Is Forgiven PPP Classified as Non-Taxable Income? It was unclear if loans that were forgiven or not were still taxable when information about PPP came out. Later on, federal information was issued that helped classify this concern. It turns out that the new regulation brings up that forgiven PPP loans won’t be taxed as additional expenses. Also, deductions can also include expenses. This law was only established on a federal level and other states are still in the process of confirming their position. Currently, 29 states are noting this law and are making sure forgiven PPP loans aren’t taxed through
Just because you don’t pay sales tax doesn’t mean that you aren’t responsible for paying it. Let’s Define “Use Tax” Use tax is when you don’t pay tax on goods, but the state you live in requires that you pay sales tax on all goods. It is required to pay sales tax on all goods if you live in a place where sales tax is mandatory. It is still required even if a vendor doesn’t charge it. State income tax return is the most efficient way to pay and report use tax. The California’s sales tax agency states, “if sales
Twenty-five states are increasing their minimum wage rates in 2021. They are Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, South Dakota, Vermont, Virginia, and Washington.
Do you need basic income and expense tracking? You may not even need a bookkeeper. Many banks have developed very basic expense tracking and spending reports.
We know times are crazy, but there are a lot of important updates for CA sales tax you need to know. Please read highlights from CDTFA below. Relief and Extensions for Filing Returns For all but the largest taxpayers, first quarter 2020 returns were extended and are now due July 31, 2020. For all but the largest taxpayers, monthly returns for March, April, and May 2020 were also extended by three months. Tax returns for the second quarter, running from April through June 2020, remain due on July 31, 2020. For sales and use taxpayers required to make monthly prepayments