Ultimate Account Blog

An Important Reminder Regarding ERC Qualification and your Business’s Q1 2021 Form 941

As a reminder to Walz Group clients and friends, small business owners may be eligible for the Employee Retention Credit (ERC) for the Q1 2021 if your Q4 2020 revenue was at least 20% lower than your Q4 2019 revenue, or if your Q1 2021 revenue was 20% lower…

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Did you get $$$ from HHS Healthcare Provider Relief Funds?

Through the CARES Act and the Paycheck Protection Program and Health Care Enhancement Act (PPPCHE), the federal government has allocated $175 billion in payments to be distributed through the Provider Relief Fund (PRF). As qualified providers of health care, services, and support, you may have received PRF payments for…

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PPP2: A Simple Calculation or a Moral Dilemma?

There are lots of articles out there about who qualifies for a PPP loan and how is it calculated. The purpose of this communication is to discuss the 25% reduction in revenue requirement and the non-quantifiable element which is “Current economic uncertainty makes this loan request necessary to support…

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Webinar Recording: Expansion of PPP and the Employee Retention Credit

A recording of our webinar on An Expansion of PPP and the Employee Retention Credit – How the COVID-relief package impacts your business has been uploaded to our YouTube channel: https://www.youtube.com/WalzGroup/PPP Expansion and Employee Retention Credit The original recording took place on January 7th, 2021 with Partner, Dan Massey…

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IRS Provides Important Information Regarding PPP Loans

The subject of taxability of Paycheck Protection Program (PPP) loan forgiveness has been a common theme of many of our past PPP communications with you. Some information, such as the fact that the eligible expenses that lead to forgiveness are not deductible, has not changed, and will not change…

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PPP Update – Important Information for Loans over $2 Million

It has been more than 7 months since the CARES Act, which housed the PPP Loan provisions, was signed into law. We have learned a lot over the last 7 months and continue to learn more as information becomes available. The information below is applicable for recipients of PPP…

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2020 Year-End Tax Planning for Individuals

A discussion about 2020 year-end tax planning likely should involve a discussion about the U.S. presidential election. To date, neither candidate has released a formal plan regarding the tax code. Taxpayers can still make informed decisions by taking into consideration what the candidates have said about tax policy on…

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QuickBooks® Online and QuickBooks® Desktop Webinar

Yesterday our ProAdvisors, Andrea Reynolds and Barb Morrow, hosted a virtual training on QuickBooks® Online and QuickBooks® Desktop. The webinar included topics such as: QuickBooks Desktop vs Online, new features for 2021, QuickBooks on a cloud platform, 3rd party apps and tips and tricks. For a recording of this presentation,…

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Employee SS Payroll Tax Deferral Guidelines

In early August the President used his Executive Powers to provide for a deferral of employee social security taxes beginning today, September 1. On Friday, August 28th, the Treasury released the much anticipated guidelines to accompany the Executive order. The guidelines did provide additional details but also left some…

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PPP Forgiveness: Planning for Financial Statement and Tax Return Impacts

For many of you, the time has come or is quickly approaching for you to consider starting the PPP Loan Forgiveness Application process. Due to the amount of complexity and the importance of preparing your application accurately, we are prepared to support you in the forgiveness application process. Ways Walz…

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