California Assembly Bill No. 80: Tax Treatment of Forgiven Paycheck Protection Program Loans

California Assembly Bill No. 80 essentially conforms California tax law to Federal tax law on Paycheck Protection Program loan forgiveness. Forgiven PPP loans that businesses received from the federal government during the COVID-19 pandemic will not be counted as [...]

By |2021-06-30T18:53:32+00:00June 30th, 2021|Tax and Auditing|Comments Off on California Assembly Bill No. 80: Tax Treatment of Forgiven Paycheck Protection Program Loans

5 Recommendations to Organize Your Month-End Close Checklist

A month end close checklist is essential for ensuring a successful close process. It provides visibility into the status of tasks, allows for management of deadlines, and simplifies the turnover process and change of roles [...]

By |2021-06-24T21:36:20+00:00June 23rd, 2021|Accounting Tips|Comments Off on 5 Recommendations to Organize Your Month-End Close Checklist

What is an Incurred Cost Submission (ICE Model)?

The incurred cost submission, or “ICE Model”, is a universal requirement for all federal government contractor businesses holding cost-type or time and materials contracts, regardless of agency customer. Its function is to determine the final [...]

By |2021-06-24T21:32:19+00:00June 17th, 2021|DCAA Accounting|Comments Off on What is an Incurred Cost Submission (ICE Model)?

When the IRS Will Challenge Home Office Deductions

This article was written by Julian Block for accountingweb.com. The 2020 tax season is over, but people will continue to use their homes as their place of business in the months ahead thanks to COVID-19. In [...]

By |2021-05-26T21:19:04+00:00May 26th, 2021|Tax and Auditing|Comments Off on When the IRS Will Challenge Home Office Deductions

CA PPP Forgiveness Taxation

PPP deductions may be coming for California (04-08-21) The IRS and the Treasury have announced that states can conform to recent federal tax benefits (such as the allowance of deductions for amounts paid with forgiven PPP [...]

By |2021-04-16T18:03:47+00:00April 16th, 2021|Accounting Tips, Corporate Tax, Small Business|Comments Off on CA PPP Forgiveness Taxation

The Best of the Worst: Fun Facts About Taxes

It's getting closer to tax day and we thought you'd enjoy a few fun facts about tax returns. Written by Lynn Freer, EA Spidell Publishing Longest tax return: In 2011, General Electric filed a 57,000-page [...]

By |2021-04-08T21:41:31+00:00April 8th, 2021|Corporate Tax, Individual Income Taxes|Comments Off on The Best of the Worst: Fun Facts About Taxes

State residency – a complex area fraught with peril

This is a great article on this precarious topic, written by Bob Carlson for Forbes Magazine. See the story here. You’ve Moved. Be Sure You Can Prove It To The Tax Authorities Many workers began [...]

By |2021-03-24T17:04:11+00:00March 24th, 2021|Accounting Tips, Small Business, Tax and Auditing|Comments Off on State residency – a complex area fraught with peril

2020 Federal Income Tax Initial Filing Deadline for Individuals Extended to May 17, 2021

The Internal Revenue Service has extended the U.S. individual income tax initial filing deadline to May 17, 2021 for the 2020 tax year.  Individuals can also postpone federal income tax payments for the 2020 tax [...]

By |2021-03-18T17:32:08+00:00March 18th, 2021|Individual Income Taxes, Tax and Auditing|Comments Off on 2020 Federal Income Tax Initial Filing Deadline for Individuals Extended to May 17, 2021

How Accounting Should Support an Acquisition or Merger

Mergers and acquisitions require many hours of work through different phases to be completely assembled. This work often spans across various team members in an organization. Proper accounting support is absolutely necessary for the success [...]

By |2021-02-19T00:48:51+00:00February 19th, 2021|Business Consulting, Small Business|Comments Off on How Accounting Should Support an Acquisition or Merger

Second Draw PPP Loans Now Available

The U.S. Small Business Administration released initial details and guidelines for the updated Paycheck Protection Program (PPP) Second Draw Loans on January 6th, 2021. New and second draw borrowers now have access to the program [...]

By |2021-01-25T22:41:06+00:00January 22nd, 2021|COVID-19, Small Business, Sousa & Weber News|Comments Off on Second Draw PPP Loans Now Available
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