Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
All About Limited Liability Companies(LLC)
All About Limited Liability Companies(LLC) LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs with two or more members multimember LLCs. Key point: LLCs are not corporations. But LLCs [...]
Four PPP Forgiveness Answers for S-Corp Owner-Employees
Four PPP Forgiveness Answers for S-Corp Owner-Employees Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. Spouse Owns S Corporation Question. My wife owns 100 percent of the S corporation. She has a [...]
How Law Makers Working to Make PPP Loan Expenses Deductible & How You Can Help
How Law Makers Working to Make PPP Loan Expenses Deductible & How You Can Help As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s [...]
COVID-19 Relief if You Work Abroad or Travel to the U.S to Work
COVID-19 Relief if You Work Abroad or Travel to the U.S to Work If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, you may [...]
IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed
IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with [...]
IRS Enables Millions to Qualify for the $100,000 Grab & Repay
IRS Enables Millions to Qualify for the $100,000 Grab & Repay New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act [...]