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…

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.

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

Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated.

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/

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/

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/

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…

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

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

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

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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