Business Planning

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.

June 18, 2020/Tax, Business Planning, COVID-19

New PPP Loan Forgiveness Application Released

A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.

June 4, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Changes Signed into Law

On June 4, 2020, the Paycheck Protection Program Flexibility Act that adjusts several PPP loan forgiveness provisions was signed into law. These changes clarified several questions that remained and could make loan forgiveness more attainable for certain business owners. 

May 19, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Application and Guidance Issued

The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.

SBA Loan Information

With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.

March 30, 2020/Tax, Business Planning, COVID-19

CARES Act Signed Into Law

On Friday, March 27, 2020, the $2 trillion CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law by President Trump after an overwhelming vote in the House to provide relief to businesses and individuals impacted by COVID-19. We have provided key takeaways for both businesses and individuals that you need to know.

SL COVID-19 Response and Update

In this time of uncertainty, Smith Leonard is working diligently to ensure optimal client service while following policies and procedures that protect our team members, clients, and communities. Learn more about our readiness plan and how we are handling the impact of the coronavirus in our business.

January Tax Items

As we ring in the new year, Smith Leonard would like to remind you of a few upcoming changes and filing requirements for payroll, personal property taxes, and other compliance issues.

2019 Year-End Tax Planning

As 2019 comes to a close, we encourage you to consider year-end planning to take advantage of opportunities to reduce your tax bill and prepare for the year ahead. View our business and individual tax planning guides.

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