Clark & Cassidy Inc.

Did you know that tax prep is putting "little numbers in little boxes" as one of my colleagues says? It fulfills a compliance need with the government based on historical activity. Tax prep is over when we hit "eFile" for the return. Tax planning, consultations and tax projections? Those services are different. Separate from tax prep. They are future focused. And they're not included in the cost of preparing a tax return. Much like an annual physical with your doctor does not include the cost of additional testing, follow up visits or referrals to a specialist

Are you dreaming big? Or settling for safe? Which one will you wish you’d done at the end of your life?! No regrets. Go big or play small. ... I’d rather reach for the stars and fall back to earth than never to have gone all out for the dream

Governor Gavin Newsom and state legislative leaders have announced an agreement on a package of immediate actions intended to speed needed relief to individuals, families and businesses suffering significant economic hardship from the COVID-19 recession. A part of this package is bringing California tax law to partial conformity with federal tax policy regarding loans provided by the Paycheck Protection Plan (PPP) a proposal that will benefit many small businesses across Ca...lifornia. The new California agreement will allow companies who received a PPP loan to deduct up to $150,000 in expenses paid for by those PPP funds. Under the agreement, all businesses that took out loans of $150,000 or less will be able to maximize their deduction for state purposes. Those that took out higher loans will be subject to a deduction ceiling of $150,000.

Breaking news for Californai business owners...

Previously, only victims of identity theft could get an IP PIN. But now, anyone can apply for this extra layer of identity protection . https://www.irs.gov/identity/get-an-identity-protection-pin

In the continuing saga of are the expenses I paid with PPP funds deductible? Yes. And no. Yes, they are deductible in your federal return. But California? Well, you know California rarely conforms to the federal rules. In keeping with that, those expenses are NOT deductible on your California return. ... So be sure to break out those expenses for us. If you prefer, we can plan to file an extension. Just in case California decides to changes it’s crazy mind. Don’t laugh. It could happen.