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SBA Releases Application for PPP Loan Forgiveness

On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the

Five Signs You Need Help From an Irvine CPA Firm

As many as 400,000 small businesses are opened annually. As these businesses grow, so too will the complexities of their day-to-day operations. At some point, owners have to start delegating some of the tasks they’ve been handling themselves in order to focus on continuing to grow their business. One of the most important tasks a business

How to Find the Ideal Irvine CPA Firm

In 2019, the global market for accounting services grew to almost $574.4 billion. By 2023, that size is anticipated to reach $734.7 billion. The impressive growth of the public accounting industry over the years is proof of how crucial the accounting services sector is in today’s economy. A reliable certified public accountant (CPA) can significantly

Employers Can Defer Payroll Taxes

One of the benefits included in the COVID-19 epidemic stimulus package is the ability of an employer to defer payment of the employer’s share of certain federal payroll taxes. The deferral applies to the employer’s 6.2% share of the Social Security (OASDI) payroll tax. The deferral does not apply to the employer’s 1.45% share of

Did You Take Your 2020 RMD Too Soon?

As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of the economic effects of COVID-19. RMDs are required distributions from qualified retirement plans

Unemployed by COVID-19? Special Benefits May Apply to You

The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their jobs because of the COVID-19 emergency by allowing states to extend unemployment benefits up to 13 weeks and waiving the normal one-week waiting period. The

Why You Need a Financial Advisor Even More in Uncertain Times

We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential

Seven Tips for Choosing the Perfect Accounting Firm

You’re the expert in your niche. However, you might not be an expert in taxes, financial statements, or bookkeeping. That’s where an Irvine CPA, or certified public accountant, can come in handy. Without accurate, timely books, you can’t make accurate financial decisions, and you might make mistakes that cost you in penalties and regulatory issues.

Achieving PPP Loan Forgiveness

Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program, in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created

The Southern California Accounts’ Complete Guide to Filing a 1099

The Southern California Accounts' Complete Guide to Filing a 1099 Despite COVID-19, tax season is still upon us. Now, it might be delayed this year with a filing date of July 15, but that doesn't mean it's too early to get your paperwork gathered. If you're a small business owner or work as an independent