Jorge Perazzo, Certified Public Accountant

PPP Update! https://apple.news/AVnaXcnj1SEa1uO1aAj14xw

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What to Expect form Stimulus Bill Once the President Signs it into Law Lawmakers have agreed to another round of pandemic-related relief, which has been included in the 2021 Consolidated Appropriations Act and is expected to be passed quickly. The nearly 5,600-page bill includes a number of provisions that benefit businesses and individuals, including: Allowing the deduction of expenses paid with forgiven PPP debt; Providing four additional categories of non-payroll expe...nses that are allowable and forgivable for PPP purposes; Creating a simplified forgiveness process for PPP loans under $150,000; Repealing the provision that reduced PPP forgiveness by the amount of any EIDL advances; Allowing second draw PPP loans for small businesses with significant declines in revenue; Extending and expanding the CARES Act Employee Retention Credit and the FFCRA paid leave credits; Allowing PPP loan recipients to claim the Employee Retention Credit; Allowing deductions for business meals for 2021 and 2022; Providing a second round of Economic Impact Payments ($600 per individual); Extending an additional $300 per week for individuals receiving unemployment benefits through March 14, 2021 (early April 2021 in some instances); and Extending a variety of expiring tax provisions. To read the full text of the bill, go to: https://rules.house.gov//f/BILLS-116HR133SA-RCP-116-68.pdf See more

Apply for small business COVID-19 relief grants beginning December 30 2020 The California Small Business COVID-19 Relief Grant Program has announced that it will take applications from California small businesses impacted by COVID-19 for grants of between $5,000 and $25,000. The application period begins at 8 a.m. on December 30, 2020, and continues until 11:59 p.m. on January 8, 2021. Eligible businesses are those with between $1,000 and $2.5 million in annual gross revenues... based on their most recently filed tax return, and include sole proprietorships and nonprofits. The grant amount that will be awarded is: $5,000 for businesses with annual revenue of $1,000 to $100,000; $15,000 for businesses with annual revenue greater than $100,000 up to $1 million; and $25,000 for businesses with annual revenue greater than $1 million up to $2.5 million. Grants will be awarded based on the following prioritization: Geographic distributions based on COVID-19 health and safety restrictions; Industry sectors most impacted by the pandemic; and Underserved small business groups (e.g., veterans, low-income or rural communities, and women or minority owned businesses). Grant awards will be announced beginning the week of January 13, 2021. Details about the program and how to apply are available at: https://careliefgrant.com/ See more

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PPP Loan Update - No Deduction for Expenses paid with PPP Funds Reasonably Exoected to be Forgiven. https://apple.news/Ad4tNnGveTHOUfVZRUqQx9Q

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I am thankful to be occasionally invited to contribute to Univision Channel 34 news stories. I'd love to expand my horizons to English-Speaking channels. It's been a while, but here I am again via Zoom in the Covid-19 world we live in. Excuse the name misspelling by Univision's editing department... Enjoy. https://www.univision.com//no-has-recibido-los-500-dolares

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PRESIDENT SIGNS EXECUTIVE ACTIONS FOR ADDITIONAL COVID-19 RELIEF On Saturday, August 8, the President signed four executive actions providing additional COVID-19 relief. However, questions have been raised about whether the President has the authority to take all the actions listed below. We will keep you posted as this issue develops. The three memorandums and one executive order signed by the President do the following:... Direct the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of the employee’s portion of Social Security taxes paid from September 1, 2020, through December 31, 2020. The deferral will be available to any employee whose wages are generally less than $104,000 per year; Authorize an additional $44 billion from the Department of Homeland Security’s Disaster Relief Fund to assist states to continue to pay expanded unemployment benefits of up to $400 per week, with the federal government paying $300 and states paying up to $100. States are called upon to use amounts allocated to them out of the Coronavirus Relief fund to pay their $100 share of the expanded unemployment benefits. Each state will manage this individually, so at this time it is unclear how each state will handle it; Provide for the continued temporary cessation of student loan payments and a waiver of all interest on student loans held by the Department of Education until December 31, 2020; and Direct various administrative agencies to take all lawful measures to prevent residential evictions and foreclosures resulting from the COVID-19 pandemic. The order does not contain any specifics for these directives. Source: Spidell Publishing.

The July 15th Estimated Tax Deadline Is Here: What You Need To Know. https://apple.news/AcaOJmF3nTnG8FF-jLzGB9A

PPP Extended! https://apple.news/AtJy0XKXMSv2LiCI4CPOq6A

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EXTENDED! https://apple.news/AtJy0XKXMSv2LiCI4CPOq6A

Come join the Best Santa Clarita Network Group - Nitro BNI https://facebook.com/events/s/nitro-bni-meeting-on-zoom-6172/634678730453208/?ti=icl

With our great friends the Myers at Le Chene French Cuisine - they just reopened following recently relaxed Covid guidelines.

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2020-31: PPP loan calculations for the self-employed and partnerships April 27, 2020 The SBA has finally issued guidelines on calculating monthly payroll costs for Paycheck Protection Program loans for all entities, including self-employed taxpayers and partnerships.... Self-employed individuals Self-employed individuals with no employees determine their monthly payroll costs by dividing their Schedule C, line 31 net profit amount, up to a $100,000 maximum, by 12. If the line 31 net profit amount is zero, the individual is ineligible for a loan. If the self-employed individual has employees, add the monthly employee payroll costs to the amount above. These payroll costs are based on the 2019 IRS Form 941 taxable Medicare wages and tips (line 5c, column 1), plus any excluded pre-tax employee contributions for health insurance or other fringe benefits, up to a $100,000 maximum per employee. To this amount, add the following 2019 costs: Employer contributions for employee health insurance (portion of Schedule C, line 14 attributable to health insurance); Employer contributions to employee retirement plans (Schedule C, line 19); and Employer state and local taxes assessed on employee compensation (SUI and ETT). Partnerships The application for partnerships should be completed at the partnership level. Individual partners may not apply for separate PPP loans. The maximum loan amount is based on 2.5 times the 2019 monthly self-employment earnings reported to U.S.-based general partners on the 2019 Schedule K-1, Box 14a, net earnings from self-employment tax, with a maximum of $100,000 per partner. If the 2019 K-1s have not yet been completed, they must be completed for purposes of the loan application. This amount must be reduced by any claimed IRC 179 expense, unreimbursed partnership expenses, and depletion on oil and gas properties. The result is then multiplied by 0.9235 (to remove the employer share of self-employment tax). To this amount, add any 2019: Monthly employee payroll costs based on the 2019 IRS Form 941 taxable Medicare wages and tips (line 5c, column 1), plus any excluded pre-tax employee contributions for health insurance or other fringe benefits, up to a $100,000 maximum per employee; Employer contributions for employee health insurance (portion of Form 1065, line 19, attributable to health insurance); Employer contributions to retirement plans (Form 1065, line 18); and Employer state and local taxes assessed on employee compensation (SUI and ETT). LLCs LLCs compute their payroll costs based on whether they are taxed as a sole proprietorship (SMLLC), partnership, or corporation. Additional guidance The guidance also specifies how nonprofit organizations and C and S corporations should calculate their maximum loan amounts, as well as the documentation each entity type must provide with its application. The guidance is available at: https://home.treasury.gov//How-to-Calculate-Loan-Amounts.p