Some individuals who reside in California may want to change their state of residence to a state with lower or no taxes to save on their income taxes. But this is not as easy as it may seem. California’s state income tax rules can make it complicated to change from a resident to a nonresident.
The US Small Business Administration (SBA) recently expanded its rules for Paycheck Protection Program (PPP) loan forgiveness. New regulations allow businesses to spend a smaller percentage of their PPP loan proceeds on payroll costs, have a longer time to rehire their workforce, and get more time to spend their loan proceeds, among other changes. But how exactly is PPP loan forgiveness calculated, and how does the process work? There are a few critical pieces of information that businesses should know when seeking PPP loan forgiveness.
Significant retirement savings incentives are currently available under the tax code, including employer-sponsored qualified retirement plans, such as 401(k) plans, and non-qualified plans like traditional and Roth individual retirement accounts (IRAs). Now is as good time as any to review and evaluate your retirement savings and cash in on the benefits available.
To help manage to the impact of the coronavirus (COVID-19) pandemic, many employers who operated a business during 2020 can claim the refundable Employee Retention Credit (ERC) payroll tax credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The credit is equivalent to 50% of wages paid during the COVID-19 crisis.
On March 27, 2020, The United States President signed the law “The Coronavirus Aid, Relief, and Economic Securities Act (CARES ACT)”, which will give significant stimulus to businesses and individuals.
Anyone who owes a federal income tax payment on April 15, 2020 that is also affected by the coronavirus (COVID-19) pandemic may file for a 90-day extension on their tax payments.
Use tax is due on taxable goods and services that were not taxed at the point of sale. It generally applies to tangible personal property purchased at retail outside of Georgia or ordered online. It is the responsibility of customers to report these transactions and pay the appropriate use tax to the Georgia Department of Revenue.
Any person with a federal income tax payment due April 15, 2020, who is affected by the COVID-19 emergency is eligible for the following relief
Many companies must constantly innovate to remain competitive in today’s economy. Luckily, the federal Research & Development (R&D) tax credit offers generous savings for businesses engaged in a wide variety of R&D activities within the United States. It is a common misunderstanding that only large companies qualify for R&D credit. In fact, this credit is available to any business that tries to develop improved, new, or technologically advanced products. It may also be available to companies that work to improve business processes.
Many companies must constantly innovate to remain competitive in today’s economy. Luckily, the federal Research & Development (R&D) tax credit offers generous savings for businesses engaged in a wide variety of R&D activities within the United States. It is a common misunderstanding that only large companies qualify for R&D credit. In fact, this credit is available to any business that tries to develop improved, new, or technologically advanced products. It may also be available to companies that work to improve business processes.
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