The California local government and county assessors do not have the authority to extend the April 10 property tax deadline because this can only be done by legislative act or executive order. However, beginning on April 11, taxpayers unable to pay on time for reasons related to COVID-19 may submit a request for penalty cancellation. Los Angeles has a special team set [...]

The COVID-19 pandemic has been a huge disruption for just about every industry around the world. Brands, especially those deemed to be “nonessential,” have seen significant decreases in monthly revenues. With some experiencing a near stand-still in revenue generating activities. This puts brands in a delicate position, as they know that they cannot stop advertising if [...]

The stay-at-home order amidst the COVID-19 pandemic unexpectedly launched the world’s largest remote-working experiment. Over the past weeks, we have seen organizations, including our clients and our own firm, spring into action to adapt to running either a partial or a completely remote operation. GHJ has been fielding questions in the process as our clients put new [...]

As we know, Friday, April 3, 2020 was the first day for small businesses to be able to apply for the Paycheck Protection Plan (PPP) with some big banks rocking and rolling and some others slow to get out of the blocks. Slow Start As of the morning of April 3, Bank of America was the only big bank to start accepting applications. In fact, the bank has reportedly al [...]

Last night, the Treasury Department released a series of frequently asked questions to clarify certain provisions of the Paycheck Protection Program (“PPP”) to applicants. These are: For the purposes of calculating payroll costs and headcount, there was ambiguity about the correct time period that should be used. The clarification allows an applicant to use either t [...]

Food processing companies are considered essential businesses by most state governments and are currently permitted to stay open and continue to operate. But how are they dealing with COVID-19? Companies now need to comply with more stringent requirements and change their existing operating policies for food safety and personnel safety measures. New operating strate [...]

The recently enacted CARES Act contains broad and targeted provisions that can help the cash-flow needs of real estate property owners. For residential property owners and landlords with federally backed mortgages (i.e., Fannie Mae or Freddie Mac), the CARES Act provides relief with forbearance on mortgage payments and foreclosure protection: Multifamily borrowers [...]

April 3, 2020 was the first day that small to mid-sized businesses affected by the COVID-19 pandemic could apply for funding from the $349-billion Paycheck Protection Program (PPP) that is part of the CARES Act. Many media and entertainment companies are still eagerly awaiting to begin the funding process of the PPP loans. However, they have been met with some challe [...]

According to Section 1106 of the CARES Act, a portion of the Paycheck Protection Program (“PPP”) loans can be forgiven on a tax-free basis based on the extent of certain covered expenses (i.e., payroll, rent obligations, utility payments and mortgage interest) incurred during the eight-week period following funding of the PPP loan. Amounts forgiven may not exceed th [...]

Nonprofit organizations across the nation are desperately in need of support during the current COVID-19 pandemic. A new universal above-the-line tax deduction may give charitable giving a much needed boost. Currently, only individuals who itemize their taxes can claim charitable deductions. Under the 2018 Tax Cuts and Jobs Act, the standard deduction was increased t [...]