On Thursday, April 29th, Governor Newsom signed California Assembly Bill 80 which partially conformed with the Federal tax treatment of PPP loans.
The recent news that the Treasury Department and Internal Revenue Service have extended the upcoming tax filing deadline continues to cause confusion for many people. Therefore, we are posting this important update to help provide more clarity.
The second round of COVID relief was passed last month as part of the Consolidated Appropriations Act (CAA). This new Act enhances and extends the Employee Retention Credit (ERC) and now allows employers who previously received a PPP loan, to retroactively claim the credit as well by amending previously filed 941’s.
The Department of the Treasury and IRS announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15, 2021, to May 17, 2021.
At Hayashi Wayland, the health and safety of our people, their families, our clients and our communities are of critical importance to us. We are closely monitoring information from the Centers for Disease Control (CDC) and local health departments to help ensure that we are taking appropriate precautions to ensure everyone’s safety while continuing to provide continuous service.
According to the California Department of Tax Fee Administration, returns due between December 15, 2020, and April 30, 2021, for all but the largest taxpayers, will be extended.
With the new challenges facing our communities each day I wanted to provide a little clarity around some of the questions that we are getting from local exempt organizations that are working to address the changing environment on all fronts.