Maurer, Gittings & Graf, LLP

Tax Season! Office is ready!

New stimulus Package - Here are some of the tax provisions: A new round of $600 payments is part of the $900 billion stimulus package created by Congress on Monday. But it also includes a host of tax provisions: 1. Allowing the deduction of business expenses paid for with forgiven Paycheck Protection Program loans.... 2. Extension of the special charitable contribution provisions enacted for 2020 through 2021. 3. Extensions, in some cases permanently, of many of the regularly expiring tax breaks that had been scheduled to expire at the end of 2020. 4. Enhancements to the Child Tax Credit and the Earned Income Tax Credit for low-income families. 5. Restoration of the 100 percent business meals deduction for two years to help the restaurant industry. 6. Allowing COVID-19-related expenses to qualify for the above-the-line educator expense deduction. 7. Clarification that certain financial aid received by college students and forgiveness of Economic Injury Disaster Loans to small businesses are excluded from income, Extension of the credit for paid sick and family leave enacted as part of the Families First Coronavirus Response Act through March 31, 2021. 8. Extension of the employee retention credit through June 30, 2021. 9. Extension of the time allotted for repayment of employee Social Security taxes deferred under a presidential memorandum through the end of 2021. Also - a number of the stimulus provisions represent direct aid outside of the tax laws. These include extended unemployment benefits, additional funding for the PPP for small businesses, aid for schools, aid for airlines, and funding for vaccine distribution and virus testing. The bill also helps clarify and resolve a number of issues surrounding the treatment of PPP loans, forgiveness and the treatment of related expenses, and it addresses how to calculate the impact of PPP on the basis of business owners.

Don't forget about the COVID-19 California Relief Grant Program. Your business may be eligible for free money. We are sending you this email to give you some important updates about California's Small Business Covid-19 Relief Grant program. Most importantly, please note that the deadline for Round 1 applications has been extended to January 13th, 2021, at 11:59 p.m. ... Apply now at CAReliefGrant.com. Additionally, in order to handle the continued high volumes, we have made adjustments to the update and upload process. If applicants experienced disruptions in the application process, they will be notified when they can log back in for updates and uploads. For applicants in process, the opportunity to finish your application and upload documents will begin today, January 6th, 2021. Please note that you will be notified by email when to log in to complete your unfinished application or upload requested documents. You will receive an email with a new password, your username will stay the same to log into the Portal. This new password will work going forward and will replace any passwords used up until this point. This will be a slow release to prevent high volume traffic, so please check your email throughout the day. If you have already started an application in the system please do not fill out a new application as this can delay consideration; however, you should complete your application and upload documents prior to January 13th, 11:59 p.m. New applicants are welcome to apply any time prior to January 13th, 2021 at 11:59 p.m. New dates and deadlines: Start a new application December 30th, 2020 closes January 13th, 2021, at 11:59 p.m. Update and upload documents for in-process applications January 6th, 2021 January 13th, 2021 at 11:59 p.m. The new closing date for Round 1 is January 13th, 2021 at 11:59 pm. As a reminder, this is not a first-come, first-serve application process or rolling approval process -all eligible applicants will be considered for the grant at the close of Round 1 on January 13th, 2021 at 11:59 pm and not before. Visit CAReliefGrant.com for updates.

We have moved! Please note our new address at 3111 N Tustin St., Suite 140, Orange, CA 92865.

As many of you have heard, President Trump signed into law the Consolidated Appropriations Act which has several new tax provisions related to businesses, PPP programs and stimulus payments. Additional information can be found here https://www.mggllp.com/COVID19.php

PPP loan just got added to income this year, even if you don't ask for forgiveness until 2021. https://www.linkedin.com//jarin-maurer-cpa-mbt-8b228734_do

Meet Renee and Jenny, our Sr. Manager and Supervisor. Along with being a pleasure to work with, they are a valuable resource for our firm, offering over 25 years of accounting experience each!

Meet our partners! Fun fact: Jarin and Rhea Leigh have nearly 60 years of combined experience in the accounting industry.

Didn't get the PPP loan? Don't forget about the Employee Retention Tax Credit. Read more at https://lnkd.in/ghjm2UR

https://www.instagram.com/p/CAns2gfjVP8/

As you may have heard, Congress passed a bill providing over $300 Billion in additional funding for the Paycheck Protection Program (PPP). --What types of expenses will be forgiven under the PPP guidelines? --How can you maximize loan forgiveness? Visit https://www.mggllp.com/pppforgive.php for a closer look.

We know cash flow is a huge issue for your business. The U.S. Small Business Administration (SBA) through the CARES ACT has just expanded working capital loan programs for businesses affected by the COVID-19 Pandemic and presidentially declared disaster areas known as an Economic Injury Disaster Loan (EIDL). Because the business environment for the next month, 3 months, 6 months and even the next year or two will be uncertain, we are highly recommending that businesses look ...into these programs. The latest information in regards to the three programs below are outlined via our website at https://lnkd.in/gjiyXsP. Paycheck Protection Program loan (PPP). SBA Expanded Disaster Loan Program Existing SBA Express Loan

Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus).https://www.mggllp.com/COVID19.php

Update - 03-25-2020: Payroll Tax Credits to help businesses with fewer then 500 employees. https://www.mggllp.com/COVID19.php

UPDATE - 03/20/2020: IRS TAX DEADLINE MOVED TO JULY 15, 2020. THIS ALLOWS ANOTHER 90 DAYS TO FILE YOUR RETURNS OR EXTENSIONS. As of March 20, 2020, MGG offices have moved to remote working and most appointments conducted via telephone and/or video conference or by appointment only. For individuals wanting to file soon we highly recommend providing documents to us in electronic format either utilizing our online portal at www.mggllp.com or email us directly and we can provid...e a secure link to upload documents to our secure Citrix Sharefile. For those mailing in hard-copy packages, MGG does have a secure mailbox which will be checked several times per week. If you do plan on mailing your tax information in we do request letting us know the expected arrival date of any Fedex, UPS, or USPS tax packages. Thank you again for your continued support of our business.

As many of you know, President Trump has declared a national emergency at a press conference yesterday, March 17th. As part of this emergency, the Treasury Secretary is allowing a 90 day payment extension for most taxpayers. Here are some of the details: Individuals can defer tax payments up to $1 Million for 90 days July 15, 2020. Corporations can defer up to $10 Million of tax payments for 90 days July 15, 2020. The $1 Million limit for individuals was establis...hed to cover small businesses and passthrough entities. Individuals and Corporations tax return due dates are now JULY 15, 2020. For California, the Franchise Tax Board has also announced special tax relief. Affected taxpayers are granted an extension to file 2019 California tax returns and make certain payments until July 15th, 2020. Quarterly estimated tax payments due on April 15 now have a 90 day extension to pay by July 15th. Additional information can be accessed at their website https://www.ftb.ca.gov/. Many details still remain unclear and we will address these as more information becomes available. At MGG, we are working diligently to ensure our clients tax obligations are met with a high level of care and competence in this very unstable time while we all face the health concerns of COVID-19. We are also carefully following the Orange County and other local government recommendations with respect to operating our business in the City of Orange. At this time, MGG offices will remain closed or by appointment only and most of the team will be working remotely. Please note that we are also exercising a very high level of caution for client appointments. Although the vast majority of MGG clients do not come into the office, those that do we are taking precautions by designating one office to use for appointments and after each visit we are wiping down and disinfecting that office. We completely understand if any tax appointments need to be rescheduled or if you prefer to meet via phone or other video conferencing. We look forward to working with you to get by these challenges and encourage you to provide your tax information to us as early as possible. Thank you again for your continued support of our business. Please stay healthy and safe!

CA has extended the tax deadline. We will keep you posted on federal. https://www.ftb.ca.gov//2020-2-more-time-to-file-pay-for-c

It's go time here at MGG! Even with the busyness of the season we are committed to maintaining our core values. 1) We must ensure that we respond to all client communication in a timely and thorough manner. 2) Always do the right thing, every time, every day, all the time. 3) Complete each project, each day with a high level of quality, care and competence.

The calm before the storm this Saturday morning. Office ready #taxseasoniscoming #mggllp