Jorge Perazzo, Certified Public Accountant

https://apple.news/Ap7HQbykfTlu1MECAfI1v1Q

https://apple.news/AFOXqRkkuQeKy8uaYP0fvzg

https://apple.news/AiV3PsfPVTv6cXROGkc_-Xg

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

https://apple.news/AtJy0XKXMSv2LiCI4CPOq6A

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.

https://apple.news/AJOoWM6OiTtyrcoPT2KbeOA

https://apple.news/A6Ig_QJbhQsW1fOL_p1qSdQ

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