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Employee Retention Credit Axed for Fourth Quater

The Employee Retention Credit, which has been infusing businesses with cash that have been affected by the Covid-19 pandemic, is due to be terminated three months earlier than hoped. The legislation known as the Infrastructure Investment and Jobs Act, which will soon likely be signed into law, ends the Employee Retention Credit as of September…

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ADA Compliance

IRS Pays $5,000 for Website Accessibility

The Americans with Disabilities Act of 1990 (ADA) is a civil rights law that prohibits discrimination based on disability. Most business owners know that they need to comply with standards providing reasonable access and accommodation for disabled clients, customers, and employees in their place of business. Did you know that ADA compliance extends to your…

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California Comes Through!

California Comes Through!

After months of anticipation, Governor Newsom announced this week that California will conform with IRS regulations making deducibility of PPP Loans and EIDL Grants nontaxable. The bill, AB 80, took effect immediately after being signed by the governor, allowing deductions for California businesses that have experienced at least a 25% drop in gross receipts in…

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Economic Relief Continues

Economic Relief Continues

With Covid-19 cases down significantly in California and restrictions on businesses lifting, there is still a long way to go to get our businesses back to pre-pandemic success. Thankfully, the Small Business Administration (SBA) is continuing to offer businesses help to carry them through. The SBA has increased the maximum amount small businesses and nonprofits…

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IRS Extends Tax Deadline ()

Good News/Bad News – Tax Deadline Extended

Good news! The IRS has formally announced that the 2020 filing deadline for individual taxpayers has been extended from April 15 to May 17, 2021. Individual taxpayers can now wait until May 17 to make income tax payments without accruing penalties and interest. Bad news: The deadline extension does not apply to estimated income tax…

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The American Rescue Plan ()

The American Rescue Plan

The American Rescue Plan Act of 2021 has been signed by President Biden and is now law. The latest stimulus package is designed to facilitate the country’s recovery from the devastating economic and health effects of the Covid-19 pandemic. With bigger stimulus checks, more aid for the unemployed, funds for schools to safely reopen, a…

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PPP LOAN FORGIVENESS

Time to Start Thinking About First Draw PPP Loan Forgiveness

We are a year into the Covid-19 pandemic, a year into stay-at-home orders and shutdowns – all of which have dramatically affected our businesses. With vaccines becoming more widely available and an additional stimulus package ready to be signed into law, things are hopefully looking up for the health of our families and for our…

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Schedule C Filers

Schedule C Filers, Rejoice!

The SBA issued new Paycheck Protection Program guidelines allowing those that are self-employed and file Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit. Larger loans could help the self-employed and gig workers that have been hit particularly hard by the economic downturn survive the pandemic. These…

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Second Draw Loans

PPP Second Draw Loans

Loan applications through the Payroll Protection Program will soon be available to all small businesses. If you or your business received a PPP Loan during the first round and could use additional aid, you may qualify for a second round of funding. Abedian + Totlian has received guidelines from our bank on PPP Second Draw…

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