2021 Changes to Paycheck Protection Program
The new Consolidated Appropriations Act includes a second draw of Paycheck Protection Program (PPP) loans. It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.
December 29, 2020/Furniture Insights
December 2020 Furniture Insights
Positive results continue for the furniture industry in our latest Furniture Insights. New orders in October increased over the same period from a year ago for the fifth straight month, increasing 40% over October 2019.
Trump Signs Consolidated Appropriations Act Into Law
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
Consolidated Appropriations Act Addresses Key PPP Concerns
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
December 15, 2020/Press Release
Smith Leonard Announces Promotions for January 2021
Smith Leonard is proud to announce the promotion of ten of our team members as we close out 2020 and head into 2021.
December 9, 2020/Accounting and Auditing, Press Release
Announcing Scotti Teschke as Partner
Smith Leonard is pleased to announce Scotti Vaughn Teschke as its newest Assurance Partner/Member. She is a key technical resource for the firm, a mentor to many staff members, and is an integral part of the leadership team for employee benefit plan audits.
2020 Reminder Regarding Common Taxable Fringe Benefits
As 2020 draws to a close, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in taxable wages for employees, officers, and shareholders. Fringe benefits are defined as a form of pay-for-performance of services given by a company to its employees as a benefit and must be included in an employee’s pay unless specifically excluded by law.
