Blogging Beyond the Numbers
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...
Should you capitalize or expense your business’ or organization’s latest purchase?
This is a question that should be getting answered for each and every purchase you make. The answer you decide will have an effect on the usefulness of your financial statements, the size of your record-keeping burden, and how much you pay in taxes.
The point of capitalization
Making this decision requ...
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 ...
PPP Extension Passed in the Senate
This afternoon, the Senate passed the bill to extend the time to apply for a PPP first or second draw loan to May 31st. This is great news for those that have not yet applied, or for applicants whose loan remains on hold or in processing. The bill also provides the SBA with an additional 30 days after the May 31st deadline to continue processing loans. This provision w...
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...
On Wednesday, March 3rd, the SBA and Treasury released a new Interim Final Ruling (IFR) that details previous guidance announced by the Biden administration related to Schedule C filers and the calculation of their maximum PPP2 first draw or second draw loan. The new guidance allows Schedule C filers to use either gross income or net profit when calculating an amount for owner compensation replacemen...
More and more people are working from home, especially during the COVID-19 pandemic. If you spend time working at home, you may wonder whether you can deduct expenses related to your home office space.
Unfortunately, if you are an employee of a company, the Tax Cuts and Jobs Act suspended the business use of home office deductions from 2018 through 2025 for employees. Those who receive a paycheck ...
On Thursday, February 18, 2021, Wisconsin Governor Evers applied his signature to AB-2 and issued a statement highlighting $480 million in tax savings included in the legislation, Wisconsin’s first new state law for 2021.
The legislation — originally a routine revision of the state tax code primarily to match changes in the federal code — took on added attention after lawmakers added language to h...
https://youtu.be/lLI0GUfJV7E
Planning for a virtual tax season may seem stressful, but it doesn't have to be, and in fact you might actually find it more efficient than lugging that old shoe box full of receipts to our office! Watch the video, or continue reading for tips on our virtual tax season procedures and to learn how your tax return process will run smoothly...
The Wisconsin Department of Revenue recently announced on the WDR website a note to taxpayers regarding the Wisconsin-federal differences related to the treatment of expenses paid with PPP loan funds. It’s not good news.
The federal Consolidated Appropriations Act, 2021 (the Act, signed into law December 27, 2020) provided welcome news to business. The Act provided that expenses paid with forgivable ...
