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:
#Tax #PPPloans #IRS ... See MoreSee Less
Tax Day is quickly approaching! Plus, you may have a super long to-do list and you’re just in over your head. Everyone feels stressed from time to time. Well, we are here to help if you need assistance with tax and accounting services, with your company’s strategic planning or if you have some questions and need a consultation. So, while we manage your complicated tax returns or audit, estate planning, or real estate analysis, you can focus on other things. Remember to exercise, eat well, reduce caffeine, listen to soothing music and just laugh. ... See MoreSee Less