BCo Community News

PPP Deductions may be coming for California

Today the U.S. Department of the Treasury has officially announced that States are allowed to conform to Federal law on PPP loan deductibility.  A few weeks ago California AB 80 was stalled as the state asked for clarification on limitations in the American Rescue Plan over concern that passing AB 80 would limit Federal funds available to the state.

While this doesn’t mean PPP loan expenses will be allowed quite yet, the state legislature has been given the green light to act.

For the official press release click here:

By |April 8th, 2021|Categories: Announcements, BCo Community News, IRS|Comments Off on PPP Deductions may be coming for California

Stress Awareness Month

Have you been feeling a little or a lot overwhelmed, have deadlines and a super long to-do list, and you’re just in over your head?  Not to mention Tax Day is quickly approaching!  Well, you’re not alone. Everyone feels stressed from time to time, especially as the responsibilities stack up on our plate.  The thing about stress is, a little bit of it isn’t necessarily a bad thing, but too much of it can be detrimental to our emotional and physical health.  Learning to find that healthy balance is the best way to live a productive, happy life.

A small amount of stress once in a while is a good thing because it means you’re working hard, and you care about what you’re doing.  However, too much stress prohibits us from […]

By |April 2nd, 2021|Categories: BCo Community News|Comments Off on Stress Awareness Month

Important Update

The IRS has extended the deadline for individuals to make 2020 contributions to their IRA’s (Traditional and ROTH), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).  The deadline has been automatically extended from April 15, 2021 to May 17, 2021.

Additional detail is available in the full text IRS notice: here  

By |March 31st, 2021|Categories: BCo Community News|Comments Off on Important Update

PPE is Tax Deductible

Did you know face masks and other personal protective equipment to prevent the spread of COVID-19 are tax-deductible?

Today the IRS issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses under § 213(d) of the Internal Revenue Code.  To learn more, click the link in our bio.

Therefore, amounts paid by an individual taxpayer for COVID-19 PPE for use by the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependent(s) that are not compensated for by insurance or otherwise are deductible under § 213(a) provided that the taxpayer’s total medical expenses exceed 7.5 percent of adjusted gross income.

The amounts paid for personal protective equipment are also eligible to […]

By |March 26th, 2021|Categories: BCo Community News, IRS|Comments Off on PPE is Tax Deductible
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