FOOD & BEVERAGE
The food and beverage industry an ever-changing landscape that requires careful business planning that allows for flexibility. We have worked with many of our food and beverage clients to implement business plans that account for the ups and downs of the industry while building for success. We can take care of your tax and accounting needs and help you create a business plan while you dedicate your energy to growing your business.
Employee Retention Credit The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was an economic stimulus bill that was signed into law on March 27, 2020. One of the provisions of the CARES Act was the Employee Retention Credit, which provides payroll tax credits available for employers, including tax exempt organizations who retained
PPP2 Application Forms Released After the new COVID-19 relief bill was signed into law on December 27, 2020, $284.5 billion became available to the second installment of the Paycheck Protection Program (PPP2) loans. $35 billion has been set aside specifically for those who are applying for a PPP loan for the first time, and another $15
California Passes Proposition 19 Proposition 19 was recently passed in California and will affect properties that you want to pass down to your children. It is important to know that Prop 19 will only affect the property taxes and reassessments of the property; it will not take away the step up in basis for inherited
Year-end Tax Planning With the year coming to a close, now is an important time to be thinking about ways to save on taxes for 2020 and possibly 2021. Year-end tax planning and projections are especially valuable this year as new guidance was released on the Tax Cuts and Jobs Act (TCJA) as well as
New Text Phishing Scam The Security Summit (a partnership of the IRS, private sector, and state tax agencies) has released a warning to taxpayers about a new COVID-related scam that deceives people into providing their bank information. The scam is generated by a text message claiming the person has received the $1,200 Economic Impact Payment
New PPP Loan Forgiveness Application for Loans $50,000 or Less The Department of Treasury introduced a new, easier loan forgiveness application on October 8, 2020 for companies that have received PPP loans of $50,000 or less. No calculations for loan forgiveness are needed as borrowers won’t be subject to FTE or wage reductions. Borrowers
Deferring Employee Payroll Taxes The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows employers to defer employee payroll taxes beginning on September 1, 2020. It’s important to note that this relief is intended for the employer, not the employee. The employer is the “affected taxpayer” in this Executive Order.
PPP Interim Final Rule: Owner-Employee Compensation and Eligible Nonpayroll Costs On Monday, August 24, 2020, the Small Business Administration (SBA) and U.S. Treasury released an interim final rule that gave further guidance on the Payroll Protection Program (PPP) loan forgiveness for owner-employee compensation and eligible nonpayroll costs.