Language:

Blogging Beyond the Numbers

Posted by: Kate Serpe 6 days ago
Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website has been down intermittently due to an overwhelming response for funding.  We recommend being patient and persistent in your efforts to complete the application process.  As a reminder, once you submit your SVOG ap...
Posted by: Dan Bergs 3 weeks ago
Businesses and organizations that have suffered a decline in gross receipts may qualify for an employee retention credit (ERC). Recent legislation has extended the ERC through Q4 2021. For 2021, your business operations must be either fully or partially suspended by a COVID-19 governmental authority shutdown (mandate) for any quarter in 2021 OR gross receipts are less than 80% of gross receipts for the ...
Posted by: Kate Serpe 1 month ago
On March 5th, the SBA released a Preliminary Application Checklist that walks through documents needed once the application portal opens.  This list is a working document and may change as the program continues to evolve, but it is a great reference for all of the information that potential applications should start gathering immediately.  An important reminder that applicants are required to register fo...
Posted by: Carrie Shefchik 1 month ago
Did you have payroll expenses last year? Will you have payroll expenses first or second quarter of 2021? Was your company struggling during the pandemic and is it continuing to struggle? If so, it literally pays to be sure you are receiving all the COVID relief you are eligible for. Who is eligible for the ERC The Employee Retention Credit (ERC) is a refundable credit for qualified wages.  Recen...
Posted by: Dan Bergs 1 month ago
The IRS recently came out with Notice 2021-20 providing guidance on the employee retention credit. This guidance is specific to 2020, but the concepts can also be applied to 2021. The Employee Retention Credit encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID...
Posted by: Kate Serpe 1 month ago
The Shuttered Venue Operator Grant (SVOG) program was established as part of the Economic Aid Act signed into law on December 27th, 2020.  The program was allocated $15 billion in funds for grants to shuttered venues.  This program, like the PPP and EIDL programs, is being administered by the SBA.  Eligible applicants may qualify for funding equal to 45% of their gross earned revenue up to a...
Posted by: Elizabeth Heins-VanderWeide 2 months ago
The employee retention credit (ERC) has been getting a lot of press – and generating a lot of questions. Here is a summary. Background of ERC Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the ERC was included as a refundable tax credit against payroll taxes. This credit is equal to 50% of the qualified wages an eligible employer paid to employees after March 12, 2020, and be...
Posted by: Dan Bergs 3 months ago
Getting a college education is expensive. It is also a great investment in your future as well as the future of your child or grandchild. There are some tax benefits that will assist in the cost of a college education. The new stimulus bill passed on December 27, 2020 called the Consolidated Appropriations Act (“CAA”) made some changes to college tax benefits. First, let us discuss some tax c...
Posted by: Whitney Mauger 3 months ago
With the President's signature enacting into the law the $900 billion COVID-19 relief bill, certain business meals will now be 100% deductible. This full deduction applies to the cost of food or beverages provided by a restaurant and paid or incurred in 2021 and 2022.    The only change to the code was this new exception to the 50% rule.  All other areas of Sec. 2...
Posted by: Kent Collier 3 months ago
Many of you have read our recent blog regarding the position taken by the IRS on the deductibility of PPP covered expenses. In IRS Revenue Ruling 2020-27 issued in the fall, the IRS indicated that those covered expenses typically would not be deductible. However, the recently signed COVID-19 Relief Act overrides that Revenue Ruling and provides that the expenses are deductible even though the loan proceeds...