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PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
CHILD TAX CREDIT PAYMENTS BEGIN JULY 15 The American Rescue Plan Act (ARPA) signed into law in March expands the Child Tax Credit (CTC) for 2021 and also allows for advance payments starting in July.. With payments looming, many parents are beginning to think about and plan for the extra money they will soon see in their bank accounts. Below we dig into the details including what families can expect and what they should do toANDERS PEOPLE
Senior + Tax (314) 474-0733 Email Adam. Sarah M. Beck, PHR. Human Resources Manager (314) 474-0694 Email Sarah. Melissa M. Bench. Executive Assistant (314) 655-0202 Email Melissa. Robert L. Berger, CPA/CGMA. Partner + Tax (314) 655-5570 Email Robert. Danielle B. Bergfeld. Associate + Audit and Assurance (314) 391-5692‬ EmailDanielle.
EMPLOYEE RETENTION TAX CREDIT AND THE PPP RECORDED WEBINAR - Employee Retention Tax Credit and the PPP - Anders CPA. January 28, 2021. RECORDED WEBINAR – Employee Retention Tax Credit and the PPP. Anders Webinars Advisory COVID-19 Business Recovery. The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has businessowners
FIND TOP ACCOUNTING CANDIDATES Industries We Work For. No matter the size of your business or your unique outsourced accounting needs, our specialists focus on the following industries and serve others as well: Banking and Financial Institutions. Broker/Dealers. Cannabis. Construction. Health Care. Manufacturing and Distribution. Not-for-Profit. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIAL Active participation is a lower standard of involvement than material participation and is more commonly used among individuals. This level of participation allows a special passive loss rule for rental activities. You may be able to deduct up to $25,000 in passive losses from your rental real estate each year against non-passive income.SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. HOW RESTAURANTS CAN UTILIZE BONUS DEPRECIATION AND SECTION Accelerating depreciation can provide large tax savings for restaurants and retailers following the Tax Cuts and Jobs Act (TCJA). Bonus depreciation and the Section 179 deduction allow taxpayers to take accelerated depreciation on certain assets, which can be a great tax planning opportunity to take advantage of. IC-DISC EXPORTER TAX INCENTIVES An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for the exporting entity. The election must be made within 90 days of its first taxable year by filing IRS Form 4876-A. It is categorized as a domestic C corporation that is tax-exempt from federal income tax CAN I TRANSFER MY SOCIAL SECURITY BENEFITS TO CHILDREN OR Who can I transfer my social security benefits to? Your biological, adopted child, or dependent stepchild may be eligible to receive your social security benefits if you become disabled, retire or pass away. The child must be: Unmarried. Under the age of 18, or. 18-19 years of age and a full-time student in secondary school through grade 12, or. UNDERSTANDING REPAIR REGULATIONS ELECTIONS The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns with taxable years beginning January 1, 2014. We are waiting for the IRS to issue transition guidance to help ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
CHILD TAX CREDIT PAYMENTS BEGIN JULY 15 The American Rescue Plan Act (ARPA) signed into law in March expands the Child Tax Credit (CTC) for 2021 and also allows for advance payments starting in July.. With payments looming, many parents are beginning to think about and plan for the extra money they will soon see in their bank accounts. Below we dig into the details including what families can expect and what they should do toANDERS PEOPLE
Senior + Tax (314) 474-0733 Email Adam. Sarah M. Beck, PHR. Human Resources Manager (314) 474-0694 Email Sarah. Melissa M. Bench. Executive Assistant (314) 655-0202 Email Melissa. Robert L. Berger, CPA/CGMA. Partner + Tax (314) 655-5570 Email Robert. Danielle B. Bergfeld. Associate + Audit and Assurance (314) 391-5692‬ EmailDanielle.
EMPLOYEE RETENTION TAX CREDIT AND THE PPP RECORDED WEBINAR - Employee Retention Tax Credit and the PPP - Anders CPA. January 28, 2021. RECORDED WEBINAR – Employee Retention Tax Credit and the PPP. Anders Webinars Advisory COVID-19 Business Recovery. The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has businessowners
FIND TOP ACCOUNTING CANDIDATES Industries We Work For. No matter the size of your business or your unique outsourced accounting needs, our specialists focus on the following industries and serve others as well: Banking and Financial Institutions. Broker/Dealers. Cannabis. Construction. Health Care. Manufacturing and Distribution. Not-for-Profit. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIAL Active participation is a lower standard of involvement than material participation and is more commonly used among individuals. This level of participation allows a special passive loss rule for rental activities. You may be able to deduct up to $25,000 in passive losses from your rental real estate each year against non-passive income.SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. HOW RESTAURANTS CAN UTILIZE BONUS DEPRECIATION AND SECTION Accelerating depreciation can provide large tax savings for restaurants and retailers following the Tax Cuts and Jobs Act (TCJA). Bonus depreciation and the Section 179 deduction allow taxpayers to take accelerated depreciation on certain assets, which can be a great tax planning opportunity to take advantage of. IC-DISC EXPORTER TAX INCENTIVES An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for the exporting entity. The election must be made within 90 days of its first taxable year by filing IRS Form 4876-A. It is categorized as a domestic C corporation that is tax-exempt from federal income tax CAN I TRANSFER MY SOCIAL SECURITY BENEFITS TO CHILDREN OR Who can I transfer my social security benefits to? Your biological, adopted child, or dependent stepchild may be eligible to receive your social security benefits if you become disabled, retire or pass away. The child must be: Unmarried. Under the age of 18, or. 18-19 years of age and a full-time student in secondary school through grade 12, or. UNDERSTANDING REPAIR REGULATIONS ELECTIONS The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns with taxable years beginning January 1, 2014. We are waiting for the IRS to issue transition guidance to help ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Find out how you can use PPP 1 and 2 funds and what qualifies as "nonpayroll costs" for the purposes of PPP loan forgiveness - AndersCPA
ANDERS PEOPLE
Anders team members are more than experienced CPAs or advisors —we are partners who care about your success and work closely with you toreach your goals.
USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds.. While the majority of your PPP funds still need to be spent on payroll (60%), one of the biggest changes in the new round of PPP is the ability to spend up to 40% of funds on other types of SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP Many businesses have received and benefitted from Paycheck Protection Program (PPP) loan funding during the pandemic. Many may also be applying for a second PPP draw under the recent passing of the Consolidated Appropriations Act, 2021. TEMPORARY LOCATION TREATMENT BY STATE FOR WORK FROM HOME In response to the stay-at-home orders issued by the states, many states are addressing their treatment of the temporary locations of employees throughout the country when it comes to withholding, as wellas nexus.
INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Fraud in the construction industry reports the 3rd highest median losses per case compared to other industries. Why do people commitfraud? Motivation.
SUBMIT FORM 8879
Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT Find out how employers are held liable for payroll taxes for out-of-state employees, including state, local and unemployment taxes- Anders CPA
ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Find out how you can use PPP 1 and 2 funds and what qualifies as "nonpayroll costs" for the purposes of PPP loan forgiveness - AndersCPA
ANDERS PEOPLE
Anders team members are more than experienced CPAs or advisors —we are partners who care about your success and work closely with you toreach your goals.
USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds.. While the majority of your PPP funds still need to be spent on payroll (60%), one of the biggest changes in the new round of PPP is the ability to spend up to 40% of funds on other types of SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP Many businesses have received and benefitted from Paycheck Protection Program (PPP) loan funding during the pandemic. Many may also be applying for a second PPP draw under the recent passing of the Consolidated Appropriations Act, 2021. TEMPORARY LOCATION TREATMENT BY STATE FOR WORK FROM HOME In response to the stay-at-home orders issued by the states, many states are addressing their treatment of the temporary locations of employees throughout the country when it comes to withholding, as wellas nexus.
INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Fraud in the construction industry reports the 3rd highest median losses per case compared to other industries. Why do people commitfraud? Motivation.
SUBMIT FORM 8879
Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT Find out how employers are held liable for payroll taxes for out-of-state employees, including state, local and unemployment taxes- Anders CPA
ANDERS PEOPLE
Anders team members are more than experienced CPAs or advisors —we are partners who care about your success and work closely with you toreach your goals.
PANDEMIC-RELATED RELIEF FOR DEPENDENT CARE FLEXIBLE The recently passed American Rescue Plan Act has brought relief for those benefitting from Dependent Care Flexible Spending Accounts. Read more to see what has changed. EMPLOYEE RETENTION TAX CREDIT AND THE PPP The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has business owners asking important questions, such as:. Am I eligible for the ERTC? How much can I claim for the ERTC and how? Can I claim the ERTC if I have a PPP loan? How can I maximize PPP loan forgiveness and ERTCeligibility?
TEMPORARY LOCATION TREATMENT BY STATE FOR WORK FROM HOME In response to the stay-at-home orders issued by the states, many states are addressing their treatment of the temporary locations of employees throughout the country when it comes to withholding, as wellas nexus.
WHAT IS UNICAP ALL ABOUT? You may have heard the terms UNICAP or 263A, but what does it mean? IRC Section 263A details the uniform capitalization rules that require certain costs normally expensed be capitalized as part of inventoryfor tax purposes.
HOW EMPLOYERS CAN TAKE ADVANTAGE OF THE EXPANDED EMPLOYEE On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). This relief bill comes in response to the continued COVID-19 pandemic and makes some changes to the Employee Retention Tax Credit (ERTC) that was originally part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and later expanded and extended under the Consolidated INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Fraud in the construction industry reports the 3rd highest median losses per case compared to other industries. Why do people commitfraud? Motivation.
PPP2 LOAN FAQ: APPLYING FOR THE SECOND ROUND OF FUNDING The $2.3 trillion Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020 bringing much-needed relief to the country, including a $900 billion COVID-Related Tax Relief Act of 2020 (COVIDTRA). Among the many relief provisions in COVIDTRA, the legislation set aside $284 billion for another round of PPP Loans(PPP2).
SUBMIT FORM 8879
Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIAL Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. CHILD TAX CREDIT PAYMENTS BEGIN JULY 15 The American Rescue Plan Act (ARPA) signed into law in March expands the Child Tax Credit (CTC) for 2021 and also allows for advance payments starting in July.. With payments looming, many parents are beginning to think about and plan for the extra money they will soon see in their bank accounts. Below we dig into the details including what families can expect and what they should do toANDERS PEOPLE
Senior + Tax (314) 474-0733 Email Adam. Sarah M. Beck, PHR. Human Resources Manager (314) 474-0694 Email Sarah. Melissa M. Bench. Executive Assistant (314) 655-0202 Email Melissa. Robert L. Berger, CPA/CGMA. Partner + Tax (314) 655-5570 Email Robert. Danielle B. Bergfeld. Associate + Audit and Assurance (314) 391-5692‬ EmailDanielle.
EMPLOYEE RETENTION TAX CREDIT AND THE PPP RECORDED WEBINAR - Employee Retention Tax Credit and the PPP - Anders CPA. January 28, 2021. RECORDED WEBINAR – Employee Retention Tax Credit and the PPP. Anders Webinars Advisory COVID-19 Business Recovery. The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has businessowners
USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. FIND TOP ACCOUNTING CANDIDATES Industries We Work For. No matter the size of your business or your unique outsourced accounting needs, our specialists focus on the following industries and serve others as well: Banking and Financial Institutions. Broker/Dealers. Cannabis. Construction. Health Care. Manufacturing and Distribution. Not-for-Profit. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
IC-DISC EXPORTER TAX INCENTIVES An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for the exporting entity. The election must be made within 90 days of its first taxable year by filing IRS Form 4876-A. It is categorized as a domestic C corporation that is tax-exempt from federal income tax HOW RESTAURANTS CAN UTILIZE BONUS DEPRECIATION AND SECTION Accelerating depreciation can provide large tax savings for restaurants and retailers following the Tax Cuts and Jobs Act (TCJA). Bonus depreciation and the Section 179 deduction allow taxpayers to take accelerated depreciation on certain assets, which can be a great tax planning opportunity to take advantage of. UNDERSTANDING REPAIR REGULATIONS ELECTIONS The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns with taxable years beginning January 1, 2014. We are waiting for the IRS to issue transition guidance to help CAN I TRANSFER MY SOCIAL SECURITY BENEFITS TO CHILDREN OR Who can I transfer my social security benefits to? Your biological, adopted child, or dependent stepchild may be eligible to receive your social security benefits if you become disabled, retire or pass away. The child must be: Unmarried. Under the age of 18, or. 18-19 years of age and a full-time student in secondary school through grade 12, or. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. CHILD TAX CREDIT PAYMENTS BEGIN JULY 15 The American Rescue Plan Act (ARPA) signed into law in March expands the Child Tax Credit (CTC) for 2021 and also allows for advance payments starting in July.. With payments looming, many parents are beginning to think about and plan for the extra money they will soon see in their bank accounts. Below we dig into the details including what families can expect and what they should do toANDERS PEOPLE
Senior + Tax (314) 474-0733 Email Adam. Sarah M. Beck, PHR. Human Resources Manager (314) 474-0694 Email Sarah. Melissa M. Bench. Executive Assistant (314) 655-0202 Email Melissa. Robert L. Berger, CPA/CGMA. Partner + Tax (314) 655-5570 Email Robert. Danielle B. Bergfeld. Associate + Audit and Assurance (314) 391-5692‬ EmailDanielle.
EMPLOYEE RETENTION TAX CREDIT AND THE PPP RECORDED WEBINAR - Employee Retention Tax Credit and the PPP - Anders CPA. January 28, 2021. RECORDED WEBINAR – Employee Retention Tax Credit and the PPP. Anders Webinars Advisory COVID-19 Business Recovery. The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has businessowners
USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. FIND TOP ACCOUNTING CANDIDATES Industries We Work For. No matter the size of your business or your unique outsourced accounting needs, our specialists focus on the following industries and serve others as well: Banking and Financial Institutions. Broker/Dealers. Cannabis. Construction. Health Care. Manufacturing and Distribution. Not-for-Profit. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
IC-DISC EXPORTER TAX INCENTIVES An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for the exporting entity. The election must be made within 90 days of its first taxable year by filing IRS Form 4876-A. It is categorized as a domestic C corporation that is tax-exempt from federal income tax HOW RESTAURANTS CAN UTILIZE BONUS DEPRECIATION AND SECTION Accelerating depreciation can provide large tax savings for restaurants and retailers following the Tax Cuts and Jobs Act (TCJA). Bonus depreciation and the Section 179 deduction allow taxpayers to take accelerated depreciation on certain assets, which can be a great tax planning opportunity to take advantage of. UNDERSTANDING REPAIR REGULATIONS ELECTIONS The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns with taxable years beginning January 1, 2014. We are waiting for the IRS to issue transition guidance to help CAN I TRANSFER MY SOCIAL SECURITY BENEFITS TO CHILDREN OR Who can I transfer my social security benefits to? Your biological, adopted child, or dependent stepchild may be eligible to receive your social security benefits if you become disabled, retire or pass away. The child must be: Unmarried. Under the age of 18, or. 18-19 years of age and a full-time student in secondary school through grade 12, or. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIESACCOUNTING INTERNAL CONTROLSINTERNAL CONTROLS AUDITINGINTERNAL CONTROLS CHECKLISTLIST OF INTERNAL CONTROLSACCOUNTING INTERNAL CONTROLS CHECKLISTACCOUNTING INTERNAL CONTROLS EXAMPLES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THESPREADSHEET FORPPP EXPENSES
Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. ANDERS CPAS + ADVISORS Anders CPAs + Advisors in St. Louis offers advisory, audit and assurance, and tax services to businesses large and small, so you can focus on what you do best. HOW TO REPORT PPP LOANS ON FINANCIAL STATEMENTS A key part of the Coronavirus Aid Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) authorized banks to provide low interest rate loans to businesses with a guarantee from the Small Business Administration. Best of all, PPP loans may be eligible for tax-free forgiveness if the proceeds are used for certain approvedexpenditures.
PPP 1 AND 2 LOANS: WHAT EXPENSES ARE CONSIDERED COVERED Once you have either a PPP1 or PPP2 loan, it’s important to understand what costs are covered so you can maximize forgiveness. Similar to the first round, 60% of PPP2 funds will need to be used for payroll and 40% can be used for non-payroll expenses. Below is a list of nonpayroll costs that qualify and the related eligibility and INTERNAL CONTROLS CHECKLIST FOR CONSTRUCTION COMPANIESACCOUNTING INTERNAL CONTROLSINTERNAL CONTROLS AUDITINGINTERNAL CONTROLS CHECKLISTLIST OF INTERNAL CONTROLSACCOUNTING INTERNAL CONTROLS CHECKLISTACCOUNTING INTERNAL CONTROLS EXAMPLES Below are some best practices in internal control for construction companies. Cash Controls. Proper approval of invoices. Dual signatures on checks. Only certain personnel are authorized to sign checks. The individual who signs checks is not allowed to generate checks. Use of a lock box for customer payments. USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THESPREADSHEET FORPPP EXPENSES
Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. UNIVERSITY RECRUITING Qualifications for Discover Anders: A Day in the Life program: Declared or anticipating declaration of Accounting major. Completed Sophomore year of college. 3.0 GPA or higher. Plan to pursue CPA. Excellent interpersonal and communication (written and verbal) skills. Strong organization and detail orientation skills. SELLING YOUR BUSINESS? SBA CLARIFIES CHANGE OF OWNERSHIP The SBA defines a change of ownership in a business when one of the following occurs: At least 20% of the common stock or other ownership interest of a PPP borrower, including a publicly traded entity, is sold or otherwise transferred, whether in one or more transactions, including to an affiliate or an existing owner of the entity. RENTAL PROPERTY INCOME TAX: WHY ACTIVE OR MATERIALSEE MORE ONANDERSCPA.COM
SUBMIT FORM 8879
Submit Form 8879 - Anders CPA. Anders Form 8879 Submission. Anders clients can upload their signed Form 8879 for an e-filed return using the form below. Please enter your contact information below before uploading files. If you are uploading as an individual, please put NONE in the Company field. TAX DEDUCTIONS FOR 529 PLANS OUTSIDE OF YOUR RESIDENT However, moving your 529 dollars to a different state may cause you to lose the tax benefits associated with the plan. For example, Illinois allows only contributions to an Illinois 529 plan of $10,000 (filing single) and $20,000 (married filing jointly) to reduce taxable income. Qualified distributions from only an Illinois 529 plan are exempt. CHILD TAX CREDIT PAYMENTS BEGIN JULY 15 The American Rescue Plan Act (ARPA) signed into law in March expands the Child Tax Credit (CTC) for 2021 and also allows for advance payments starting in July.. With payments looming, many parents are beginning to think about and plan for the extra money they will soon see in their bank accounts. Below we dig into the details including what families can expect and what they should do toANDERS PEOPLE
Senior + Tax (314) 474-0733 Email Adam. Sarah M. Beck, PHR. Human Resources Manager (314) 474-0694 Email Sarah. Melissa M. Bench. Executive Assistant (314) 655-0202 Email Melissa. Robert L. Berger, CPA/CGMA. Partner + Tax (314) 655-5570 Email Robert. Danielle B. Bergfeld. Associate + Audit and Assurance (314) 391-5692‬ EmailDanielle.
EMPLOYEE RETENTION TAX CREDIT AND THE PPP RECORDED WEBINAR - Employee Retention Tax Credit and the PPP - Anders CPA. January 28, 2021. RECORDED WEBINAR – Employee Retention Tax Credit and the PPP. Anders Webinars Advisory COVID-19 Business Recovery. The newly expanded Employee Retention Tax Credit (ERTC) and second draw of the Paycheck Protection Program (PPP) has businessowners
USING PPP2 FUNDS FOR TECHNOLOGY MODERNIZATION VIA THE Using PPP2 Funds for Technology Modernization via the Cloud. Anders Advisory COVID-19 Business Recovery Technology. Round two of the Paycheck Protection Program (PPP) is upon us and Anders has been closely analyzing the contents to help companies identify strategies for maximizing the impact of their PPP funds. FIND TOP ACCOUNTING CANDIDATES Industries We Work For. No matter the size of your business or your unique outsourced accounting needs, our specialists focus on the following industries and serve others as well: Banking and Financial Institutions. Broker/Dealers. Cannabis. Construction. Health Care. Manufacturing and Distribution. Not-for-Profit. EMPLOYER PAYROLL TAX OBLIGATIONS WHEN EMPLOYEES WORK OUT State Taxes. Employers are expected to withhold state income tax from an employee’s wages if that employee is subject to state income tax unless noted below. Each state has its own requirements for withholding taxes for out-of-state employees. The following states do not have state withholding tax; Alaska, Florida, Nevada, South Dakota,Texas
UNDERSTANDING REPAIR REGULATIONS ELECTIONS The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns with taxable years beginning January 1, 2014. We are waiting for the IRS to issue transition guidance to help IC-DISC EXPORTER TAX INCENTIVES An Interest-Charge Domestic International Sales Corporation (IC-DISC) is a separate corporation which acts as a sales commission agent for the exporting entity. The election must be made within 90 days of its first taxable year by filing IRS Form 4876-A. It is categorized as a domestic C corporation that is tax-exempt from federal income tax HOW RESTAURANTS CAN UTILIZE BONUS DEPRECIATION AND SECTION Accelerating depreciation can provide large tax savings for restaurants and retailers following the Tax Cuts and Jobs Act (TCJA). Bonus depreciation and the Section 179 deduction allow taxpayers to take accelerated depreciation on certain assets, which can be a great tax planning opportunity to take advantage of. CAN I TRANSFER MY SOCIAL SECURITY BENEFITS TO CHILDREN OR Who can I transfer my social security benefits to? Your biological, adopted child, or dependent stepchild may be eligible to receive your social security benefits if you become disabled, retire or pass away. The child must be: Unmarried. Under the age of 18, or. 18-19 years of age and a full-time student in secondary school through grade 12, or.Skip to content
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