Archives for Economy

Earned Income Tax Credit

February 16, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Tax Credits, Tax Return, and Taxes.
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
Continue Reading

Congress Passes $900 Billion COVID Relief Package

January 7, 2021 Categories: Business, Deductions, Economy, Federal, Filing, Health, Laws, News, Tax Credits, Tax Return, and Taxes.
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
Continue Reading

The State of California Authorizes $500 Million in Small Business Aid

December 22, 2020 Categories: Economy, Federal, News, Tax Credits, and Taxes.
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
Continue Reading

Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

December 9, 2020 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, Tax Credits, Tax Return, and Taxes.
Will Businesses Who Took PPP Funds Be Hit With A Big Unexpected Tax Bill?

  Given the complete financial and economic bedlam 2020 has unleashed, the Payroll Protection Program (PPP) has been an absolute Godsend from countless small businesses AND their employees. But that said, the program has not come without its share of confusion, and in some cases, consequences. And one of the biggest concerns for many businesses as we coast into the end of the fiscal + calendar year is whether or not PPP funded expenses can
Continue Reading

Payroll Protection Program (PPP) Terms Redefined Under Newly Releases Payroll Protection Program Flexibility Act (PPPFA)

June 23, 2020 Categories: Business, Economy, Federal, IRS, Laws, News, and Taxes.
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,
Continue Reading

What Are The Tax Consequences of Accepting Stimulus Funds?

June 2, 2020 Categories: Business, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
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
Continue Reading

Additional Stimulus Funding Update

May 6, 2020 Categories: Business, Economy, Education, Federal, and News.
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
Continue Reading

CARES Act Stimulus Package Update

April 8, 2020 Categories: Business, Economy, Federal, IRS, Laws, News, Tax Credits, and Taxes.
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
Continue Reading

More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

March 26, 2020 Categories: Business, Economy, Federal, Filing, Health, IRS, News, Tax Credits, Tax Return, and Taxes.
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
Continue Reading

COVID-19 Tax + Financial Update

March 23, 2020 Categories: Business, Deductions, Economy, Federal, Filing, IRS, News, Tax Credits, Tax Return, and Taxes.
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
Continue Reading