Lemas Accountancy Corporation

01/06/2021

https://www.cda.org/Home/News-and-Events/Newsroom/Article-Details/california-small-businesses-can-apply-by-jan-13-for-covid-19-relief-grants-of-up-to-25k

Micro and small businesses in California that have been disproportionately impacted by the COVID-19 pandemic can apply for a grant of up to $25,000 through the California Small Business COVID-19 Relief Grant Program administered by California’s Office of the Small Business Advocate. The applicatio...

12/28/2020

If you don't have a pension plan in your business and you have 5 or more employee this will apply to you by 2022 or sooner if you have more employee.

Secure Choice is a new retirement savings plan for private sector employees. Effective 2019, employers of five or more employees will be required to provide a retirement plan for their workers or enable their works to make a direct payroll contribution into their personal Secure Choice IRA account.

12/22/2020

This will be AMAZING! Your PPP loans if forgiven would be NOT taxable. This is the first time ever that any legislation like this has ever been created. Free money to create deductions.....Wow!

Congress finally passed further Covid relief, and it potentially bodes well for a range of small businesses.

12/17/2020

Every small business needs to know about the nightmare known as AB 5. The Risks are beyond anything I've every seen. Do not treat employee as contractors unless you know the rules. This is a business crusher and nothing more. Fines can easily eclipse 100,000 to 200,000.

Assembly Bill (AB) 5, recently signed into law, replaces the common law test with the ABC test to determine whether a worker is an employee or independent contractor in California. Effective January 1, 2020, hiring entities are required to classify workers as employees unless they meet all condition...

12/08/2020

For my Bedtime reading tonight.....and yours if you so desire and can't sleep.

Although the CARES Act Payroll Protection Program’s (PPP) loan application period closed last August, you most likely have clients who received funding and now need to plan for loan forgiveness. The rules changed since the program began.

12/02/2020

Small business hiring Credit....has only two qualifications to apply:

Employed 100 or fewer employees as of December 31, 2019, and

Suffered a 50 percent decrease or more in income tax gross receipts (generally, all income less returns and allowances), when comparing second quarter 2020 to second quarter 2019.

100 million and another first come first serve:

Senate Bill 1447 was enacted on September 9, 2020, and allows a small business hiring credit against California state income taxes or sales and use taxes to certain California qualified small business employers that receive a tentative credit reservation.

11/19/2020

All PPP forgiven in 2020 will be income in 2020 as expected. If you've never had a tax plan this may be this year if your net is higher than usual. Many tax plans this year are resulting in higher income.

On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51.

10/09/2020

During the next 6 days we will ONLY be doing 1040 returns all other requests must be scheduled phone appointments at this time. My suggestion is to contact Darci after the 10-15 deadline.

10/07/2020

Tax aspect of our candidates could not be more obvious

Trump=less taxes and government obstacles

Biden=way MORE taxes and way more government obstacles

A report released on Wednesday by the Committee for a Responsible Federal Budget (CRFB) estimates that Democratic presidential nominee Joe Biden's proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump's would decrease tax revenue for the government by abou...

09/11/2020

This is why there is not a second stimulus!

Chuck Schumer and the Senate Democrats rattled their sabers today and the American people are the big losers. Chuck and his gang blocked a key bill that would provide relief to struggling Americans hit hard by the crisis. “Senators who share the Democratic leader’s toxic attitude, who think the ...

08/13/2020

Hope your year is going….as well as it can.

Surviving 2020 is the big goal for most of us.

Just a friendly reminder that your S-Corporation or Partnership Returns are:

32 days until calendar year Corporations and partnerships are due.

Due September 15th, 2020. Please make sure your getting ready for this upcoming deadline as soon as possible it will be a busy window for us.

1040 returns are due in 62 days.

08/12/2020

ALERT: NOW is the time to Act

As a small business owner is imperative that we all unite on simple task...sign the recall ASAP.

Please don’t assume others will do it, because this for California. He is not going to get better, he will get worse as we move toward fall/flu season. We will always have forms available, but you can download at www.recallgavin2020..com.

Petition page: https://recallgavin2020.com/petition/

I would encourage you all to offer signing stations at your place of business. We need 1.5 million signatures to force th recall.

Complaining does nothing, but signing the recall gives us all a chance.

This is the official “Recall Governor Gavin Newsom” petition. This version must be printed on standard letter sized (8.5″ x 11″) paper. Each page contains space for 5 signatures.