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Blogging Beyond the Numbers

Posted by: Kate Serpe 1 week ago
Is your organization or business still wondering if there are any options for stimulus relief? Good news! There might be! If you haven’t explored the Employee Retention Credit (ERC), you may have the opportunity to see some money back if you meet certain criteria. ERC is available for both 2020 and 2021 employers who had paid employees through payroll and experienced a significant dec...
Posted by: Pete Oettinger 3 weeks ago
The IRS has announced that under the American Rescue Plan Act (ARPA), eligible parents will begin receiving payments for advance child tax credits (CTC), as of July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable for 2021. The law increased the maximum CTC — for 2021 only — to $3,600 for each qualifying child under age 6 and to $3,000 per child...
Posted by: Julie Forrest 1 month ago
Do you have a family member or know a child with disabilities?  If you do, then you know the daily challenges these families face.  At Wegner CPAs, we have a division called FW Consulting - DHFS that serves as a Fiscal Agent for families and care providers.   The FW Consulting - DHFS fiscal agent program provides administrative services for the Wisconsin CLTS (Children’s Long-Term Suppo...
Posted by: Jamie Husemann 1 month ago
As many have heard, the 2020 individual income tax filing deadline was moved to May 17, 2021. This deadline is fast approaching, and it is important for individuals to have a good handle on their current tax situation. Any potential tax liability for 2020 must be paid by May 17, 2021 to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay  Separate penalties apply for failing...
Posted by: Kate Serpe 2 months ago
The SBA announced today that registrations for the SBA RRF portal will be open starting Friday, April 30th at 9 AM EST and the application portal will open on Monday, May 3rd at noon EST.  We encourage potential applicants to review our webinar from this morning with details on the RRF program as well as reviewing the draft application and users’ guide available at SBA.gov.    ...
Posted by: Kate Serpe 2 months ago
The SBA announced that after rigorous testing and updates to procedures, the SVOG portal will reopen Saturday, April 24th. Potential applicants can register for the portal now so that they are ready and able to apply as soon as the portal opens. The SBA.gov information page indicates that updated FAQs, preliminary application checklist, and a user guide should be available sometime today. Please keep a ...
Posted by: Ben Langton 2 months ago
In recent months, there have been several tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Some unemployment compensation from last year is tax free. Generally, unemployment compensation is included in gross income for federal tax purposes. The American Rescue Plan Act (ARPA), enacted on March 11, 2021, ...
Posted by: Kate Serpe 2 months ago
If your organization received a notification to apply for a Targeted EIDL Advance and were subsequently denied, you are now able to send a request to have that application reevaluated.  Applicants that would like to request the reevaluation should send an email to TargetedAdvanceReevaluation@sba.gov.  Instructions when sending the email: Use subject line, “Reevaluation Request for <insert your...
Posted by: Kate Serpe 2 months ago
The Shuttered Venue Operators Grant (SVOG) program has been plagued with issues since its initial start date of April 8th.  In addition to the portal technical difficulties that began almost immediately, the program was also plagued with a scathing report from the Office of Inspector General less than 24 hours prior to the grand opening.  The Inspector’s concerns revolved around award amounts, ...
Posted by: Kate Serpe 2 months ago
On Friday, April 16, the SBA released much anticipated guidance on the Restaurant Revitalization Fund (RRF) in the form of a program guide and a sample application, Form 3172.  Who is Eligible? The guidance confirmed the list of eligible entities not subject to additional thresholds: Restaurants,Food stands, trucks, and carts,CaterersBars, saloons, lounges, and taverns,Snack and nonalcoholic ...