HT2 Client Update
HAMILTON THARP, LLP
WELCOMES TWO NEW MEMBERS TO OUR "TEAM"
Leanna & Erik Almklov
are the proud parents of
Leif Kitty Almklov
She was born on June 6, 2020
7 lbs and 10 ounces
Congratulations!!!
Andrew & Erin Clark
are the proud parents of
Nora Wendy Clark
She was born June 4, 2020
7 lbs & 5 ounces
Congratulations!!!
REMINDER!!!
TAX FILING DUE DATE: July 15, 2020!
Still haven't gotten your tax information to HT2?
Don't worry! Your returns will be extended!
1st & 2nd Quarter Estimated Tax Payments Due: July 15, 2020
GOODBYE CALIFORNIA,
HELLO RESIDENCY AUDITS
With personal income tax representing 61% of California’s total general fund revenue sources, it is no surprise that the California Franchise Tax Board in the last few years has become more aggressive in its enforcement and interpretation of California residency law, using residency audits to do so.
SBA REVISES THE PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS APPLICATION
On June 16, 2020, the U.S. Small Business Administration (SBA) released the updated Paycheck Protection Program (PPP) Loan Forgiveness Application (see link below) which supersedes the application previously released on May 15, 2020. The new application incorporates changes to the PPP per the Paycheck Protection Program Flexibility Act (H. R. 7010), which was signed into law on June 5, 2020. The latest PPP loan forgiveness application, in conjunction with the June 17, 2020 release of the Revisions to the Third and Sixth Interim Final Rules, addresses some of the previously unanswered questions
UNEMPLOYMENT INSURANCE BENEFITS
AND THE CARES ACT
Nothing is more important than the health and safety of you and your loved ones as you deal with the COVID-19 pandemic. The Coronavirus crisis has had a wide-reaching effect on just about every aspect of our lives. We’ve all been asked to adjust our daily routines. Unfortunately, our health and well-being aren’t the only things of which we need to be concerned. The sudden downward shift in our economy has had a devastating effect on employment. The U.S. is currently experiencing a jobless rate unseen since the Great Depression. If you, or someone close to you, lost a job as a result of the economic shutdown caused by COVID-19, we’re sure you’ve got questions. In this article, we’ll address some of those questions, particularly with respect to unemployment benefits.
BREAKING: SBA's ECONOMIC INJURY DISASTER LOAN AND ADVANCE PROGRAM RE-OPENED
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza. “Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
NEWS YOU CAN USE
Taxpayers should be on the lookout for new scams  READ MORE HERE
E-signature for individual tax returns available to our clients VIDEO PRESENTATION
HAMILTON THARP, LLP
HAS A DEDICATED COVID-19 RESOURCES PAGE UPDATED DAILY!
VISIT THE PAGE HERE
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