Certified Public Accountants
On May 13, 2021, the Nevada Supreme Court upheld a decision that the biennial Modified Business Tax rate adjustment was unconstitutional and ordered the Nevada Department of Taxation to refund any overpayment of the Modified Business Tax plus interest to businesses. The Department is developing a plan to reduce the Modified Business Tax rate for…
Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased for certain taxpayers Is fully refundable (meaning you can receive it even if you don’t owe the IRS) May…
The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program. As of the week of April 6, 2021, the maximum loan amount for COVID-19 EIDLs will increase to $500,000. Under the CARES Act, the EIDL program was expanded to cover eligible businesses experiencing substantial economic…
The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program. As of the week of April 6, 2021, the maximum loan amount for COVID-19 EIDLs will increase to $500,000. Under the CARES Act, the EIDL program was expanded to cover eligible businesses experiencing substantial economic…
Despite the struggles many felt throughout the pandemic, wave after wave of charitable giving continued to role in. In fact, according to Fidelity Charitable reports, in 2020 there was an 11% increase in donations for the 500 clients surveyed. From monetary donations to food and clothing and random acts of kindness, 2020 will go on…
Out of the coronavirus pandemic has resulted a year-long flurry of legislation seeking to respond to the havoc wreaked by the crisis. A recent article from The NonProfit Times offers a succinct overview of the items included in the various bills that have an impact on nonprofit organizations. To learn about how nonprofits will benefit from new…
Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. There are certain deductions that can be claimed while still using the standard deduction. Here is a list of those deductions: Charitable Contributions For 2020, non-itemizers can deduct up to $300 of cash…
As if this past year with all of its pandemic perils has not been stressful enough, the Office of the Inspector General for the Department of Labor has just added to our anxieties by announcing that at least at least $36 billion and possibly as much as $63 billion has been lost to improper unemployment…
For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain to the U.S. tax bureau.…
The Las Vegas accounting and consulting firm HRC is excited to announce the promotion of Margaret Ruebush, CPA, Dalyce Franz, CPA, and Melissa Swasey, CPA. “Our firm is lucky to have such outstanding individuals working for us,” said Jessica Sayles, managing principal of HRC. “The work that Margaret, Dalyce, and Melissa do each day really…
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill was signed into law on Thursday, March 11. Read on for details on the provisions included in the ARPA. Individual Stimulus Checks Estimated portion of the stimulus…
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A recent article from JD Supra outlines two key provisions included in the act that make changes to the employee retention credit. Established by the CARES Act, the employee retention credit was designed to incentivize employers to maintain their staff…
We are excited to partner with Alliance for Nevada Nonprofits (ANN) to prepare nonprofit organizations for federal grant award audits. The influx of CARES Act dollars and other federal funding was a lifeline for many nonprofit organizations and the recipients of their services but may have come with an unexpected new challenge. Most nonprofit organizations…
When it comes to nonprofit organizations most of the focus is put on achieving the organization’s mission, but how many do you know operate towards their mission with a strategic plan? A well communicated and realistic strategic plan can provide your board, staff, and key stakeholders with a roadmap to success. Forbes discusses the benefits…
For insight into PPP forgivness strategy and management, Nonprofit Quarterly met with Fiscal Management Associates Senior Consultants Gina McDonald and Tony Bowen, to discuss the biggest issues nonprofit organizations are running into when it comes to Paycheck Protection Program (PPP) forgiveness. The article also talks about how to accurately show PPP loan funds on financial…
HRC is pleased to announce that Jacqueline Matthew, CPA has been nominated to serve on the American Institute of Certified Public Accountants’ (AICPA) Joint Trial Board. Matthew’s term will start in 2021 and last for three years. Matthew has been with HRC since 2010 and currently serves as the firm’s lead attest principal for the…
January 2021 Individual Due Dates January 4 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 11 – Report Tips to Employer –…
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor…
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…
One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute…
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…
HRC is pleased to announce that Melissa Swasey has been approved for her license as a Certified Public Accountant (CPA) in Nevada. A member of the HRC team since 2017, Swasey currently serves as a staff accountant and works in the firm’s Tax Department. In this capacity, she specializes in performing financial reporting and flow-through…
On December 22, 2020, Congress passed 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…
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the contents and significance of the two releases in an article…
On October 13, the U.S. Small Business Administration (SBA) released clarifying guidance regarding the due date of forgiveness applications for loans issued via the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers an overview of the controversy surrounding the issue. Many borrowers were surprised to find that the PPP loan…
On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less. The agencies published a new interim final rule offering guidance for recipients of PPP loans equal to or less than $50,000 (“eligible…
HRC is pleased to welcome Lynette Margetts, CPA back to their professional team. Margetts initially joined HRC in 2007, bringing with her over a decade of valuable experience. She spent 12 years on the HRC team before accepting an opportunity outside of the firm in 2019. She now returns to the firm as a senior…
HRC is pleased to announce that the firm was recently named among INSIDE Public Accounting’s (IPA) list of the Best of the Best public accounting firms in the nation for 2020. “We are incredibly excited to be included on IPA’s Best of the Best list,” said Jacqueline Matthew, CPA, principal at HRC. “I am thrilled…
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad…
On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two areas: owner-employee compensation and the eligibility of non-payroll costs. A recent article from the Journal of Accountancy offers a concise summation of the new regulations.…
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment…
HRC is pleased to announce the addition of Stephen Matthew, CPA to their professional team. Matthew joins the firm as a director. Throughout the course of his career, he has acquired audit experience in both the public and private accounting spheres. “I am very excited to welcome Stephen to the team,” said Jessica Sayles, CPA,…
On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the SBA added 23 new questions to their PPP FAQ page. The SBA sorts the new loan forgiveness FAQs into the following four categories: General Guidance…
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by…
HRC is pleased to be named a 2020 and 2021 Accounting Today’s Best Accounting Firms to Work For. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. This survey and awards program is designed to identify, recognize, and honor the best employers in the…
On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through…
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the…
In early March 2020, the partner group of HRC came together to discuss something none of us in our time on planet earth had face before – a global pandemic. Big questions arose: How do we keep our employees safe? How do we keep our clients safe? How do we navigate a fully remote work…
This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy offers helpful details on the revised loan forgiveness application, the new EZ application, and the new interim final rule on…
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill:…
HRC is pleased to announce their new membership with CPAmerica. “We are very excited to form this partnership with CPAmerica,” said Jacqueline Matthew, CPA, principal of HRC. “The prestige and resources that this strategic alliance will open up for the firm are invaluable, to say the least.” CPAmerica is the ninth largest accounting organization in…
On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release. The SBA issued two new interim final rules, one regarding requirements for loan…
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent…
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back up—why…
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a…
On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on…
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional…
HRC is pleased to announce that Jacqueline Matthew has earned the American Institute of Certified Public Accountants’ (AICPA’s) Advanced Single Audit Certification. Matthew has been with HRC since 2010 and currently serves as a principal in the firm’s Attest Department. She specializes in performing non-profit attest and compliance work, including Single Audits, FQHC, the New…
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created…
On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an allowance for penalty-free early withdrawals from retirement accounts. Below, we address some of the common questions regarding this particular initiative. If youcannot find the answer to your question, please do…
On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of modifications to key business tax provisions, such as regulations regarding Net Operating Losses. Below, we address some of the common questions regarding these tax law modifications. If you…
On March 27 th , President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a wide range of business tax provisions, including a new credit for employers that retain their employees. Below, we address some of the common questions regarding this particular initiative. If you…
On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES Act. It is not surprising that criminals are taking advantage of the chaos resulting from the coronavirus outbreak to perpetrate fraud. The IRS has observed…
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an estimated $300 billion in direct payments to eligible American taxpayers. Below, we address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, please…
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $10 billion in funding to provide emergency grants to small businesses and nonprofits that apply for economic injury disaster loans. Below, we address some of the common questions regarding this particular initiative. If…
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP uses the already-existing small-business loan framework of the Small Business…
On March 27, 2020, President Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc being created by COVID-19. The bill contains…
The information on this flier is meant to give a general picture of benefits and rights available in certain COVID-19 work-related situations. Download the PDF here »
Source: taxfoundation.org Key Updates Unemployment insurance provisions now include an additional $600 per week payment to each recipient for up to four months, and extend UI benefits to self-employed workers, independent contractors, and those with limited work history. The federal government will provide temporary full funding of the first week of regular unemployment for states…
For more than six decades, the U.S. Small Business Administration (SBA) has been a resource for small business owners and entrepreneurs in the U.S. In response to the COVID-19 pandemic, the bureau created a resource page dedicated to helping small businesses learn to establish safe, secure, and healthy practices in the face of the outbreak.…
As the COVID-19 pandemic continues to unfold, business owners are facing a lot of uncertainty. It is not possible to know with confidence how events will continue to evolve over the next days, weeks, and months. However, there are some key steps that business owners can take to strive to mitigate damages and put themselves…
The U.S. Small Business Administration (SBA), which has been a resource for small business owners and entrepreneurs in the U.S. since 1953, recently released a list of disaster-relief measures in response to the COVID-19 pandemic. Per the Coronavirus Preparedness and Response Supplemental Appropriations Act, which was enacted by the President on March 6th, the SBA…
Around the globe, good Samaritans are rallying together in an effort to stem the tide of the coronavirus. It is an unfortunate reality, though, that some people choose to use crisis situations such as the one we currently face to take advantage of others. With many companies transitioning their staff to remote work, there has…
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. The act includes both paid leave benefits for American workers and tax credits…
Social distancing measures imposed in response to the Coronavirus pandemic mean that many teams have suddenly found themselves working virtually for the first time. It is fortunate that modern technology makes this a feasible reality. However, it is still uncharted territory for many. While there are many advantages to virtual workforces, this arrangement also comes…
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. In order to help employers manage the cost of paid sick leave, the…
There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes for individuals who…
To our valued clients, On March 11, the World Health Organization characterized COVID-19 as a pandemic. As a result of this, many businesses, including schools, entertainment venues, and restaurants, are closing their doors temporarily. While we technically remain open during this busy time of year, we are severely limiting the number of staff within our…
To our valued clients, At HRC, the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. With more confirmed cases being reported each day, we are considering the potential impact and…
By Shelly Figueredo, CPA I have raised 3 children, and in that process, I have “dropped them off” literally thousands of times. Just to name a few – I have dropped them off at pre-school, elementary school, middle and high school; I have dropped them off at soccer practice; I have dropped them off at…
By Dalyce Franz Did you know you could be liable for paying taxes for vendors that you have already paid? The IRS requires that companies, non-profits and governmental agencies file Form 1099 annually, generally to vendors who have provided you service of more $600 in a year. The easiest way to do this is to…
By Lynn Myers As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act…
At Houldsworth Russo & Co. we do our best to not only give back to our community, but we strive to give back to our planet. Our firm is nearly paperless, and we recycle everything we can, we want to offer you some tips on how you can make a few changes in your home…
In today’s fast paced world, it can be a hassle to have to sit down, log into a computer and update accounting. Luckily, we live in a world where that no longer has to be the case. Whether you want to pay bills while you are at the beach, check your bottom line while in…
