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Apr 2021California PPP Rule Changes
The California General Assembly has sent AB 80 to the Governor, and he is expected to sign it. AB 80 generally conforms to the federal treatment of PPP loan forgiveness and EIDL grants, with one major exception. To deduct expenses paid with PPP loan forgiven amounts, the taxpayer must have a 25% reduction in gross receipts in any 2020 calendar quarter as compared to the…
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Mar 20212021 Tax Deadline Extension: What You Need To Know
Just this past Wednesday, March 17th, the due date to file your 2020 federal and California income tax returns filings was postponed to May 17th, from April 15th. This includes the filing of the tax return as well as paying any remaining balance that is due for 2020. The delay comes from the continual effects that COVID-19 has had on America, including the IRS, which…
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Dec 2014Happy Holidays from Paragon!
From our entire team here at Paragon, we wish you a joyous holiday season and prosperous new year. As we bid goodbye to 2014, we want to thank you for your continuous patronage and being part of our family. May the upcoming year bring you much happiness, health, and wealth. Can’t wait to see you all next year!
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Nov 2014Tax Benefits Increase Due to Inflation Adjustments
The IRS recently announced annual inflation adjustments for over 40 tax provisions for the 2015 tax year. With tax season on the horizon, take a look through some of the most relevant adjustments here to see how they’ll affect you: The standard deduction for singles and married filing separate rises to $6,300, and $12,600 for married couples filing jointly. Singles with an income over $413,200…