Posted by Jonathan A. Patterson, CPA, CVA and Michael D. Kelly, CPA On Sunday, December 27, President Trump signed into law $900 billion in COVID-19 Relief and $1.4 trillion in government funding. The over 5,500 page bill combines financial relief for individuals, businesses, and nonprofits and includes many new provisions that are important for our clients and friends to be … Continued
Posted by: Jonathan Patterson, CPA, CVA Earlier this week, we sent a communication to our clients regarding Form 1099 and W-9 Reporting Requirements. From that communication, we received questions specific to the Internal Revenue Service’s introduction of Form 1099-NEC for use beginning with tax year 2020 to report non-employee compensation. We wanted to share the following information with you regarding … Continued
Posted by Mike Kelly, CPA On April 10, 2020, the U.S. Department of Health and Human Services (HHS) automatically began distributing relief funds to “providers who billed Medicare-fee-for-service in 2019, be a known Medicaid and CHP or dental provider and provide after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19, or prevented … Continued
Posted by Jonathan A. Patterson, CPA, CVA The Delaware Division of Small Business just released three important changes related to the DE Relief Grants program. Businesses no longer need to demonstrate a revenue decline of at least 7.5 percent from 2019 to 2020. Instead, they will only need to prove they experienced a decrease in … Continued
Posted By: Jon Patterson, CPA, CVA On October 8,2020, following requests by many businesses and lenders across the country, the Small Business Administration released a streamlined application for Paycheck Protection Program (PPP) borrowers who borrowed $50,000 or less (affiliate groups are excluded). The application, Form 3508S. Although Form 3508S is a shorter form, it is not an automatic approval … Continued
Posted by Michael D. Kelly, CPA In our continued effort to provide guidance to companies and nonprofits, we have outlined three important topics in this edition of our BLS Important Update. Our firm has received numerous questions on the topics below and have prepared a summary to help provide clarity. Treatment of Owners and Forgiveness of Certain Payroll Costs On … Continued
Posted By Jordon Rosen, CPA, MST, AEP The coronavirus pandemic has only punctuated a point that planners have been making for years. Everyone needs an estate plan. Admittingly, the process can seem overwhelming, so we’ve broken down several items you can begin to think about prior to your first meeting with your CPA or estate planning attorney. Here’s what you … Continued
Posted By Jordon Rosen, CPA, MST, AEP Multi-disciplinary teaming, also known as collaboration, occurs whenever two or more advisors work together in a process that is “client-centric” to design, recommend, and implement specific strategies to the client. The issue at hand could be as simple as recommending a Roth conversion strategy, but also includes planning for retirement, education, portfolio management, … Continued
Posted by Jordon N. Rosen, CPA, AEP The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. EIP Update Highlights: EIP FAQs Related to Double Payments Eligible taxpayers who filed … Continued
Posted by Michael D. Kelly, CPA The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. PPP EIDL FAQ Highlights: If a borrower applied for an Economic Injury Disaster Loan … Continued