Paragon Accountants

Assembly Bill 80 was just signed by Gov. Gavin Newsom meaning that many California businesses will not have to pay taxes on forgiven PPP loans. Check out this article to see if you qualify. Additional guidance is expected on how to treat returns that have already been filed prior to the bill so stay tuned!

Gavin Newsom signs tax break on pandemic loans for many California businesses California is giving a tax break to businesses that received PPP loans and can show they lost profit because of COVID.

The IRS just acknowledged an issue of e-filed tax payments not being processed on the correct scheduled date. It is advised that taxpayers do not resubmit these payments since the IRS has fixed the issue and is currently processing all pending payments. Please be sure to check your bank account over the next 2 weeks if you have any pending or scheduled payments that are supposed to go out!

This just in! The IRS released guidance on the new 100% meals deduction available to businesses from 2020 through 2022. Mainly, it’s required that an employee or owner is present, the food and beverages are purchased from a restaurant for immediate consumption, and the expense is reasonable.

What we are really trying to say is get out there and support your local restaurants!

Restaurant Entertainment Expenses Fully Deductible, IRS Says Businesses can claim a 100% deduction on restaurant meals through the end of 2022, the IRS announced.

The tax deadline has been pushed back to May 17th! Read our article for more details.

2021 Tax Deadline Extension: What You Need To Know | Paragon Accountants 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 continu...

Missed our story yesterday? Well, read and weep, the IRS has pushed back the tax filing start date to February 12th.

As the year draws to a close, it is a perfect time to prepare for the upcoming tax filing requirements. One type of tax form that is due sooner than usual is the 1099-NEC. Check out the article that we just posted!

1099-NEC versus 1099-MISC | Paragon Accountants As the year draws to a close, it is a perfect time to prepare for the upcoming tax filing requirements. One type of tax form that is due sooner than usual is the 1099-NEC. You may have never heard of this form but don’t worry, it’s just replacing a portion of the 1099-MISC, a form that most busi...

Wishing you a very happy holiday season and a wonderful New Year!

Check it out! Another COVID-19 relief bill was just passed by both the House and Senate. Check out our article for the most significant points of the 5,000 page bill.

The New COVID-19 Relief Bill: What You Need To Know | Paragon Accountants A $900 billion COVID-19 relief bill was just passed by both the House and Senate on Monday, December 21st. Although the bill now has to be signed by President Donald Trump before going into law, we still wanted to provide the most significant points that would come out of the bill. Stay tuned for ad...

Happy Thanksgiving from the Paragon Team

We hope that this Thanksgiving is nothing but family, friends and thankfulness as we finish out 2020.

Happy Thanksgiving!
Paragon Accountants

President Trump issued an executive order last month allowing employers to defer withholding and payment of certain payroll taxes. Check out our article for the new guidance that was just released!

Trump's Payroll Tax Break: What You Need To Know | Paragon Accountants As you may recall, earlier last month (August 8), President Trump issued an executive order allowing employers to defer withholding and payment of a portion of their employees’ Social Security taxes if wages are under a certain threshold. Then, last Friday (August 28), the IRS provided guidance on...

Our office will be closed on Friday July 3rd in observance of Independence Day. We wish you and your family a safe and enjoyable fourth of July holiday! We will re-open on Monday July 6th.