Get To Know Our New Interns!

We're grateful to be operating during these crazy times. We're even more grateful to continue our internship program, onboarding three new interns.

Get to know Jake, Sarah & Faith. They will be working with us to make the tax season a better experience for our clients.

Important Changes to the Employee Retention Credit

The Consolidated Appropriations Act, 2021 (CAA), was signed into law on December 27, 2020. Among many changes and updates to the prior legislation for COVID-19, this law clarifies and expands the Employee Retention Credit (ERC) that was created by the CARES Act.

If your business did not previously claim this credit due to eligibility, it may now qualify.  Also, if you have previously claimed this credit, you may now be eligible for an enhanced benefit.

New PPP Guidance Issued by SBA

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). Under PPP2, businesses are eligible for a second PPP loan of up to $2 million, if they meet certain provisions.

The new bill also creates a simplified forgiveness application process for first round PPP loans of $150,000 or less.

NEW YEAR, NEW TEAM MEMBERS!

Please help us welcome Tahsin Islam and Alfonso Toxtli, who recently joined our firm as staff accountants - just in time for the start of the new tax season!

Congress Passes Long-Awaited Relief Bill

$900 billion package includes critical funding and policy changes to help small businesses and nonprofits recover from the pandemic.

Congress has passed and President Donald Trump is expected to sign a $900 billion coronavirus relief package. The legislation includes a $300 weekly unemployment supplement, $600 direct payments and nearly $300 billion in Paycheck Protection program loans.

Lance Aligo Discusses PPP Loan Forgiveness on Popular Regional Business Podcast

Tune in and listen to KRS manager Lance Aligo, CPA, on the Strategies & Ideas for Business podcast as he discusses where things stand now with Paycheck Protection Plan loan forgiveness. He covers the status of the forgiveness application process and the potential for a second round of funding and how it will differ. He also talks about important IRS rulings on expenses covered by the loan and which loan types are certain to be audited by the SBA.

Time to Send Out Those 1099s

Get started now on Form 1099-Misc and New Form 1099-NEC and avoid penalties.

Form 1099-NEC is required to be filed with the IRS and the recipient by February 1, 2021, using either paper or electronic filing procedures.

Form 1099-Misc is required to be filed with the IRS by March 1,2021, if you file on paper, or March 31, 2021, if you file electronically. The recipient is required to receive Form 1099-Misc by February 1, 2021.

Paycheck Protection Program Second Round? What We Know Now

There has been a lot of media coverage regarding additional stimulus packages and a second round of Paycheck Protection Program funding (PPP2).

No legislation has been enacted and no applications can be submitted, at time of release of this article.

KRS Insights Webinar: COVID-19 Relief and Payroll Protection Program Updates

Join our Tuesday, December 1, 2020, 11:00 AM webinar and find out what's going on with the PPP program.

If you are a business owner and a PPP participant, you likely have many questions as the program draws to an end. In this webinar, the KRS CPAs team will provide insights on PPP updates, the loan forgiveness application process, income tax impacts, and future implications.