Finally, The COVID Relief Package Is Law

After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations Act, 2021, Included in that legislation are the “COVID-Related Tax Relief Act of 2020” (COVIDTRA) and the “Taxpayer Certainty and [Read More]

January 12th, 2021|

New Paycheck Protection Program Guidance Released

On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim final rule titled, “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” – This document includes a consolidation of [Read More]

January 11th, 2021|

President Enacts Additional Stimulus Legislation

On December 22, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises a variety of measures, including a renewal of enhanced unemployment benefits, an extension of the Paycheck Protection [Read More]

December 30th, 2020|

Succession Planning Trends to Watch

This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure to check out this link for more details! To view this article, click HERE to access the original content.

December 17th, 2020|

Pivot CPAs Announces New Promotions

Pivot CPAs, the area’s largest locally-owned independent CPA firm, is pleased to announce the promotions of three team members, Lindsay Brown, CPA, Micah Grant, and Ramsey Waters, CPA. Brown has worked in the accounting field since 2015 and has been with Pivot CPAs since 2019. With this promotion, she moves from senior tax associate to tax manager. Grant established his professional accounting career with Pivot CPAs in 2018. Previously assurance staff, he now takes on [Read More]

December 17th, 2020|

Pivot CPAs Announces New Tax Staff

Pivot CPAs, the area’s largest locally-owned independent CPA firm, is pleased to announce the addition of Shaula Harvin to their professional team. Harvin joins the firm as tax staff, bringing with her three and a half years of experience as a tax analyst performing corporate income tax work. In her new role, Harvin will work primarily with business clients. “I am very pleased to welcome Shaula to the Pivot team,” said Peter Reynolds, CPA, managing [Read More]

December 15th, 2020|

Processing Payroll in 8 Easy Steps

Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the payroll process can keep you in check. Additionally, keeping records after each pay period is also a vital tip. Check out this link to take a short quiz and to [Read More]

December 10th, 2020|

Income Tax Brackets for 2020 and 2021

This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare last year to the expected upcoming 2021 federal income tax bracket and rates. To view this article, click HERE to [Read More]

December 3rd, 2020|

Finding, Retaining, and Rewarding the Right Staff and Clients

This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out this link for more details! To view this article, click HERE to access the original content.

November 20th, 2020|

PPP Deduction Safe Harbor

The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings: (1) deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and (2) provide a safe harbor for deducting expenses if PPP loan forgiveness is denied or the taxpayer does not apply for forgiveness. Click here to read more »

November 20th, 2020|
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