Taxtipse

TAX Tip: For those of you in CA still collecting UI?PUA benefits... More info here:... https://edd.ca.gov//c/pandemic-unemployment-assistance.htm TL;DR your benefits can potentially continue until December 26, 2020.

TAX Tip: Calendar year vs. Fiscal year Calendar year: When your business's books open on Jan. 1 and close on Dec. 31.... Fiscal year: When your business's books close on any day other than that. If a financial document asks for your fiscal year and it's the same as the calendar year, the end date is still Dec. 31. #themoreyouknowaboutnumbers

TAX Tip: Since October 31, 2020 fell on a weekend, your Q3 941's, DE9's, DE9C's and CDTFA Sales and Use Tax Returns are due by end of the business day today. If this is your first time learning this, you have several hours left!

TAX topic: AB5 and how it can affect a business. A lot of California industries are getting the sh*tty end of the stick with AB5, but let's use this example to explain what's going on. Example: A photographer is hired for an event. For simpler terms, they are considered self-employed/ freelance/ independent contractors. However, it's a big event. ... A second photographer is needed, so the first photographer "hires" another one to help them. That second photographer being "hired" for that event is under the direction of the first photographer, AKA being controlled on how the work is completed. 2nd photographer is also being told the length of time they are working.... aka controlling the person's hours. YES they should be hired as an employee. Even before AB5, they STILL should have been hired as an employee. If something happens to the 2nd photographer and they get injured on the job, it should be the responsibility of the 1st photographer (aka workers comp claim). Also, hiring a 2nd photographer can help legitimize the 1st photographer's business as self-employed. The definition of "self-employed" and "independent contractor" are usually one in the same. As an accountant and tax preparer, I run into this ALL the time. Employers make the excuse of calling people independent contractors when they should have been employees, and the backlash typically falls on the employee. Because of this loophole, a lot of people were also S.O.L. from filing for unemployment because their "employer" treated them as an employee but paid them as an IC. Obviously, there are a lot of layers. But I understand both sides and at the end of the day, businesses have paid workers as IC's instead of employees solely to avoid paying employer taxes. In today's climate and with Uber/Lyft shutting down operations in California, the bottom line is that they don't want to be responsible for their drivers or pay employer taxes either.

BREAKING: Starting June 15, 2020 EIDL reopens for applications!

As a small business, it's important to engage and support our local communities as well as ensure the safety and protection of our clients. The civil unrest happening throughout the United States has hit close to home. There is no place for racism in society, and we support the Black Lives Matter movement and will always stand firmly for acceptance and inclusion. We are stronger together as a group than divided. Jay Stewart Samilin... CEO/Founder See more

For those in LA County, every little bit helps.

SBA PPP Update: TL;DR If you get the PPP and try to re-hire employees and they refuse, it has to be well-documented that you offered re-employment and that they refused. Showing this documentation will keep from having your PPP loan forgiveness reduced. (Refer to Question #40)... https://www.sba.gov//Paycheck-Protection-Program-Frequentl

PPP Update: 8-week period Question 20 (Page 6): The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.... SBA created a PDF of FAQ. Read more below.

SMH. Of all technical glitches...

CA TAX UPDATE: PANDEMIC UNEMPLOYMENT ASSISTANCE APPLICATION NOW AVAILABLE Log into EDD (link below) and sign in. Keep refreshing the page if it doesn't work.

BUSINESS UPDATE: SBA Programs (PPP and EIDL) to start up again as Congress passes bill!

PPP UPDATE: Quickbooks now has a PPP application and it’s LIVE. Sign in to your quickbooks and follow the link.

BREAKING NEWS: First step in replenishing the PPP [verbally] passes the Senate today (Tuesday 4/21/20). Second step is passing the House, hopefully by Thursday.... Third step is signing into law. Fourth step is implementing and distributing funds. Hopefully the banks have gotten their act together and are ready to get to work!

"The EDD will begin accepting online applications for this program on Tuesday, April 28. This page will be updated with instructions for filing a claim for PUA benefits when details become available." https://edd.ca.gov//c/pandemic-unemployment-assistance.htm

Quickbooks Capital has been approved to accept SBA PPP loan applications!!!

4/15/20 9AM PST Check on the status of your economic stimulus payment. The website is LIVE.