Posts by Peter Soh

Additional Deductions Allowed Under the CARES Act + Is More Stimulus Funding on the Way?

  When the coronavirus crashed headlong into our world, the only thing certain, was…well…uncertainty. A sentiment you’ve no doubt heard echoed on just about every media update since mid-March. Yet now, nearly six months later, the prognosis remains…well…uncertain. Some businesses are open, while others remain closed. Some businesses are approaching full operational capacity, while others remain significantly scaled back. The rise in unemployment has slowed, but new jobless claims continue to roll in. And still,
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Payroll Protection Program (PPP) Terms Redefined Under Newly Releases Payroll Protection Program Flexibility Act (PPPFA)

The legislation drafted to help individuals and businesses stay afloat financially during the COVID-19 pandemic was necessarily created at breakneck speed. As such, it’s not surprising to see numerous revisions come just as quickly. Since drafting the CARES Act and the Payroll Protection Program, legislators and relevant government agencies have noted several important faults in the initial original legislation and accompanying regulations. To remedy these imperfections, and help small businesses manage their ongoing financial challenges,
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What Are The Tax Consequences of Accepting Stimulus Funds?

  Could there be a light at the end of the tunnel? Well, the COVID-19 infection rate (and mortality total) in LA County is not as encouraging as one might hope. But overall, stats are improving. Setting aside, of course, the overall national death toll, which has crested 100,000 (and some predict may double before this crisis has completely dissipated). And as if the situation isn’t dire enough, already agitated citizens took to the streets
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Additional Stimulus Funding Update

It’s been over six-weeks since California State and Local Governments ordered non-essential business closed and issued the “Safer At Home” directive. And by most accounts, the crisis appears to have reached a plateau. We’re not quite “out of the woods” yet on the public health front. But there’s more good news than bad. Which is a huge triumph! Though, regardless of whatever progress we’ve made, I hope you, your family, friends, and loved ones are
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CARES Act Stimulus Package Update

  I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

I sincerely hope you and your family are remaining healthy and safe despite the coronavirus’s continued spread. The “new normal” — homeschooling your children, working from a laptop in the corner of your family room + only venturing out for a jog or quick trip the grocery store — is a BIG adjustment. But hopefully, you’re settling into a rhythm. In the meantime, as I predicted, the flood of new information surrounding the coronavirus crisis
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COVID-19 Tax + Financial Update

At the moment, we find ourselves on some pretty shaky ground. And in response, I want to offer my best wishes to everyone out there reeling in the fallout from the COVID-19 pandemic. I sincerely hope you, your family, friends, and assorted loved ones are all healthy and safe. As we enter this truly unprecedented time in modern history, we’re all feeling unsure (and likely a bit nervous) about what may come. But the reality
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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California Establishes An Individual Mandate for Health Insurance Coverage

The Affordable Care Act (ACA) – AKA Obama Care – has yet to be totally repealed. And it’s more likely to be replaced rather than canceled without a credible alternative in place. But several key elements of the program have been excised since the Trump Administration won the White House in 2016. This includes removing the penalty for failing to purchase health insurance. The “Individual Mandate,” as it was originally known, required every citizen to
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The Recently Passed SECURE Act Brings 4 Major Changes To Your IRA

  Greetings + Happy New Year! So, after the ball drops, and the jubilant Times Square celebration fades away, what comes next? You guessed it, a new year means new laws and changes to the tax code. And one of the tax code major changes this year directly impacts your IRA and other retirement accounts. Signed into law on December 20th, in the waning days of 2019, the Setting Every Community Up for Retirement Enhancement
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