California has NOT passed AB 80: the PPP forgiveness bill - Spidell

California has NOT passed AB 80: the PPP forgiveness bill

AB 80, the bill that would allow up to $150,000 of expenses to be deducted if paid with PPP forgiven loan amounts has not yet passed. There has been no activity, and we can’t get good information on when and if it will pass, and what will actually be included in the final bill. Here are a few important things to know:

  • We will send you a Flash E-mail as soon as it passes providing complete information on the details of the final bill (Click here to sign up for our free Flash E-mail);
  • Because there is speculation that the $150,000 amount could change, we suggest you extend any returns where the taxpayer received a PPP loan or had EIDL or other federal grant payments until we know the details;
  • Consider filing extensions for all returns that have been filed and if there is a change you can file a superseded return, rather than an amended return.

Get details on the American Rescue Plan — as well as a brief update on AB 80 when you attend The American Rescue Plan: Tax Implications webinar on March 22 or March 23. Click here for more information or to register for the webinar.