Employers will be able to deduct 100% of their business meal expenses that are incurred in 2021 and 2022, rather than the standard 50%.The provision is limited to “food or beverages provided by a restaurant,”…

1. Extension of paid leave tax credits Under the FFCRA, employers with under 500 employees generally must provide paid leave to certain individuals impacted by COVID-19.  This requirement goes through December 31, 2020, and employers…

Trump Signs New Law Relaxing PPP Rules: What You Need To Know Reduced payroll cost from 75% to 60% At least 60% of your loan must be used for payroll costs. Payment to independent contractors…

1. Form 941 and Form 940 (Deposit Only) As of April 15, 2020, the Internal Revenue Service has NOT announced any extension about Form 941 which will be due by April 30, 2020.  The Service…

IRS provides additional extensions: Income tax filing and payment, estimated tax payments, IRA and HSA contributions The IRS has now expanded its extension relief to most taxpayers who had income tax filing and/or payment obligations…

A. COVID-19 Extensions to File and Pay In accordance with the Executive Order issued by Governor Gavin Newsom on March 30, 2020, CDTFA is providing an automatic three-month extension for a tax return or tax…

Under existing law, county tax collectors do not have the authority to extend the property tax deadline. Penalties can be waived under following two circumstances: Offices of any county tax collector are closed and, as…

On March 27, 2020, the Los Angeles City Council approved the following emergency COVID-19 ordinances. 1) COVID-19 Supplemental Paid Sick Leave (“SPSL”)(Article 5-72HH)http://clkrep.lacity.org/onlinedocs/2020/20-0147-s39_ord_draft_03-27-20.pdf ApplicableEmployers are obligated to provide 80 hours of SPSL to applicable employees.The…

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a stimulus bill that includes a loan program to keep small businesses afloat during mandated COVID-19-related closures.…

1. IRS IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. Tax filing due date is not extended so filing is encouraged by April…