Redirecting to cart, please wait...
You have items(s) in your cart.
Throughout the legislative session CalCPA met with legislative leaders to outline the need to assist businesses weather the unprecedented financial strain and COVID-related disruptions that have impacted nearly every facet of their business operations. These legislative actions are a product of those efforts.
For example, when the CARES Act passed, CalCPA raised concerns over the inconsistency it created between state and federal tax rules—particularly on the tax treatment of forgiven PPP loans. Raising this issue helped spur AB 1577, which brings California into alignment with current federal tax laws and IRS guidance related to the tax treatment of forgiven PPP loans. This narrow, but important conformity item. will help many businesses that relied on the PPP to survive avoid the possibility of a surprise tax bill.
CalCPA will continue to work with the Legislature and other policy leaders to address the economic challenges facing Californians, understand the options available and help develop meaningful solutions.
Sept. 9, 2020