News

PPP Task force

Wallace Plese + Dreher | PPP Loan Forgiveness Application Assistance

Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.

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IRS Food and Beverage

IRS Issues Additional Guidance on Food Deduction

The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.

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Tax Day Extended May 17, 2021

IRS Extends 2020 Tax Deadline for Individuals

On March 17, 2021, the Treasury Department and IRS announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. This extension does not apply to estimated tax payments that are due on April 15, 2021. As of today, tax returns for corporations, trusts, and Arizona state returns are due on April 15, 2021.

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Flexible Spending Accounts

IRS Grants Relief on FSAs and DCAPs

The IRS is providing some accommodation to employee benefit plans offering health flexible spending accounts (FSAs) and dependent care assistance plans (DCAPs). Under the COVID-19-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 to adjust their programs to help employees better meet the unanticipated consequences of the public health emergency.

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Employee Retention Credit

Employee Retention Credit

The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.

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Brammer_Randy G._CPA_2019

Randy G. Brammer, CPA Designated Managing Partner

Categories: News

Effective January 1, 2021, Wallace Plese + Dreher (WP+D) designated Randy G. Brammer, CPA as the Firm’s new Managing Partner. Mark R. Dreher, CPA, former Managing Partner, remains a partner and will continue assisting businesses with sales, purchases, mergers and acquisitions.

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Consolidated Appropriations Act, 2021

The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to the hardest-hit small businesses by reopening the Paycheck Protection Program and offers them the ability to apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have experienced drops of at least 25% in revenue during any quarter of 2020 compared with the same quarter in 2019.

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Paycheck Protection Program

IRS: Eligible PPP Expenses Now Deductible

On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).

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2021 Forbes America's Best Accounting Firms

Wallace Plese + Dreher Awarded Forbes America’s Best Tax and Accounting Firms 2021

Categories: News

Wallace Plese + Dreher has been awarded and recognized on the Forbes list of America’s Best Tax and Accounting Firms 2021. In total, 250 companies were awarded the title of America’s Best Tax Firm 2021 and 200 companies were awarded the title of America’s Best Accounting Firm 2021. Wallace Plese + Dreher was awarded titles in both accounting and tax.

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Client Accounting Services

Understanding Your Financials with QuickBooks

You need current and accurate financial statements for good business decision-making. Do you understand your financials and what they say about your business? QuickBooks can help you grasp your debits and credits and take charge of your data and financial reports.

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Foreign bank account reporting

Foreign Financial Account Reporting and FBAR

Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.

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Nonprofit accounting

Simplifying Life for the Arizona Nonprofit CFO

One of the most challenging responsibilities for Arizona nonprofit CFOs is managing a budget with financial constraints. Even though it may be needed, financial management software can sometimes seem like a distracting and risky problem. Benefits from cloud-based accounting may outweigh the risks.

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