Fortin & Associates

Great news for PPP Loans of $50,000 or less in regards to the forgiveness process. If you or someone you know has any questions or need assistance with the loan forgiveness process and the application have them reach out to me. The Treasury and SBA have released a new PPP Loan Forgiveness Form 3508S, and new interim final rules, that ease the forgiveness rules for borrowers of $50,000 or less. These borrowers are no longer required to reduce forgiveness amounts based on redu...ctions in full-time equivalent employees, or reductions in salaries and wages. This is great news for many small businesses. However, this is not automatic forgiveness. All of the other rules regarding qualified forgiveness expenses still apply, including the requirement that at least 60% of the forgiveness amount must be from payroll expenses. The new forgiveness form can be found here: http://www.sba.gov/.../sba-form-3508s-ppp-loan... New interim final rules can be found here: https://home.treasury.gov/.../PPP--IFR--Additional... Instructions for the form can be found here: http://www.sba.gov/.../support-ppp-loan-forgiveness-form...

If you haven't received a stimulus check there is still time.

Workers' Comp Rates to Rise in January 2021 Premium increase and COVID-19 surcharge may result in big hikes September 21, 2020 Overview... California employers will see their workers’ compensation premiums increased, perhaps significantly, for the first time in many years beginning January 2021. Reversing a previous decision to lower rates, the Workers’ Compensation Insurance Rating Bureau (WCIRB) is now recommending an average increase of $1.56 per $100 of payroll, or an average 2.6 percent increase, from the approved January 1, 2020 advisory pure premium rates. To see the WCIRB’s full amended rate filing, click here. Additionally, a COVID-19 surcharge will be applied on top of the premium rate increase for all employers based on a sliding scale. Employers in health care, social services and other industries with the greatest COVID-19 exposure to their workforce will be subject to the highest surcharge. The surchanges in the WCIRB’s amended filing range from $0.01 per $100 of payroll to $0.24 per $100 of payroll. There are also now six industry groupings, instead of four.

Does your business have assets to depreciate? If so this could be a real tax saver for you.

A couple of laws to be aware of if you have California employees.

Are you still waiting for your stimulus payment? Times is running out.

Good advice here.

I sure hope they catch everyone that committed fraud! They took the money from small business's that were in desperate need of it.

Don't get caught short on your withholding.

Tax relief if you are in an impacted area.

New 1040 return is coming!

We should always be prepared. One never knows when disaster will strike.