08
Jun 2020Paycheck Protection Program Flexibility Act: New PPP Rules!
The Paycheck Protection Program Flexibility Act (PPPFA) was signed on June 5, 2020 and revises several rules, making qualifying for full loan forgiveness easier for many small businesses. Make sure you read our original PPP Forgiveness article here if you haven’t already to get a grasp on the general mechanisms of PPP loan forgiveness, as this article will primarily focus on the changes to the…
15
May 2020Five Ways Small Businesses Can Make a Big Impact During the Pandemic
During this scary and uncertain time, it can often be hard to find inspiration or know how to be of service. Worrying about finances, school, work, and our families can take a toll on our mental health. But one of the most impactful and uplifting things we can do during tough times is help others. Paragon Accountants is here to share inspiring ideas that you…
07
May 2020PPP Loan Forgiveness Rules
With the first round of funding completed and the second round underway, several businesses have received their Paycheck Protection Program loans from the SBA. This article will guide you through the rules that must be followed in order to gain maximum loan forgiveness as well as the rules that may reduce your forgiveness. 75% Rule You must use at least 75% of the PPP funds…
02
Apr 2020Financial Assistance Options for Small Businesses impacted by COVID-19
As we work together to find a sense of normalcy amidst the COVID-19 pandemic, we recognize that many of our small business clients are facing challenges as they continue to operate and maintain their staff. Below you will find a list of funding programs that can assist with your business if you have been financially impacted by COVID-19. We have also provided information about mortgage…
20
Jan 2020Minimum Wage Increase 2020
2020 California Minimum Wage Changes 2020 has come with many changes for employers and employees, the first being minimum wage. Beginning January 1, 2020, minimum wage has increased for all California employers. For employers with 25 employees or less, minimum wage has increased to $12/hour. For employers with 26 employees or more, minimum wage has increased to $13/hour. A schedule for California minimum wage rates…
02
Aug 2019The Breakdown: Payroll Wages & Taxes Edition
If you’re considering hiring employees, it’s critical that you understand the payroll tax obligations that you have as an employer. With all the confusion surrounding how payroll taxes works, failing to report taxes correctly can result in major issues with the IRS – so it’s worth it to have a basic understanding. But have no fear, this article is going to break down exactly what…
17
Jul 2019July 2019 Sales Tax Changes
Sales tax rates have once again changed! Beginning July 1st, numerous states have changed local sales tax rates with a few changing their state rates. In California, changes have only been made to sales tax rates in San Mateo County and the City of Glendora; the state sales tax rate remains unchanged. Further information on these changes in California are on the California Department of…
24
Jun 2019New CA Small Business Sexual Harassment Training Changes
California has previously mandated that all employers with at least 50 employees conduct a sexual harassment prevention course for all employees. This meant that many small businesses had no obligation to provide any sort of sexual harassment prevention training. Recently however, California has passed Senate Bill No. 1343 that will impact many small businesses by January 1st, 2020. Per S.B 1343, all employers with 5…
15
Mar 2019Top 10 Red Flags That Trigger An Audit
Let’s face it, none of us ever want to hear the words “IRS audit”. The good news is that the odds of being audited by the IRS are at the lowest levels in at least a decade. In fact, the probability of being audited for a median household income in the US dropped to less than 1% in 2014 versus 5.6% in 1993. The IRS…
24
Jan 2019Meals & Entertainment Will Never Be the Same!
So are entertainment expenses really not deductible anymore? How about meals? The new tax reform has brought an endless amount of change to tax law, and one of the most interesting parts affecting most (if not all) businesses are the changes to meals and entertainment expense deductions. We all have reaped the benefits of going out to eat and throwing parties and events while being…