HT2 CLIENT UPDATE
CLIENTS – Please submit your completed organizer and all documents to our office by Friday, August 20th. Even if you are waiting on third-party K1s, please submit material that you currently have on hand. Due to changes from the CARES Act, Families First Coronavirus Response Act, SECURE ACT and Taxpayer Certainty and Disaster Tax Relief Act, our office will need time to properly prepare your returns.
WHY YOU SHOULDN'T OVERLOOK THE
EMPLOYEE RETENTION CREDIT
Introduced in 2020, the Employee Retention Credit (ERC) was created to help businesses who have been affected by the COVID-19 pandemic. Since its release, it has been expanded and modified to help more business. Despite all of this, many businesses who are eligible for the credit haven’t filed for it. Was your business impacted by the pandemic? Don’t assume your business is ineligible. 

NOTE: We are closely monitoring H.R. 3684, known as the Infrastructure Investment and Jobs Act. As of the publication of this article, the infrastructure bill was approved by the Senate and now goes to the House of Representatives for consideration. The infrastructure bill would terminate the employee retention credit early, making wages paid after September 30, 2021, ineligible for the credit. 
POSSIBLE TAX CONSEQUENCES OF GUARANTEEING A LOAN TO YOUR CORPORATION
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be blindsided.
CALIFORNIA GOVERNOR SIGNS ASSEMBLY BILL 150

The California Governor signed Assembly Bill 150 on July 16, 2021. The AB150 budget trailer bill creates an elective pass-through entity tax, revises and expands the small business hiring credit (also known as the Main Street Small Business Tax Credit), creates a homeless hiring tax credit, extends the taxable years for which the credits for rehabilitating certified historic structures and for donating fresh fruit or vegetables to a food bank may be claimed, and increases the amount of California Competes Tax Credits that may be allocated during fiscal year 2021-22.
HHS RELEASES PROVIDER RELIEF FUND (PRF) REPORTING PORTAL FOR HHS CARES ACT PAYMENTS
Did your company receive funds from the Human Health Services (HHS) Cares Act stimulus? If so, you may be required to submit supporting documentation for how the funds were used.

The Human Health Services department calculated relief payments based on 2019 Fee for Services (FFS) Medicare payments and direct deposited them into hospital and medical provider accounts. Any payments of more than $10,000 require additional reporting by the deadline specified in the chart below, per the Terms and Conditions of the payments.
NEWS YOU CAN USE
2020-2021 Tax Planning Guide READ MORE HERE
Taxpayers should be on the lookout for new scams  READ MORE HERE
E-signature for individual tax returns available to our clients VIDEO PRESENTATION