Relief for Leasing Concessions Related to COVID-19

In light of the devastating economic impacts of the COVID-19 pandemic, an unprecedented number of leasing concessions have been negotiated between lessees and lessors. Typically, companies reporting under generally accepted accounting principles would be required to determine if each impacted leasing contract includes enforceable rights and obligations to provide for concessions under the circumstances. If…

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Important Changes to the Employee Retention Credit

On December 27, President Trump signed the second COVID-19 stimulus bill (the Consolidated Appropriations Act, “CAA”), that includes special benefits for small businesses, i.e., companies with 100 employees or fewer. The Employee Retention Credit (“ERC”) allows these small businesses that have previously received Payroll Protection Program (PPP) loan forgiveness to also obtain an ERC provided that the same…

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New Stimulus Has Plenty for Small Business

The pandemic relief package, the Consolidated Appropriations Act, 2021 (“CAE”) gives a break to small businesses by reopening the Paycheck Protection Program (PPP) so that some of the hardest-hit small businesses can apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have seen drops…

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Important Changes to IRS Form 1099

R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and annual accounting, please call us to see how we can assist you.  Following, please find relevant information for you as you begin to prepare and…

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2020 Estate Planning and Tax Considerations: COVID-19

The impacts of COVID-19 continue to reverberate, and businesses adversely affected by those impacts can expect to struggle, operationally and financially, for months, if not years, to come. Estate planning becomes ever more crucial as lost current and future earnings translate into decreased valuations. From a tax perspective—including changes presented by the Tax Cuts and…

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Special Report: How to Manage Cash Flow

No manager of a small or midsize business would argue about the wisdom of the timeworn saying, “Cash is king.” And that’s the underlying driver of any business, regardless of industry. The irony is that many managers fail to incorporate that essential commandment into their management philosophy. The proverbial bottom line is that businesses that…

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How the Net Investment Tax Works

The net investment tax is a 3.8 percent surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage to avoid paying significant income taxes on your investment income by using deductions and credits. Here is what the IRS says: You’re liable for…

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It Is a Good Time to Convert to a Cloud-Based Financial System

In response to the COVID 19 pandemic, many businesses and their office operations have moved to the “remote world.” In a remote work environment, sustained access to data is crucial to continued business efficiency. Organizations fortunate enough to have received federal funds to assist during this situation—or that are in the process of applying for…

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Update – PPP Loan Forgiveness

Prepare to Verify Your Certification, Potential for Audit On April 28, the US Department of Treasury issued updated guidance regarding loan forgiveness. The Small Business Administration (SBA) will audit all Paycheck Protection Program (PPP) loans exceeding $2 million on submission of a loan forgiveness application. Subsequent updated guidance provides that the SBA will audit not…

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CPAs Can Help Protect Your Assets

Small business owners take note: the Association of Certified Fraud Examiners (ACFE) reports that 30 percent of all reported frauds occur at businesses with fewer than one hundred employees. And that overlooks all those businesses that never discover the fraud. Regardless of the size of your organization, a CPA can help you protect your organization’s…

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