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.
EIDL grants are taxable to California
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Cryptocurrency's value plummets. Here's what it means for your taxes
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
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Is California PPP deduction conformity coming? (01-22-21)
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.
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COVID-19 relief bill addresses key PPP issues
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
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New things taxpayers should consider as they get ready to file taxes in 2021
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
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Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return
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
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Forms 1099 due for 2020
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…
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Special PPP update for California taxpayers
The new covid relief bill clarified that borrowers who have loans forgiven may claim deductions for expenses even if expense were paid with loan amounts that were forgiven. This applies to all PPP loans.
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Why You Shouldn’t Worry About PPP Loan Forgiveness Yet
Original Article Source Credits: Forbes , https://www.forbes.com/
Article Written By: Jared Hecht
Original Article Posted on: Oct 27, 2020
Link to Original Article: https://www.forbes.com/sites/jaredhecht/2020/10/27/why-you-shouldnt-worry-about-ppp-loan-forgiveness-yet/?sh=1704886b49db
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Late last night the president did ultimately sign the covid relief bill
Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated.
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PPP Second Draw Loans
Original Article Source Credits: Evergreen Small Business, https://evergreensmallbusiness.com/
Article Written By: Stephen Nelson
Original Article Posted on: 21st December 2020
Link to Original Article: https://evergreensmallbusiness.com/ppp-second-draw-loans/
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PPP Loan Amount Increases
Original Article Source Credits: Evergreen Small Business, https://evergreensmallbusiness.com/
Article Written By: Stephen Nelson
Original Article Posted on: 21st December 2020
Link to Original Article: https://evergreensmallbusiness.com/ppp-loan-amount-increases/
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PPP Loan Forgiveness: SBA Offers Relief for Small Loan Recipients
Original Article Source Credits: ThinkAdvisor , https://www.thinkadvisor.com/
Article Written By: Robert Bloink and William H. Byrnes
Original Article Posted on: October 27, 2020
Link to Original Article: https://www.thinkadvisor.com/2020/10/27/ppp-loan-forgiveness-sba-offers-relief-for-small-loan-recipients/
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Moving from CA
With so many people and businesses moving out of California recently, making sure where you will be considered a resident for tax purposes is critical. Each state involved will want to treat you as taxable in their jurisdiction. California is especially aggressive in trying to retain its residents, at least for tax purposes. The following is a helpful list to keep in mind when determining where you are considered a resident for California. It is based a lot on the facts and circumstances of your individual situation but is a good roadmap of what to do and when, and it can…
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Here’s what you need to know for your 2020 taxes when reporting virtual currency to the IRS
Original Article Source Credits: CNBC , https://www.cnbc.com/
Article Written By: Darla Mercado
Original Article Posted on: NOV 20 2020
Link to Original Article: https://www.cnbc.com/2020/11/20/heres-what-you-need-to-know-when-reporting-virtual-currency-to-the-irs.html
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7 Ways to Minimize Your 2020 Taxes by December 31st
Original Article Source Credits: Investopedia , https://www.investopedia.com/
Article Written By: MARK P. CUSSEN
Original Article Posted on: Nov 15, 2020
Link to Original Article: https://www.investopedia.com/ways-minimize-taxes-december-4230696
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2021 Tax Brackets and Other Tax Changes
Original Article Source Credits: Investopedia , https://www.investopedia.com/
Article Written By: MICHELLE P. SCOTT
Original Article Posted on: Oct 29, 2020
Link to Original Article: https://www.investopedia.com/2021-tax-brackets-other-tax-changes-5084597
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The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act
Original Article Source Credits: California State Board of Equalization, https://www.boe.ca.gov/
Article Written By: NA
Original Article Posted on: NA
Link to Original Article: https://www.boe.ca.gov/prop19/?fbclid=IwAR3STkxYKFgrUXxRNNQL0su1mgW7zuCUIsHgcWcU1fzPlswfW0byNxKFuNE
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Announcing The New Website
We are delighted to announce the launch of our new website!
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New Website Under Construction
New Website Coming Soon! We are currently revamping our website. Our new website will be interactive and mobile friendly!
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