Posts by Peter Soh

What is The FFCRA Credit?

Sadly but certainly, countless small businesses have been whacked HARD by the COVID-19 pandemic. And nowhere has this hardship been more onerous for small business owners than when it comes to managing employees. Whether an employee fell ill with COVID, had a spouse or family member fall ill, or was forced to stay home due to a school or nursing care facility closure — the working question is either not on the job or far
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What’s The Employee Retention Credit + Does Your Business Qualify?

As Main Street attempts to shake off the pandemic’s lingering financial malaise, most employers are struggling to keep their normal staffing complement employed full-time. And while spending and growth numbers are surging, it’s hard to know how much of this upswing is artificially inflated, spurred by stimulus funding and other government intervention. In addition, many businesses are still lagging in terms of patronage and earnings. And if you’re a business owner in this boat, pandemic
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Payroll Protection Program (PPP) Part III

Most of Los Angeles has — at least in some fashion —  reopened for business. And the increased traffic on the roads, along with many local businesses being, if not full, certainly fuller than they’ve been at any point in the last 12 months, are all signs our economy is trending in the right direction. All of this said, however, many businesses are still struggling. Debt accrued during the lock-down coming due and earnings still
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How Does The New Stimulus Bill Help Small Businesses?

  In my last update, I dove into the most recently passed COVID-19 stimulus bill — Officially dubbed the American Rescue Plan — specifically reviewing the key benefits this new package provides to individuals. Now, I’m shifting gears a bit to look at what the latest stimulus bill does for small businesses. It’s no secret the pandemic has ravaged a great many businesses. Countless operations have either been significantly scaled back or shuttered altogether. And sadly,
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New Stimulus Bill Summary

  The COVID-19 vaccination rollout is charging full steam ahead! And it seems likely that all those who want the vaccine will be vaccinated before summer’s end. California (along with many other states) is laying off the “lockdown” restrictions and allowing most businesses to reopen (at least in some fashion). But while these are certainly positive developments, huge swaths of the economy continue to sputter. To address this still financially precarious situation, the new Biden
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Recovery Rebate Credit

  For a lot of folks out there, 2020 was an abysmal year financially speaking. Which, for most, means the more deductions, credits, and rebates you can scrap together — to either minimize the taxes owe or pump up your tax refund — the better. One such credit you might not be aware of is the Recovery Rebate Credit. If you’re not familiar, here are more details on how the credit works and who qualifies…
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Earned Income Tax Credit

For many, 2020 proved to be a “lost year.” Especially financially speaking. Employment income among wage-earners was down almost universally. And those in the middle and lower-income brackets were among the hardest hit. That said, there’s a built-in tax credit that specifically addresses folks in this position. It’s called the Earned Income Tax Credit (EITC). And the EITC could result in a very tidy tax refund for those who qualify. In fact, your refund could
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Tax Prep Q&A

  It’s that time of year again… The tax season is upon us! And with no indication of any reprieve — in the form of an extension on this year’s filing date — the Tax Man is looking for his due no later than April 15th. Which, of course, means it’s time to get your finances in order. But with the topsy turvy year that’s just passed us by, no one would be surprised if
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Congress Passes $900 Billion COVID Relief Package

  First off, Happy New Year! I hope you all enjoyed a happy, and most importantly, healthy holiday season. Secondly, it’s a brand new year… But we’re still facing many of the same problems. Particularly in California. Govern Newsom has extended the current lockdown order “indefinitely.” Which has forced many businesses to shutter or further curtain operations. Of course, this is bad news for a whole lot of people, business owners and employees alike. And
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The State of California Authorizes $500 Million in Small Business Aid

  There’s certainly no disagreement that 2020 has been a real kick in the behind. And with renewed “lock-downs” and continued uncertainty over how the promised vaccine will be rolled out and what impact it will ultimately have, financial instability remains the current “norm.” The US Congress has just passed a $900 billion COVID aid package. The President has complained about the bill and is pushing for larger direct stimulus payments. The current package, which
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