Article:  https://www.forbes.com/sites/ashleaebeling/2021/02/12/10-tax-tips-for-filing-your-2020-tax-return-irs-urges-taxpayers-to-e-file-use-direct-deposit-for-quickest-refund/?sh=5923e8cb463d

I’m Wendy Klein, the proud owner of Wendy Klein CPA Professional Corporation. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

Original Article Source Credits: IRS, https://www.irs.gov/

Article Written By: NA

Original Article Posted on: 27th January 2021

Link to Original Article: https://www.irs.gov/newsroom/important-reminders-before-filing-2020-tax-returns

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  January 15, 2021

Link to Original Article:  https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

The FTB has just clarified that EIDL (Economic Injury Disaster Loan) advance grants are taxable to California. AB 1577 (Ch. 20-39) enacted a California exclusion for PPP loan forgiveness, essentially mirroring the federal exclusion adopted by the CARES Act. However, the federal exclusion for EIDL grants was enacted by the Consolidated Appropriations Act, which California has not conformed to. California would have to enact new legislation to conform to this exclusion.

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  JAN 11 2021

Link to Original Article:  https://www.cnbc.com/2021/01/11/cryptocurrencys-value-plummets-heres-what-it-means-for-your-taxes.html

Legislation has been introduced (AB 281) that declares the intent to conform California law to the federal law allowing the deduction of expenses paid with forgiven PPP debt. The author of the bill is Assemblywoman Autumn Burke, the chair of the Assembly Revenue and Taxation Committee. She is also the author of last year’s bill AB 1577 (Ch. 19-39), which excluded from taxable income any cancellation of debt income arising from PPP loan forgiveness, but required that deductions for expenses paid with the PPP loan forgiveness amount be reduced.

Original Article Source Credits:   Journal Of Accountancy , https://www.journalofaccountancy.com/

Article Written By:  Jeff Drew

Original Article Posted on:  December 22, 2020

Link to Original Article:  https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  December 16, 2020

Link to Original Article:  https://www.irs.gov/newsroom/new-things-taxpayers-should-consider-as-they-get-ready-to-file-taxes-in-2021

Original Article Source Credits:  Business Insider  , https://www.businessinsider.in/

Article Written By:  JANET BERRY-JOHNSON

Original Article Posted on:  DEC 10, 2020

Link to Original Article:  https://www.businessinsider.in/finance/news/bitcoin-taxes-understanding-the-rules-and-how-to-report-cryptocurrency-on-your-return/articleshow/79652711.cms

The IRS created a new form for reporting payments made to independent contractors. It is no longer appropriate to include those payments on form 1099MISC, you must now file them on new form 1099NEC. (non employee compensation). The other catch to this is that the 1099NEC is not part of the combined state reporting program. Many of you may not have even realized that there was a combined program. That program was what allowed you to file with the IRS only, while still satisfying your state’s filing requirement. That is because the IRS agreed to share that information with the…