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Blogging Beyond the Numbers

Posted by: Jamie Landsinger 2 weeks ago
This is a follow up from our previous blog post here. On August 8th, President Trump issued a memorandum calling for a temporary payroll tax deferral for the collection of employees’ Social Security payroll tax (6.2%) from September 1 to December 31, 2020. On August 28th, the IRS issued guidance on how and when the deferred taxes would need to be repaid. The deferral is optional to employers and a...
Posted by: Kate Serpe 3 weeks ago
Important PPP clarifications issued regarding the definition of owner-employees and eligibility of certain non-payroll costs. The new interim final rule will be helpful for anyone grappling with the thresholds related to their employees who are also owners of the business and those paying rent or mortgage payments to a related party.  Here is a great summary of this IFR from the Journal of Accountancy. ...
Posted by: Dena Grinder 3 weeks ago
On August 8, President Trump issued one executive order and three memorandums with the goal of offering relief to Americans due to Coronavirus.  One of the memorandums called for a temporary payroll tax deferral for employees.  This proposal would stop the collection of employees’ Social Security payroll tax (6.2%) from September 1 to December 31, 2020 for employees making under $104,000 per ye...
Posted by: Kate Serpe 2 months ago
We understand the anxiety surrounding the potential forgiveness of the PPP loans and the desire to get the process over with, however, with constantly changing guidance and new bills on the horizon, it’s important to know that things will likely change for the better!  These articles share great insight into why you should pump the brakes on expediting the forgiveness application process. 5 reasons b...
Posted by: Dena Grinder 2 months ago
If your employees were laid off due to the public health emergency declared by Executive Order 72 and filed initial unemployment claims for weeks after May 16, 2020, you may qualify for relief from having your Company’s unemployment account charged for benefits paid. How to Request Relief: Complete Form UCB-18823-E and submit it to the department by encrypted email:https://dwd.wisconsin.gov/dwd/for...
Amanda VanNatta
Posted by: Amanda VanNatta 7 months ago
https://youtu.be/WI_hNOR__o4 Transcript: Welcome to “Accounting for Non-Accountants,” our how-to video series that answers your everyday questions about accounting.  In this video, we will be discussing how an organization can bring credibility to their financial statements which are done in one of three ways:  a compilation, a review or an audit.  All three statements require an organiz...
Posted by: Cam Brawley 8 months ago
Just like the lyrics to Auld Lang Syne: Should auld acquaintance be forgot, And never brought to mind? Should auld acquaintance be forgot, And auld lang syne? Let’s not forget the new tax rates/limitations that became effective January 1, 2020 as many of these new limits affect your businesses.  Let’s take a look at a few that have been indexed for inflation.  Note these are only som...
Posted by: Mike Scholz 9 months ago
Health and accident insurance premiums paid on behalf of a 2% S corporation shareholder-employee should be reported as wages on the shareholder-employee’s Form W-2, subject to income tax withholding. In addition, the medical premiums paid by the S corporation for the 2-percent shareholder-employee’s spouse and dependents should also be included in the wages of the shareholder. Noncompliance with this r...
Posted by: Whitney Mauger 9 months ago
The holiday season is now officially in full swing. Many businesses show their gratitude to employees and customers by providing gifts or hosting holiday open houses and parties. It’s a good idea to understand the tax rules associated with these expenses.   What’s the tax treatment to the business and tax treatment to the recipients (employee vs customer/vendors)? If you make gifts to custom...
Accounting for Non-Accountants
Posted by: Christin Biermeier 12 months ago
Audits aren't supposed to be scary. Watch as Abby and Emily give some practical tips to make your audits a little less scary and make sure you don't give your auditor a fright! https://youtu.be/XuSCRTT0EBQ ...