- All business expenses paid for with forgiven PPP loans are deductible, in addition to the forgiveness being non-taxable federal income
- $284 billion for additional PPP loans (click here to see who is eligible for a second loan)
- $600 stimulus payments to individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year; as well as a $600 payment for each child dependent (pending a vote later today, December 28, in the House to potentially increase the payment to $2,000 for individuals)
- Creates a simplified forgiveness application process for loans of $150,000 or less
- Continuation and expansion of the Employee Retention Credit
- Additional tax credits for businesses that provide paid leave
- 100% deductibility of business meals in a restaurant in 2021 and 2022
- Additional $300 supplement per week for workers receiving unemployment benefits until March 14, 2021
- Extension of moratorium on evictions through January 31, 2021
- Funding for additional emergency food assistance
We are a team of experienced accounting professionals who are empowered to be problem solvers. This means we are committed to proactive, exceptional customer service and to providing value-add solutions that help make life easier, bring dollars back to the bottom line, and propel the business forward. We truly live our tagline - face to face - both with our clients and each other.
Does your accountant understand the industry trends and drivers that affect your business? Can they go beyond the numbers to anticipate trends and advise you on various matters beyond the balance sheet or tax return? In order to serve our clients well, we pride ourselves on providing a depth of knowledge in several key industries. This means that you receive top quality service and can take advantage of best practices in your industry.
Each business has its own unique strengths and challenges, which often change throughout different phases. We are equipped with the knowledge and ability to deliver a broad cross-section of services to meet your changing needs, from the hands-on approach with payroll, bookkeeping, and in-house controller services to planning for succession with family wealth planning and mergers and acquisition guidance.
If you are interested in working with a firm that focuses on serving unique clients with a proactive and solution-oriented attitude, we invite you to consider Smith Leonard. Our firm is a place where we all enjoy working together and where our people are absolutely our biggest asset. We like to say that we have the best of both worlds – the resources of a national firm with the approachability of a local firm. We are Smith Leonard. Are you?