francis bocala, Author at Chugh - Page 2 of 6

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Dedicated to Powerful Results: Jyoti Jhaveri in Accounting

Jyoti Jhaveri is a Partner and Accountant in our firm’s Santa Clara, CA office.

Accounting was an easy career choice for Jyoti Jhaveri. Says Jyoti, “Growing up, I always loved working with numbers and people – accountancy was a natural extension.” After discovering accounting during her studies in business, Jyoti quickly realized that she enjoyed and could truly excel in the field. Before long, Jyoti decided to pursue finance as a full-time career.

New California Law AB80 Allows Businesses to Deduct Expenses Paid Using PPP Loan Funds on Their Taxes

On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.

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