Wallace Plese + Dreher | PPP Loan Forgiveness Application Assistance
Do you have questions about your SBA PPP Loan Forgiveness Application? Contact Mark Dreher, Barry Graham, or Brandon Temple for PPP Loan Forgiveness assistance.
News
Mergers and Acquisitions Tax Planning
The Tax Cuts and Jobs Act (TCJA), passed in late 2017, changed many facets of tax planning, including mergers and acquisitions (M&A). TCJA created a variety of opportunities for mergers and acquisitions and any business considering a future M&A should be aware of the changes.
2020 Business Tax Deductions
It has been a challenging year, but one thing that has not changed is taxes. Fortunately, Arizona businesses can take advantage of certain tax deductions.
Arizona Bingo and Raffles
The Arizona Department of Revenue (ADOR) issued a reminder about legalities surrounding bingo and raffles in the State of Arizona. In the State of Arizona, all forms of online gambling are illegal.
FATCA Basics and Form 8938
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.
2021 Key Adjustments | ACA | HSA | Inflation Adjustments
After a year of turmoil and surprises, what will 2021 bring? One certainty is that the federal government is changing a variety of numbers affecting the finances of businesses and individuals.
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.
Section 179 Can Help Construction Companies
Construction companies have an opportunity to save on taxes through Section 179. The deduction can help with the rising expense of labor in light of the skilled worker shortage and contribute to training employees.
What is a Supplemental Unemployment Benefits (SUB) Plan?
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
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.
COVID-19 Era Compensation Planning
Compensation planning in the COVID-19 era continues to shift. How should your company handle compensation during cash flow challenges?
SSA Announces 2021 COLA and Max Earnings
The SSA published its 2021 COLA increases and new ceiling for earnings subject to OASDI. What numbers are changing and are you affected?
Restructuring Debt as a Business Strategy
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
IRS Final Regulations on Meals and Entertainment
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.
Arizona Manufacturing, Technology and COVID-19
As a result of COVID-19, the economy has taken a tremendous hit and many Arizona manufacturers are feeling an impact. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of technology and increased access to market trends.
Relief for Small PPP Loan Borrowers
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
Deadline Approaching for Tax Year 2019 Filing Extension
Federal individual and calendar year corporate returns (except S Corporations) are due October 15, 2020, and calendar year fiduciary returns were due September 30, 2020.
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.
Arizona TPT Electronic Filing and Payment Effective January 1, 2021
The transaction privilege tax (TPT) electronic filing and paying threshold lowers to $500 beginning January 1, 2021. There will be penalties for not filing and paying electronically.
Applying for PPP Forgiveness
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
IRS Announcement CCH E-Filing Outage on September 15, 2020
The IRS stated in a September 24, 2020 memorandum, it would treat September 15, 2020 returns and any elections filed on September 17, 2020, as timely if the September 15, 2020 filing was affected by a CCH e-filing system software outage.
Understanding Changes to USMCA and Mexico
In a free two part webinar on September 23 and 30, 2020, hear experts with the Arizona District Export Council (DEC) discuss exporting from the U.S. to Mexico. Learn about the tax benefits from Stephen J. Rodis, CPA, on September 30. Read further for the full agenda and registration details.
Strategizing for a New Normal
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
Does Workers’ Compensation Cover COVID-19?
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
Best Practices for Managing Remote Employees
While many companies offered options to work from home before COVID-19, few had policies and procedures in place for managing employees. What are some best practices for managing employees working from home?
Deferral of Social Security Tax Withholdings
On August 8, 2020, President Trump issued an executive order offering payroll tax deferral until the end of 2020. Deferral would begin on September 1, 2020 and employers could pause collecting the 6.2% employee portion of the social security tax on an employee’s annual wages for 2020.
COVID-19 Reassessing Estate Planning
COVID-19 caused many changes in our personal and business lives, giving us time to rethink our priorities and expectations. Estate planning is one area that has received a lot of attention. Do you have an estate plan in place?
IRS Accepts E-Filings of Amended Individual Tax Returns
The IRS reached a major milestone by accepting Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Now, taxpayers can correct tax returns with fewer errors and expedite processing.
ADOR Importance of Verifying Mailing Address
The Arizona Department of Revenue (ADOR) reminds taxpayers and business owners to verify their mailing address when filing. ADOR recommends using a standardized address that is fully spelled out and uses the postal service standard abbreviations when filing electronically or registering online.
IRS Operational Processing Delays COVID-19
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
Interpreting Financial Reports
Your financial statements can tell you what is happening in your business today and expectations for the future. Knowing how to interpret financial reports gives you insight into your business.
Mark R. Dreher, CPA | What Businesses Can Do to Prosper Post-Pandemic
Mark R. Dreher, CPA gives guidance to Arizona businesses post-pandemic in an AZBigMedia article.
2020 Tax Credits Expiring
Several tax credits and incentives, such as the qualified fuel cell motor vehicles and energy-efficient home improvements, are set to expire at the end of 2020.
COVID-19 Lastest DOL Guidance
The DOL released additional guidance for workers and employers on how protections and requirements will affect the workplace as companies reopen. Additional guidance will help everyone understand workplace rights and responsibilities.
California’s Data Privacy Law’s Implications
The California Consumer Privacy Act (CCPA) affects more than Californians and has wide implications for many businesses.
Arizona and Federal Taxes Due July 15, 2020
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
Do You Know Your Key Performance Indicators (KPIs)?
How is your business doing? Having a lot of customers or clients does not necessarily mean success. Do you know your key performance indicators, also known as KPIs?
PPP Loan Applications Extended Until August 8, 2020
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
Arizona Physician Practices | Entity Formation and Taxes
In the past, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and liability risks grew more complex, new entities were created. Arizona medical practices now have a number of entity options.
Home Office Tax Deduction Rules
With many people working from home, you may think you can take a home office tax deduction. The Internal Revenue Code is complex and sets certain conditions on claiming a tax deduction. What deduction is allowable and under which circumstance?
COVID-19 Cost Reductions of Some Export Services
The U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are temporarily reducing or eliminating costs of several export services to U.S. businesses affected by COVID-19.
SBA and Treasury Announces PPP Transparency Enhancement
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
COVID-19 Understanding Sales Tax Thresholds
COVID-19 caused many brick-and-mortar entities to strengthen or create their online presence, forcing them to address sales tax complexities they did not have to contend with when sales were local.
COVID-19 Impact on Social Security
According to retirement professionals and researchers, the pandemic will affect Social Security benefits for those born in 1960, due to the complicated formula the Social Security Administration uses to calculate benefits.
PPP Funds Still Available
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Presentation: PPP Current Tax Developments and Forgiveness
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
SBA Accepting New EIDL Applications
The Small Business Administration (SBA) is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and agricultural businesses.
PPP Partial Loan Forgiveness
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
Paycheck Protection Program Flexibility Act of 2020
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
SBA PPP Guidance on Employees Refusing to be Rehired
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.