Our Two Cents

Tax Law Changes and Other Congress Updates – As of December 21, 2020

On Monday, Congress approved the second longest piece of legislation ever written. This is our hot-of-the-presses summary but bear in mind that it might be two or three weeks before we really understand all of the implications. As of this writing, President Trump has asked for...

Tax Planning – Quarterly Estimated Tax Payments

  One of the most important parts of tax planning is quarterly estimated tax payments. Estimates are required to be paid by certain individuals, trusts, and businesses. These payments are made by taxpayers to avoid what is referred as “underpayment penalties”.  Many taxpayers can avoid underpayment...

Tax Comparisons

With Election Day just around the corner, we wanted to help you sift through the rhetoric by providing you with a comparison of Trump and Biden’s tax proposals. Of course, it bears noting that these proposals often change once a candidate is elected, but here is...

Relief for Businesses with PPP Loans of $50,000 or Less

In its October 8 interim rules, the Treasury Department and Small Business Administration offered some relief for businesses with PPP loans of $50,000 or less. In short, most borrowers with loans of $50,000 or less may use a simplified form to apply for loan forgiveness....

A Game Changing Book

The Four-Word Question That Changed My Life Confession: For most of my life, I went about solving problems and accomplishing goals in a manner that limited my potential. I ruminated on the how. How do I do that? How do I solve this problem? How do I accomplish this goal? Then,...

Payroll Tax Deferral Highlights

Just a few of the important key points of the new Payroll Tax Deferral plan President Trump has released. [video width="1920" height="1080" mp4="https://www.rsjcpa.com/wp-content/uploads/2020/09/Payroll-Update-Final.mp4"][/video]...

Payroll Tax Deferral Program – UPDATE

SEPT 3 UPDATE - The IRS released a little more clarification.  The decision to participate in this payroll deferral program does remain in the employer's court.  However, we are still unclear whether or not, if the employer does decide to participate, whether the employee still...

Borrowers Beware!

  For those of you who received PPP loans of over $150,000, be aware that the government has published your name, address, the range of your PPP loan amount, as well as the number of employees you claimed, and other information. This reporting is part of...

News Flash … for Those Who Really Care About PPP

One flash for everyone is this: The Treasury has decided to NOT extend the deadline for filing tax returns for 2019 beyond July 15. Sorry everyone, but you can still file for an extension. The next flash is that the deadline to submit an application to...

Thanks to the Heroes at RSJ!

The intensity is extraordinary.   In fact, when an accountancy firm represents a seller during an m&a transaction, the intensity is even more extraordinary than it is during tax season.   “Unlike tax season, there is no deadline with an m&a transaction,” said Jake Jacobs, a founding partner at...

NEWS! NEWS! NEWS! Some bad, some good …

This afternoon, the Senate passed HR7010, which we discussed in last week’s update. This is what we understand to be true, though it is not exhaustive. The so-called covered period has been extended from 8 weeks following the origination of the PPP loans to 24 weeks,...

BLAST-WORTHY NEWS

It’s been a week or so since our last blast, so some of this might be old news. That said, the devil is in the detail, and we have done our best to make sense of this. As always, though, I caution you to work...

Even Banks Are Getting It Wrong

If we were to pick one word that described this time in history, I think we can all agree that “uncertainty” tops the list. That said, we are here to answer your questions and clear up at least some of your uncertainties as they relate to...

Phase IV Stimulus

The House is expected to vote today on the HEROES Act, a massive coronavirus-relief bill that would modify the PPP program in ways that should be attractive to business owners, regardless of party affiliation. While this is far from a done deal and is unlikely...

More to Chew On

Just a couple of new things of interest. Earlier today, the SBA answered another question (#47), this one concerning the certification issues that were addressed in their answers to questions 31, 37, and 43 in their last release. The SBA’s answer was good news for many...

Adapting Audit Procedures to the New Normal

We are always interested in discovering new methods of conducting business, both for ourselves and for our clients. Last Friday, we tested a new method of conducting year-end inventory counts. One of our clients, an essential business that provides medical equipment, is located in Michigan, and...

Some Clarification and Updates on PPP Forgiveness

Many of you have been funded with the PPP and are now faced with questions of properly using the loan and preparing for forgiveness. Previously, we have shared some of our thoughts and would like to reaffirm most of them to you … with a...

Paycheck Protection Program (PPP) Forgiveness Recommendations

The Paycheck Protection Program comes with a little bit of good news and a little bit of bad news.  The good news is that the loan is eligible for forgiveness and that any amount you receive is non-taxable.  The bad news is that it will...

A Few More Updates for You to Consider

No frantic notifications here today—just an update and a few items that are on our radar. As always, our standard disclaimer exists: seek counsel for your specific situation. In the words of our partner Eric Swenson, “One size fits one”.  1. The Senate passed a bill that...