Sanjiv Gupta CPA talks about the impact of Biden's Infrastructure Bill on Americans.
Hello, ladies and gentlemen, once again, we are here with Sanjiv Gupta CPA, obviously, the tax time is over. So you can see he's relaxing at this point. So that's good. Although I'm sure there are many people who have not filed taxes. Now, Sanjay, you've been saying on radio, as well as on our interviews for a while, that the business folks should hold on from filing their tax return? Is that still the case? Or is that has changed?
Sanjiv Gupta CPA
We are waiting for a lot of clarity from IRS, and also from the state of California, we have Franchise Tax Board. Now people will be wondering here, what type of clarity? So the question, the answer to that question will depend upon what is the nature of activity that you have in your organization. If you're a business owner, you're still waiting for clarity from the Franchise Tax Board if you got a PPP Loan.
FTB has come back and said if you use the loan money for payroll and other approved expenses, than loan is forgiven the next year providing there is drop of more 25% in revenue (any one quarter).
But what if loan is NOT forgiven? And loan is forgiven, how to do proper accounting?
Find the answer to these & more question by watching the full interview.