Archives for tax credit

New California Sales Tax Relief Announced for Small Businesses

December 17, 2020 | by | Comments Off on New California Sales Tax Relief Announced for Small Businesses

Ryan Working, CPA, MST Tax Director   Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The Governor has now directed the California Department of Tax and Fee administration (CDTFA) to provide additional and expanded temporary tax relief for eligible small businesses impacted by COVID-19.   This temporary relief includes the following: Automatic three-month sales tax extension for taxpayers filing less than $1 million in sales tax. Interest and penalties will not accrue on the
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, ca small business, cdtfa, coronavirus, covid, cpa, cpa firm, irvine, orange county, pandemic, sales tax credit, small business, so cal, tax, tax credit, tax firm, tax relief, tax return, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.

Applying and Qualifying for CA Small Business Hiring Tax Credit

December 17, 2020 | by | Comments Off on Applying and Qualifying for CA Small Business Hiring Tax Credit

Cameron Lee Tax Staff   Applications have recently opened on December 1st, 2020 to apply for California’s small business hiring tax credit. This past September, Governor Gavin Newsom signed SB 1447 allowing qualifying small business owners to claim a $1,000 credit for each net increase in monthly average employees. Each employer is limited to no more than $100,000 total credit under this program. In order to qualify for the credit, taxpayers must meet the following: Have 100 or fewer employees on December 31, 2019 (all employees, including part-time employees). Have experienced a 50% decrease in gross receipts from April to
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, ca small business hiring tax credit, cdtfa, cpa, cpa firm, irvine, orange county, s corporations, small business, small business owner, so cal, tax, tax credit, tax firm, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.

California Competes Tax Credit

July 25, 2018 | by | Comments Off on California Competes Tax Credit

The California Competes Tax Credit is an income tax credit for businesses wanting to stay and grow in California. The purpose is to attract and retain employers in California industries with high economic multipliers and that provide their employees good wages and benefits. Any business can apply. The credit applies to any type of business expecting to increase headcount and/or make a capital investment in California.  Businesses compete for these tax credits by asking for a percentage return on investment. California plans to grant $230 Million in Cal Competes tax credits to California businesses over three separate application rounds in
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, california, california competes, california competes tax credit, certified public accountants, cpa, cpa firm, credit, income tax, income tax credits, roi, tax, tax credit, tax credits, tax firm, taxation, wfy, and wright ford young.