Applications and Guidelines for the Paycheck Protection Program (PPP) have been released. As we recently indicated, the PPP, which aims to help small businesses retain (and in some cases rehire) their workers, authorizes up to $349 billion toward job retention and certain other expenses. The Basics: The Paycheck Protection Program will be available April 3, […]
A Summary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act On Friday, March 27th, the President signed into law the CARES Act, an historic $2.2 trillion aid package designed to help the US economy weather the effects of the coronavirus/COViD-19 pandemic. The Act contains several measures to provide liquidity and tax relief for individuals, small businesses, big businesses and non-profits. We’ve summarized important parts of the CARES Act below, […]
As by now you are no doubt aware, Governor Gavin Newsom has issued a Shelter in Place Order for California, effective March 20th. While we had been operating as an essential business under the Santa Clara and Santa Cruz County orders, the latest order exempts 16 federally defined critical sectors that excludes accounting firms. This […]
This is a rapidly evolving situation and we will endeavor to provide information and updates as they become available. As of the writing of this article (3.24.2020), according to IRS Notice 2020-18, here is what we know. Both tax payments AND tax returns due on April 15th are extended until July 15th No limit to […]
We realize that taxpayers have been anxiously awaiting news regarding the extension to file tax returns announced by the President last week. As of March 16th, here is what we know. On March 11th, the Treasury Secretary, Steven Mnuchin said the IRS would delay the April 15th tax deadline for most taxpayers. As of today, […]