Blog

January 13, 2021/Tax, Business Planning, COVID-19

Employee Retention Credit Improvements

The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). Learn more about how these updates may impact your business.

January 5, 2021/Tax, Business Planning

January 2021 Payroll Tax and Compensation Reminders

As we ring in the new year, we would like to remind you that this year many not be the same as 2020 when it comes to payroll taxes and compensation and benefit matters. This alert highlights various areas of change and what employers should be focusing on as they review year-end payroll.

December 31, 2020/Tax, COVID-19

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.

December 28, 2020/Tax, COVID-19

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.

December 22, 2020/Tax, COVID-19

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. 

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.

December 2, 2020/Tax

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.

November 24, 2020/Furniture Insights

November 2020 Furniture Insights

More good news in our latest Furniture Insights as new orders in September were up 43% over September 2019 orders. This followed a 51% increase reported in August, 39% increase in July and a 30% increase in June. Orders were up for 91% of the participants for the month.

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