vanderbiltCovid-19 Relief Package PPP Provisions Dear Clients and Friends, There is much to unpack in this bill that is currently on the President’s desk awaiting his signature. He said he would sign, hopefully we are not jumping the gun with this eblast. We are focusing on the PPP provisions today. Spoiler alert – YES expenses paid with PPP proceeds WILL BE DEDUCTIBLE ON YOUR TAX RETURN! The […]
Dear Clients and Friends, Now that the 2020 general election is mostly over, it’s time to consider what federal tax changes President-elect Biden would like to see for 2021 and beyond. Even if the Democrats gain control of the Senate by winning both runoffs, the odds of dramatic tax reform may still be low. Some Democratic Senators, who […]
Dear Clients and Friends, Numerous recent headlines have shone the spotlight on the distribution of the first round of PPP funds to large restaurant chains including Shake Shack, as well as other prominent public and private companies. Many have questioned the propriety of the eligibility requirements and impugned the integrity and ethics of many organizations that have […]
Dear Clients and Friends, Here is a good flowchart that helps to understand and differentiate the SBA loans available. Many business owners are focused on the PPP (Paycheck Protection Plan) loan, it is potentially much larger than the EIDL (Economic Injury Disaster Loan), capped at $10,000. BUT, the EIDL (Economic Injury Disaster Loan) can be applied for online in […]
Dear Clients and Friends, By now most of you have heard about new legislation affecting retirement accounts. Here is a brief overview of the most pertinent provisions of the Act. What is the SECURE Act? The SECURE Act stands for: Setting Every Community Up for Retirement Enhancement Act. It was signed into law on December […]
The new Tax Cuts and Jobs Act made some significant changes to what employers can and cannot deduct in regards to meals and entertainment. Below is a BRIEF overview of the changes effective in 2018. ENTERTAINMENT IS NO LONGER DEDUCTIBLE Under the new tax law a deduction can’t be claimed for an activity generally considered […]
We want to take this opportunity to remind you of the process for Vanderbilt CPAs accessing your “MyFTB” accounts and make you aware of some updated Federal and California filing dates. Why does Vanderbilt access your account? We access your account to confirm that the amounts that the FTB has credited to your account agrees […]
Asset expense policy The IRS has listened to the tax professionals and given businesses some administrative relief by not requiring them to capitalize and depreciate small items. By adding detailed descriptions to purchases in your accounting systems it will allow us to quickly determine whether certain items should be capitalized or not also relieving follow […]
Friends, We recently became aware of IRS’ latest tool in the fight against identity theft and want to share it with you. IRS Letter 5071-C looks like it might be a scam, but it is NOT – it’s the real deal. If you receive this letter in the mail, it means IRS has received a […]
If You Have Employees, even Household – THIS MEANS YOU! READ ON… Friends, A new law effective July 1, 2015 requires California employers to provide paid sick leave benefits to their employees, including part time and temporary employees. We encourage you to seek guidance from legal counsel experienced in employment practice matters to review your company’s […]