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El Dorado county sales tax revenue could take major hit


 
SOUTH LAKE TAHOE, Calif. El Dorado County could lose millions in sales tax revenue if a major online retailer gets its way, county Auditor-Controller Joe Harn warned the Board of Supervisors this week.
One of the world’s largest online retailers (Harn is prohibited from naming the retailer or reporting more precise revenue estimates per California Revenue and Taxation Code 7056) “has changed the way it reports sales tax transactions to the California Department of Tax and Fee Administration.”
“If this sales tax reporting change is accepted and validated by CDTFA, El Dorado County will lose millions of dollars in general fund revenues and our two transportation planning agencies will lose significant revenues over the next several years,” Harn said. ....

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California Largely (But Not Fully) Conforms to Deductibility of Expenses Paid with Forgiven PPP Loans | Sheppard Mullin Richter & Hampton LLP


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On April 29, 2021 Governor Newsom signed California A.B. 80, largely conforming to Federal rules relating to deductibility of expenses paid with funds from forgiven Paycheck Protection Program (PPP) loans. The $150,000 limitation in prior versions of A.B. 80 was removed, and replaced with a requirement that only non-publicly traded companies who reported losses of at least 25% in gross receipts during one quarter of 2020 can deduct such expenses. That 25% decrease in gross receipts was also a condition for receiving a PPP loan in the second round of loans made available in late 2020. Publicly traded companies cannot deduct any amount of expenses paid with funds from forgiven PPP loans. ....

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