On March 27th, 2020, Congress passed the CARES ACT, which included provisions that allowed banks to lend up to $349 billion in the Paycheck Protection Program set up by the Small Business Administration. The rules have changed several times and are likely to change again. For the time being, businesses… [Read more]
Working From Home for Lawyers
Adjusting to the new reality of working from home has been challenging for everyone, including those who work in the legal space. During these unprecedented times, we have all had to quickly shift gears and adapt to working in a way that is entirely new to most of us. Despite… [Read more]
What to do if You Get Audited by EDD
Being audited by EDD can happen to anyone. It can be challenging to take a step back and see the audit process from an objective point of view, but maintaining your focus is essential to coming out ahead in the end. In this article, we discuss tips to simplify the… [Read more]
2020 Tax Filing & the SBA PPP Loan
If your business received SBA PPP loan funds here’s what you need to know to prepare for your 2020 taxes. As with all elements of the forgivable loan, there are steps you should take right now to ensure forgiveness and compliance. In the video below we’ve outlined several scenarios to… [Read more]
MSELF Loan: What Larger Businesses Should Know
The government recently introduced a new loan program called the Main Street Extended Loan Facility (MSELF). This new loan program provides up to $2.3 trillion in loans to larger businesses in need. All US banks are eligible to originate this loan. With the SBA PPP Loan gaining so much traction… [Read more]
Commentary on NY Times Article, “California Sues Uber and Lyft, Claiming Workers Are Misclassified”
California Sues Uber and Lyft, Claiming Workers Are Misclassified. In January, 2020 Assembly Bill AB-5 went into effect redefining the criteria for a 1099 contract worker as opposed to a W-2 employee. The bill was aimed at the employers who drive the Gig Economy and in the subsequent months, Uber,… [Read more]
What You Need to Know About the Moved IRS Deadline
IRS has extended the deadline for personal tax filings from April 15 to July 15. It has also extended the deadline for contributing to your 2019 IRA. So, if you have not contributed, you still have time. Trying to decide whether or not to contribute to your IRA? Consider how… [Read more]
Applying For EDD Workshare Can Lead to an EDD Audit
COVID-19 has caused many companies to reconsider how they run their day-to-day business. This could mean cutting costs in various different ways. One way that businesses can cut costs is through the EDD Workshare Program. This program allows a business to pay their workers, who have had to reduce their… [Read more]
SBA PPP Loans: What You Need to Know
With the recent refunding of the SBA Paycheck Protection Program, there are a few details that you should know before you decide to apply. If you take out an SBA PPP Loan, you are required to spend 75% of that loan on the payroll. Any additional unused funds will be… [Read more]
Outdated IRS Systems Reach Tipping Point
During prior government closures, the IRS still was able to have essential workers be in federal buildings to process tax returns, sort mail, and process payments. The recent coronavirus pandemic blew that scenario out of the water due to health concerns, spread rate, and social distancing. 90% of US taxpayers… [Read more]
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