by Prospect Tax | Jan 8, 2021 | Business, COVID-19, Firm Updates
The new bill, signed into law on 12/27/2020, has ramifications for your business. Please take the time to watch the Webinar presented below. Besides covering the 2nd round of PPP and changes to the 1st round of PPP, the Webinar provides updates to payroll tax...
by Prospect Tax | Jan 7, 2021 | Bookkeeping, Business
Sending Form 1099-Misc and 1099-NEC (Beginning for tax year 2020, the IRS has created a new form called a Form 1099-NEC which replaces the use of Form 1099-Misc for Non Employee Compensation. The rules and practices governing 1099-Misc blogged about below apply to...
by Prospect Tax | Dec 29, 2020 | Business, COVID-19
The California Small Business COVID-19 Relief Grant Program Beginning on 12/30/2020, eligible businesses in California can apply for a grant through the California Small Business COVID-19 Relief Grant Program. We recommend reading through our summary below, reviewing...
by Prospect Tax | Dec 3, 2020 | Business
California’s governor signs Senate Bill 1447, the Small Business Hiring Tax Credit, to provide financial relief to qualified small businesses for the 2020 economic disruptions that have resulted in unprecedented job losses. Did you know that the recent Small...
by Prospect Tax | Dec 1, 2020 | Business, COVID-19, Firm Updates
01/08/2021 Update: The new Federal COVID-19 bill passed and signed into law in late December overrules the IRS Notice that disallowed deductions used by a forgiven PPP loan. The new law specifically says that forgiven PPP loans will not be income and will not reduce...
by Prospect Tax | Nov 22, 2020 | Taxes
A popular question people search for on Google is if you can file taxes late. With almost 93 million searches, this topic of late tax filing clearly affects many individuals for a variety of reasons. For one, people are concerned about potential penalties associated...
