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Blogging Beyond the Numbers

Posted by: Jamie Landsinger 4 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 1 month 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 1 month 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: Swati Jain 1 month ago
With the tax law changes that have happened recently because of the Covid-19 pandemic, there have also been changes to the Required Minimum Distributions (RMD) for 2020. RMD is the amount of money that must be withdrawn each year from a SEP, SIMPLE, IRA or other defined contribution plan including 401(k) and 403(b) plans, when the owner/participant reaches age 72 (70½ if you were 70½ before January 1, 20...
Posted by: Kate Serpe 2 months ago
Some updated PPP FAQs are here! These updated FAQs relate to the forgiveness process. We are still encouraging everyone not to rush into the forgiveness process as the SBA is not yet accepting applications. We are also *patiently* awaiting the passing of the next stimulus bill.  Please reach out to us with additional questions. Stay tuned Join our email list to receive updates ...
Posted by: Julia Arata-Fratta 2 months ago
No matter what industry you work in, your company has been likely affected by the COVID-19 pandemic. Many companies, especially in the harder hit industries like tourism and hospitality, are facing cash flow issues. Even if your company’s cash flow has remained steady or you have ample cash reserves on hand, you need a solid strategy to weather this crisis. Outsourced accounting can provide the guidance ...
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...
Posted by: Christin Biermeier 3 months ago
PPP Loan Forgiveness Application & Instructions Click here to download the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) (Spanish version) Click here to download instructions for the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) PPP EZ Loan Forgiveness Application & Instructions Click here to download the Paycheck Protection Program E...
Posted by: Evan Thom 3 months ago
Millions of Americans have already received their Economic Impact Payments (EIPs) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the economic threats caused by COVID-19.  Under the CAREs Act, eligible individuals can receive $1,200 (or $2,400 for a married couple filing a joint return) and may receive up to an additional $500 for each qualifying child.&...