BIG NEWS ‼️
If you run a bar/restaurant in California and received RRF Funds, please read on.....
Yesterday, Gov Newsom signed a bill making RRF Funds NON TAXABLE in California. Huge change from original rule that TAXED the funds in CA.
If you are set up to pay a quarterly estimated income tax payment to California by January 18th you should get in touch with your accountant. That payment most likely would have reflected tax on RRF: now that it's not taxed, some calculations may need to be done so you don't have to pay as much.
Feel free to reach out to our team if you have any questions or need help with this.