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Student Loan Debt Not Forgiven From Taxes In California

President Biden’s Student Loan Debt Relief Plan will cancel up to $20,000 of debt to Pell Grant recipients, and up to $10,000 to non-Pell Grant recipients. The California Franchise Tax Board is reminding those eligible for the relief (those with individual income less...

FTB First Time Penalty Abatement Proposed

The FTB may be getting on board with the IRS by offering a first-time penalty abatement for qualified taxpayers.  The relief would begin with tax year 2022 and provide one-time relief of failure-to-file or failure-to-pay penalties.  This is just one of the provisions...

Thinking of Closing Your Business?

Over the past year many California businesses have faced difficult choices, including the decision to remain operating, or to shut down. For those who have ceased business, it is important to make sure you have legally terminated your entity with the State of...

Tax Treatment of PPP Loans in California

Many tax preparers and businesses are wondering about the status of PPP loan deductions when preparing their state income tax returns this year.  While the federal government has provided that businesses may deduct the expenses covered by the PPP loans, the California...

2020 Tax Return Tips

As you begin preparing to file your 2020 income tax returns, the IRS shared some important tips. Their first quick tip is to electronically file returns and to choose direct deposit. Since the USPS has had more issues and delays than ever, going electronic is the...

FTB Helps Cannabis Businesses

The FTB has a new form for reporting cannabis deductions in 2020. Form 4197 will allow taxpayers involved in commercial cannabis activity to report deductions, credits, exclusions, and exemptions. The FTB plans to send over 5,000 “Welcome Letters” to licensed cannabis...

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