Dow & Sohn CPAs

EIDL ADVANCE UPDATE 2 EIDL Advance SBA . 2020 3~5 EIDL Advance EIDL Advance . 2 $2,000 EIDL Advance $8,000 EIDL Advance . $10,000 EIDL Advance . EIDL Advance . ...Continue reading

2 PPP (PPP 2 program summary) PPP SBA 1% 5 SBA. PPP (forgiveness) . SBA , 2 PPP . 1. 2 PPP ... 300 1 PPP , 1 PPP 2 PPP (1 PPP ) (Gross receipt) 25% 1) 2020 1 2019 1 25% 2) 2020 2019 25% 3) 2020 , 2020 1 2020 2,3,4 25% 4) (Sales tax return), (Profit & loss statement (15 ) 2. 2 PPP 2019 2020 2.5( 3.5) 10 1 10 3. 2 PPP 1 PPP 8 24 60% 40% COVID 15 4. 2 PPP 2 PPP , 2 PPP 5. 2 PPP 1 PPP PPP 1 PPP . . Peter M. Sohn CPA 213-487-3690 [email protected]

2020 (Preparing your income tax return) 2020 . . 1 , 2 . 2020 1~2 IRS (Economic Impact Payment) IRS (Notice 1444) , 1 PPP . ... () W-2 form, 1099 form, & 1098 form 1 . . PUA (UI) EDD 1099-G form . 2020 (escrow paper) . 2020 2020 (sold) , 1099-B form , . . (coinbase) (cost basis for taxes report) . Coin Tracker . , 2020 1099 , . , . 2020 1095-A form , CA 1 (1095-B 1095-C form) . (deduction) (medical bills), (property tax), (DMV registration) & . 2020 $300 , . $250 (donation letter) . 17 1 $2,000 (child tax credit) , 17 1 $500 (credit for other dependents) ITIN . (child care) (EIN) 1 . 1 $3,000 $600 . 1098-T form 1098-E form . 2020 , , $500 . 2020 $7,500 . (earned income credit) . (traditional IRA) . . 2020 $10,000 , , , , , . 10% . Peter M. Sohn, CPA Tel:213-487-3690 E-mail:[email protected]

2020-2021 (Economic Impact Payment) : 1 $1,200 1 2020 (Recovery Rebate Credit) . IRS (Notice 1444) 2020 . 2020 . . 2 (1 $600) 2021 1 15 1 2020 . ...Continue reading

2021 2021 1 1 26 (CA) $14 . 26 LA city LA county 2020 71 $15 . ... 25 CA 2021 1 1 $13 . 25 LA city LA county $14.25 , 2021 7 1 $15.00 . , . (CA) (Paid sick day) 24(3) . 30 1 , 3 . , . LA city LA county 48(6) . 2021 SB1383 , 5 , 1 12 (Unpaid Family Sick Leave) . 2(80) 2020 12 . . . I-9 form W-4 form , (Pay stub) . . , . . , , , , , , . 7 . . 2020 9 AB1867 30 , AB685 24 . . (Pension plan) (CalSavers program) 2021 630 50 . 401K , . $250 $500 . (CA AB5) (Independent contractor) (Employee) 2020 1 1 . ABC 1) 2) 3) . 1) & 2) 3) . Peter M. Sohn, CPA [email protected] 213-487-3690

2 (Second Covid-19 Stimulus Package) 9000 2 . 1. 2 (Second Stimulus Check)... (16 ) 1 600 2 . 2019 , 15 ( 7 5, HOH 11 25) , 19 8 ( 9 9) . 1 IRS , . 1 . 1 , (ITIN) 1 2 . ITIN $600 . 2 . 1 IRS . 2020 , . 2. 2 PPP (Second Payroll Protection Program) 300 25% (Gross receipts) 2 PPP . 1 PPP , 1 60% . PPP 120 . 2 PPP , PPP . 15 . 2 PPP 25% SBA , 2 PPP . 1 PPP . 5 1 PPP 2 PPP . 3. (Extended Unemployment Insurance) PUA 2021 3 14 , 300 12 26 11 . EDD PUA . Peter M. Sohn. CPA 213-487-3690 [email protected]

(Warren Buffett) - (Long Term Capital Gain Tax) Coivd-19 . . . . . (capital gain) (realized) . ... . , . (unrealized gain) . (loss) , $3,000 (carry over) . , . . 1 (short term capital gain) (ordinary income) . 10% 37% . 1 (long term capital gain) . 2020 $80,000 , $80,000 $496,600 15% $496,600 20% . (Dividend) . , (qualified dividend) . (reinvest) . (Brokerage) 1099 , 1099 1 (1099-DIV) (1099-B) . . 1099 (IRS) , . Peter M. Sohn CPA [email protected] www.dowsohncpas.com

(Small Business Hiring Credit) 2020 9 9 (Newsom) COVID-19 . 1) 2019 12 31 100 ... 2) 2019 2(4~6) (Gross receipt) 2020 2 50% 3) 2020 2(4~6) (Monthly fulltime equivalent) 2020 7 11 , 1 $1,000 $100,000 . (corporate income tax), (personal income tax), (sales tax) , , . 2021 (sales tax return) 2026 4 . 2020 , 2025 . (credit reservation) 2020 12 1 2021 1 15 $100,000,000 (Fund) . Peter M. Sohn CPA [email protected] www.dowsohncpas.com

() , . () . (Unreimbursed job related expense) . (reimburse) . . ..., , , . (accountable plan) , (taxable income) . (state income tax) . , , . . . . . 1. (Regular and Exclusive Use): . , . 2. (Principal Place of Your Business): . , . , , , . , , . Peter M. Sohn CPA [email protected] www.dowsohncpas.com

(Executive Order on COVID-19 Economic Relief) Covid-19 (Economic stimulus package) , 88 . 1. (Extending Enhanced Unemployment Benefits)... 3 CARES Act , (Federal pandemic unemployment compensation(FPUC)) $600 7 . $600 , $200~$400 . $400( $300) 12 6( ) . 2. (Payroll Tax Payment Defer) 10 ($4,000 Biweekly) (Social security tax & Medicare tax) 9 1 12 31 , , . IRS . 3. (Federal Eviction Moratorium) CARES Act . 4. (Federal Student Loan Payment Suspension) CARES Act 9 . $1,200 2 (2nd stimulus check) PPP . . , , (Capital gain tax) (Income tax) . Peter M. Sohn CPA 213-487-3690 [email protected] www.dowsohncpas.com

2020 1. (Minimum wage) LA LA county Unincorporated area (7 1) . 25 $14.25 26 $15.00 . . ... 2. (Income tax) 7 15 . . 10 15 . 2 2018 1 2019 $75,000 $150,000 2 . 3. (Sales tax) 2 7 31 . 1 . 12 . 4. (Payroll tax) PPP (Employee retention credit) . . Peter M. Sohn, CPA [email protected] 213-487-3690 www.dowsohncpas.com

PPP (Forgiveness) 6 3 PPP (H.R.7010) SBA PPP . 1. 1% , 2 5 . ... 2. (Covered period) 8 24 . 3. 75% 60% ( 60% . 2 60% 6 ). 4. 2019 . 2019 24 . 5. 215 . (SBA EDD ) 6. . 7. 6 30 2 15 , (Safe Harbor Rule) 6 30 12 31 . Peter M. Sohn CPA 213-487-3690 [email protected]

(COVID-19 Tax update) 5 8 1. (reopen) 5 8 LA . . . ... . , . , , . , . . , 2. PPP (Forgiveness) PPP . PPP , ( ), . . PPP 8 PPP . , . , . 8 . , . PPP , . , . 3. PPP 2 (Employee retention credit) . 5 . 80 . (Tax credit for qualified sick leave wage). Peter M. Sohn CPA [email protected] 213-487-3690

-Pandemic Unemployment Assistance(PUA) 4 28() (Self employed) (Independent contractor) . 2019 1099 2019 Schedule C . (Employee) PUA . 1. ... , , . , (UI) PUA . 2. PUA UI online . PUA UI UI , (UI benefits) $0 PUA (New Claim) . 3. (Initial benefit payments) . $167 - 22 3 28 $167 +$600 -3 29 7 25 $167 - 7 26 12 26 39 , . 4. $17,368(Schedule C net income) . . $17,368 . Schedule C 1099 . https://edd.ca.gov//pandemic-unemployment-assista/faqs.htm Peter M. Sohn, CPA 213-487-3690 [email protected] www.dowsohncpas.com

(Economic Impact Payment, $1,200, 17 $500) . 4 15 . IRS , , . . 4 15 , " (Information does not match our records)" " (Payment Status Not Availabl...e)" . IRS , 2018 , 2019 . , IRS . IRS IRS , . https://www.irs.gov/coronavirus/get-my-payment

(COVID-19 Tax update) - 4 12 1. SBA LOAN SBA loan . EIDL loan advance SBA , 4 13 PPP loan . EIDL loan advance $1,000 , $10,000 . . Loan advance , EIDL , , EIDL . ... PPP loan , , 8 75% 25% (forgiveness) . ppp loan , . PPP loan , , IRS . 2. (sales tax) 1 (sales tax) . 1 4 30 7 31 . 5 26 4 8 25 . , 100 . 4 2, 500 5 12 . . 3. (payroll tax) 1 (payroll tax) IRS , 4 30 . EDD 60 , . IRS , 50% 3 12 (Employer retention credit) . PPP . 4. EDD UI , . (sole proprietorship) , , EDD . EDD . Peter M. Sohn CPA [email protected] 213-487-3690

COVID-19 - (sales tax) 1 4 2, 5 5 12 . 1 7 30 , . Small Business Relief Payment Plans... Effective April 2, 2020, small business taxpayers, those with less than $5 million in taxable annual sales, can take advantage of a 12-month, interest-free, payment plan for up to $50,000 of sales and use tax liability. Payment plan requests can be made through our online services system in the coming months. Please bookmark this page and check back for additional updates. Payment Plan FAQ Will a similar plan be created for special taxes accounts? At this point, the program is only available for sales and use tax liabilities. How will the payment plans work? Qualifying sales and use taxpayers with deferred liabilities up to $50,000 will pay their tax due in 12 equal monthly installments. No interest or penalties will be assessed against the liability. What if taxpayers owe more than the $50,000 limit on the relief? The maximum amount that any taxpayer can defer, interest-free under this relief effort, is $50,000. If a taxpayer owes more than $50,000 and needs a payment plan for the amount over $50,000 we will have to have the taxpayer enter into one payment plan and adjust the appropriate amount of interest off toward the end of the 12 month period. Peter M. Sohn, CPA [email protected] 213-487-3690

- Paycheck Protection Program(PPP) CARES Act Paycheck Protection Program(PPP) Loan . , EIDL . . ... 500 . 2 15 , . SBA Disaster (EIDL) PPP . 2019 2 15 6 30 2020 1 1 2 29 250% , 10 4% . SBA Loan 2020 6 30 . PPP Loan PPP 8 : (payroll costs): , , /, , , , , ( , ) PPP $100,000 . ‘Paycheck Protection Program’ . . , , . (a)2019 2 15 2019 6 30 (b)2020 1 1 2020 2 29 . . , . ( , , ) , , SBA . . PPP Loan (Example) 500 A2020 2 15 LA . 20201~2 20, $100,000, $25,000. A , 250% $250,000 PPP 10 4% . A 2020 5~6 2020 1~2 , $250,000 $200,000 5~6 $50,000 , . $250,000 , . Peter M. Sohn CPA [email protected] 213-487-3690 www.dowsohncpas.com