By: Eric Evans Entrepreneurs and early investors are faced with many business decisions and challenges. An overarching challenge is to scale a business using what is often limited debt and equity financing, prior to being cashflow positive. The business’ U.S. tax structure can dramatically impact cashflow as well. For example, the U.S. corporate income tax…
Salt Lake City, Utah – WSRP CPAs and Advisors is pleased to announce that effective January 1, 2023, Dan Rinehart, CPA has been appointed the firm’s new Managing Partner. He has been an Assurance Partner in the firm for over 13 years and has over 20 years of public accounting experience. “It’s an honor to…
Shifting Tax Regulations in the U.S. & Abroad While there is incredible uncertainty as we move through 2022, there are a couple of major events tax teams should be tracking, as their outcomes could make a big difference for the 2022 tax landscape and well beyond. Businesses will need to keep up with a dancing…
WSRP stood out to me because it gave me the opportunity to work on several different projects so I could find what I like to do the most. I didn’t get locked into doing one kind of tax return whether I liked it or not. The managers are willing to take the time to teach…
We discuss what is known at this time and the changes that will likely take place before the end of 2021. Our team discusses how to plan for the changes and what to do now to help mitigate the impact on you. This Engaging Session Discusses: What is the administration asking for? What does the…
Download PDF Presentation Create Cash with Employee Retention Credits & the New PPP You can get Employee Retention Credits (ERC) whether you took out a PPP loan or not. We will demonstrate the actual values experienced by some of our clients. There is a great deal of confusion on the ERC because initially with PPP…
American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains additional funding and expansion of tax credits to qualifying small businesses, assistance to various industries that were impacted by the COVID-19 pandemic, namely restaurants, direct stimulus payments…
PPP and the Employee Retention Credit (ERC)New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some companies to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC). Several changes specific to the ERC can provide an opportunity for additional relief for companies. The significant changes that…
PPP1 is winding down but for some there are still considerations. Since the tax liability on the PPP loan has been eliminated, but the expenses used to offset the PPP1 funding can be deductible, this could create a Net Operating Loss. The CARES Act included a Net Operating Loss Carryback feature. In short, if your…
The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET and applies for both first- and second-draw PPP loans. The program will begin accepting applications…
The recently enacted Consolidated Appropriations Act, 2021 contains a wide range of tax, appropriations, and other provisions, including pandemic-specific provisions and extensions of provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Although the following is quite long, we believe it provides an excellent summary of some of the key tax provisions of the…
New COVID-19 Relief Bill The $900 billion COVID-19 Relief Bill, which was tied to a $1.4 trillion resolution to fund the government through September 2021, or the Consolidated Appropriations Act, 2021 (5,593 pages) that was passed December 21, 2020, provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more…
Form 1099-NEC and Form 1099-MISC Prior to tax year 2020, businesses typically filed Form 1099-MISC to report payments totaling $600 or more to a nonemployee for certain payments from the trade or business. These payments generally represent nonemployee compensation and, up until now, would typically appear in Box 7 of 1099-MISC. Beginning with tax year…
PPP Forgiveness Simplified for Loans of $50,000 or Less Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application (Form 3508S) that was released Thursday by the Treasury and the U.S. Small Business Administration (SBA), which also included the release of a new interim final…
Utah Small Business Quarantined Employee Grant Program The $2 million Small Business Quarantined Employee Grant uses federal CARES Act funds as part of Utah’s response to the COVID-19 pandemic. It provides reimbursement to small business employers (less than 50 employees) who pay employees to stay home during quarantine or isolation for a maximum of 40 hours…
What’s Going on with the Paycheck Protection Program While the PPP was implemented quickly as a result of the CARES Act—the U.S. Small Business Administration (SBA) and Treasury launched the program in only a week—there have been a series of interim final rules and frequently asked questions (FAQs) with guidance that often has raised more…
Employee Payroll Tax Deferral Update On August 8, 2020, President Trump signed an executive order allowing employers to defer the withholding and payment of the employee share of Social Security taxes from September 1 through December 31, 2020. As the executive order left many unanswered questions, the IRS later released a notice on August 28,…
Three COVID Related Tax Updates Currently, we are waiting for additional guidance on the Payroll Tax Deferral Program, Unemployment Insurance Benefits, and the PPP Loan Forgiveness Application. The way the payroll tax order was written, it only applies to the employee’s SSA portion of the FICA taxes, but additional definition is pending on several of these tax and…
Paycheck Protection Program Flexibility Act Updates Yesterday, the U.S. Small Business Administration posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new EZ version of the forgiveness application, which requires fewer calculations and…
Paycheck Protection Program Flexibility Act The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. A summary of the provisions are as follows: PPP borrowers can…
PPP Loan Forgiveness Application Last week, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. While the application is in final form, we should expect to see further narrative guidance from SBA over the next several weeks. The form and instructions inform borrowers how…
SBA Issues Guidance on the Paycheck Protection Program On Wednesday, the Small Business Administration (SBA) published guidance regarding its intended approach to review borrower certifications that a Paycheck Protection Program (PPP) loan was necessary to support ongoing operations. When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes…
Interim Stimulus Plan to Provide Additional CARES Act Funding Additional $310 Billion for the PPP Due to an extremely high demand for funds, the PPP has been replenished with an additional $310B in funding. In this round of funding, they have designated $30B for mid-sized banks/credit unions and $30B for smaller lending institutions. PPP loans…
Check on the status of your Economic Impact Payment This application will give you information about: Your payment status Your payment type Whether we need more information from you, including bank account information Track Your IRS Economic Impact Payment Get more information about Economic Impact Payments Visit the IRS Economic Impact Payments Information Center to…
The Paycheck Protection Program (PPP) is Happening Now Small Business Approved (SBA) lending financial institutions are taking applications and issuing Loan Authorization Numbers. These funds are available for qualified businesses with 499 or fewer employees. Here is a High-level Overview of the PPP Relief Benefits Some points are summarized below. There are qualifications for the…
The Relief Package Was Approved The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump on Friday, March 27, 2020. There are multiple components to the relief funds that may benefit your business. A core element is the Paycheck Protection Program. In short, these are SBA loans that may be forgivable…
Below is a summary of some key items from the 883-page Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” that includes thousands of dollars in direct payments to most Americans, and loan packages designed to help keep small businesses and corporations afloat. There are many other items in this bill that we…
We would like to let you know about the steps WSRP is taking to respond to COVID-19 and provide an update on tax deadlines. There are new relief packages and announcements happening almost daily. We will send updates as soon as news is released. Safety. WSRP’s main priority is the safety and well-being of our team,…
