As another year of unpredictability ends for restaurants and wineries, now is the ideal time for year-end tax planning and preparation ahead of 2022. Year-end planning has several goals, including identifying opportunities for assistance and strategizing for new challenges facing the industry.
By Robert Jackson and Kathy Davis While the Infrastructure Bill passed by the House on Friday, November 5, did not contain much in the way of tax legislation, it did retroactively put an end to the Employee Retention Credit (ERC) as of the end of the 3rd quarter for all employers other than “recovery startup …
Although transactional and transformational leadership are quite different approaches to leadership, comparing the two is not a question of good vs. bad or right vs. wrong. Both offer advantages in certain situations, and while you may naturally gravitate toward one style, understanding both and knowing when to utilize their strategies can make you an even stronger leader.
June 3, 2020 On June 3, 2020, the Senate, by unanimous consent, cleared the bill the House passed on May 28th to extend the Paycheck Protection Program (PPP). The President is expected to sign the bill soon. The bill known as the Paycheck Protection Flexibility Act (H.R. 7010) includes the following provisions: Extends the PPP …
The Paycheck Protection Flexibility Act Awaits the President’s Signature Read More »
Tuesday, May 19, 2020 SBA’s newest Interim Final Rule, posted on May 18th, clarifies that borrowers must count all employees, both foreign and domestic, for purposes of the size limitations of the PPP, subject to certain exceptions to affiliation. The IFR follows closely after the SBA and U.S. Department of Treasury published FAQ 44 on …
Monday, May 18, 2020 By Kathy Davis, CPA | COVID-19 Response Team On May 15th, the SBA released the application that borrowers must use to determine the amount of the loan that may be “forgiven” by their lender. There are still unknown items, for which we expect additional guidance, but we will highlight a few …
Release of SBA Paycheck Protection Program Loan Forgiveness Application Read More »
Friday, May 15, 2020 By COVID-19 Response Team The following was released earlier this evening. We are still analyzing, but here are critical components of the summary of costs eligible for forgiveness: Incurred and paid Payroll Paid = considered paid on date payroll checks are distributed Incurred = Day the employee’s pay is earned Payroll costs …
Thursday, May 14, 2020 By COVID-19 Response Team SBA just added FAQ #47 47. Question: An SBA interim final rule posted on May 8, 2020, provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required …
BREAKING: SBA Extends Date for Safe Harbor Return of PPP Funds Read More »
Thursday, May 14, 2020 By COVID-19 Response Team On May 12, 2020, IRS released Notice 2020-29 announcing that it is permitting increased flexibility for Section 125 cafeteria plan midyear elections for employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care, along with clarifying that high deductible health plans (HDHP) can provide coverage for telehealth …
