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.
News
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.
COVID-19 Work From Home State Tax Agreements
COVID-19 may have created tax complications for companies with employees working from home in another state. To prevent tax surprises for you and your employees, understanding how to classify wages will avoid penalties and amending tax filings.
2021 Inflation-Adjusted HSA Increase
The IRS announced an inflation-adjusted increase to Health Savings Accounts (HSAs) for calendar year 2021. HSAs are savings accounts that employees can use with a high-deductible health plan to cover higher deductibles and copays.
CARES Act Retirement Provisions
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.
CDC Guidance on Reopening Businesses
The CDC has given guidance for reopening certain businesses under specific circumstances. Businesses should start developing their reopening plans with these guidelines.
PPP Loan Forgiveness Application
On May 15, 2020, the SBA published its PPP Loan Forgiveness Application, with instructions, providing some clarity about allowing borrowers to use their regular payroll schedule. Borrowers were concerned about matching their payroll cycle to the testing or covered period in the forgiveness formula.
Arizona Stay At Home Order Expires May 15, 2020
Arizona Governor Ducey announced retail, including retailers in indoor shopping malls, pools, gyms, fitness providers, spas, massage therapists, and personal services may open on May 13, 2020, with physical distancing and enhanced sanitation.
PPP Repayment Deadline Extended to May 14, 2020
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
Majority Supports Protecting Employers from COVID-19 Lawsuits
The U.S. Chamber Institute for Legal Reform released a poll showing that Americans across the political spectrum believe that employers must have protections from COVID-related lawsuits. The poll shows more than 6-in-10 Americans say Congress should extend liability protections to employers.
PPP: Tax Responsibilities and Disbursement Rules
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Arizona Restaurants and Salons to Reopen
Arizona Governor Ducey announced barbers and cosmetologists can resume operations on May 8, 2020, and dine-in restaurants on May 11, 2020, with safety protocols and best practices.
Arizona Stay Home Order Modified Through May 15, 2020
On April 29, 2020, Governor Ducey loosen some Stay Home restrictions, including a phased in approach for retail stores effective May 4, 2020. The Stay Home order remains in effect through May 15, 2020, with modifications.
Offering COBRA to Furloughed Employees
Are companies required to offer COBRA to employees that lose coverage under a group health plan due to a furlough relating to COVID-19?
COVID-19 CARES Act Net Operating Losses
The Internal Revenue Service issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, offering a six-month extension to file on carrybacks.
CARES Act Provider Relief Fund
According to HHS, a portion of the $100 billion Provider Relief Fund will be used to reimburse healthcare providers, at Medicare rates, for COVID-related treatment of the uninsured. As a condition, providers are obligated to abstain from “balance billing” any patient for COVID-related treatment.
Paycheck Protection Program (PPP) Loan Forgiveness
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
Arizona and Federal Tax Filing Dates | Estimated Tax Payments
The April 15, 2020 deadline for filing and paying Arizona and federal income taxes for the 2019 calendar year is July 15, 2020. The Arizona due date for first quarter estimated tax payments has not changed and remains April 15, 2020.
Arizona 2019 Tax Credit Contribution Deadline April 15, 2020
April 15, 2020 is the deadline for taxpayers to claim tax credits on their 2019 individual income taxes for donations to qualifying charitable organizations (QCO), certified school tuition organizations (STOs), and public schools.
CARES Act Student Loan Relief
The CARES Act offers some relief for borrowers seeking student loan repayment delays. There are some limitations and not every loan classified as a student loan is eligible.
COVID-19 Tax Implications
The CARES Act grants a payroll tax credit for employment taxes owed by certain eligible employers. Employers may be able to defer the employer portion of any Social Security taxes for the period beginning on March 27, 2020, and ending before January 1, 2021.
Arizona Executive Order Temporarily Suspends Commercial Tenant Evictions
Governor Ducey issued an Executive Order temporarily suspending commercial tenant evictions, including lock out, notice to vacate, or any other attempt to inhibit the operations of a business associated with inability to pay rent caused by COVID-19. The Executive Order expires on May 31, 2020.
Tax Credits for Paid Sick and Family Leave Small and Midsize Businesses
The Families First Coronavirus Response Act provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
COVID-19 and Retirement Plans
According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”
Economic Injury Disaster Loans | Emergency Economic Injury Grants
The Economic Injury Disaster Loans and Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance.
CARES Act Small Business Debt Relief Program
The Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans, such as 7(a), 504, and microloans. Eligibility requirements for 7(a), 504, and microloans, along with other resources, are in this article.
CARES Act Paycheck Protection Program
Business owners should consider the Paycheck Protection Program (PPP) to assist them through this critical time. We highly recommend they contact their lending institution to start the lending process and begin gathering information that may be required for their application.
Arizona Executive Order Stay at Home
On March 30, 2020, Arizona Governor Doug Ducey announced Arizona’s version of a stay-at-home executive order. Unique to Arizona, the Governor’s order includes a strong focus on mental health and encourages Arizonans to participate in outdoor activities in accordance with social distancing measures.
SBA 504 Existing Borrowers Eligible for Deferments
The SBA strongly encouraged its lending partners to offer deferment relief to existing borrowers that have been adversely affected by COVID-19-related economic disruptions.
Stimulus Aid Package | Individuals and Businesses
Congress is proposing a stimulus bill, which is expected to become law in the next few days. Here are some of the major provisions and potential impacts.
SBA Lending | Economic Injury Disaster Loan Program
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.
Arizona Tax Deadline Extended to July 15, 2020
On March 20, 2020, the Arizona Department of Revenue (ADOR) announced it moved the deadline for filing and paying state income taxes from April 15 to July 15, 2020 following direction by Governor Doug Ducey.
Families First Coronavirus Response Act
The Families First Coronavirus Response Act (H.R. 6201) is now law, and attorneys, accountants, and other professionals are reviewing the main provisions about paid family and sick leave.