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]
Stimulus Check Scams are Prolific: Beware
Recently, there have been instances of financial scams targeting tax-paying individuals who have received their stimulus check or are still waiting on their stimulus payment. On April 16, the Virginia Coronavirus Fraud Task Force issued a warning of potential financial scams regarding the Economic Impact Payments that are distributing over… [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]
Outdated IRS Systems Reach Tipping Point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]
SURGE IN UNEMPLOYMENT MAY LEAD TO EDD AUDITS
The California Employment Development Department (EDD) has been overwhelmed with claims for unemployment insurance, as the numbers of Californians applying for the benefit increases every day. The receipt of unemployment insurance benefit is a right of California employees and those workers that are classified as independent contractors do not enjoy… [Read more]
Heads up: The SBA will audit any company that receives a loan of more than $2 million
In early May, Treasury Secretary Steven Mnuchin announced that all companies who receive loans of more than $2 million in government relief will be subject to full audits from IRS. The Payroll Protection Program allows companies to have their loans forgiven, provided they spend the funds on payroll, benefits, rent,… [Read more]
Fed to audit all SBA PPP loans over $2m
Despite pressure, publicly held companies in business sectors from hotels to cruise ships are refusing to give back SBA PPP funds. The SBA has said that public companies with “substantial market value” and the ability to raise money through capital markets were not the intended recipients of the Small Business… [Read more]
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