William M. Kellert, CPA, P.C.

Let's hope a correction is made. This is a very strange development.

Newly Issued Employee Retention Credit Guidance Punishes Owner Employees If They Have Living Family Members In a tremendously unpleasant surprise for owners of S-corporations and C-Corporations and their tax advisors, the IRS issued Notice 2021-49 on August 4th which states that the Employee Retention Credit (ERC), made available for businesses suffering from the COVID-19 crisis, will not be available ...

New tax bill (still not signed into law) has several key provisions. Among those are:
-Expenses used to qualify for PPP loan forgiveness will be deductible
-Certain businesses will qualify to apply for a second PPP draw
-PPP loans under $150,000 will have a simple application for foregiveness
-For 2021 and 2022, qualifying business meals will be 100% deductible rather than 50%. Documentation of business purpose, etc will, of course, still be required.

http://www.gscpa.org/content/Home/News/Professional-News/Necessity-Certification-for-PPP-Loan/SBA-Issues--2-0-Million-Safe-Harbor.aspx?utm_source=Master&utm_campaign=144f38608a-1017_Taxation_Community1_COPY_01&utm_medium=email&utm_term=0_ac80b8a671-144f38608a-39892697&goal=0_ac80b8a671-144f38608a-39892697

“Necessity” Certification for PPP Loan/SBA Issues $2.0 Million Safe Harbor The SBA has just issued an additional FAQ ( #46) providing a safe harbor for smaller borrowers so far as the “necessity” certification.  Borrowers with loans less than $2.0 million (including affiliates) will automatically be deemed to have made the “necessity” certification ...

http://www.gscpa.org/content/Home/News/Professional-News/Paycheck-Protection-Act.aspx

Loans would be initiated through your company's lender

Paycheck Protection Act The AICPA has released an update concerning recommendations for the Paycheck Protection Program. The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that CPA firms immediately: Review....

UPDATE: Tax day for federal purposes has been automatically extended until July 15.

As of now - tax returns are still due on April 15th. However - extensions are still able to be prepared AND any balances due with your returns will be accepted through July 15th without incurring any additional interest or penalties.

Georgia has not confirmed similar treatment as of yet - however there are indications that they will.

https://www.kiplinger.com/article/retirement/T021-C032-S014-moving-forward-financially-after-a-loss.html

Moving Forward Financially After the Loss of a Loved One Even as you work through your grief, there are some important financial tasks to take care of along the way. Here is a framework to use as a starting point.

Thoughtful article on meetings

Gain 42 Workdays by Banning PowerPoint - CPA Trendlines Let the briefing document be your ally. By Rick Richardson

https://money.usnews.com/money/retirement/medicare/articles/health-insurance-options-when-retiring-early

Health Insurance Options When Retiring Early Be prepared for these health insurance costs if you stop working before turning 65.

Dony - come see me. I can help!

Where did all my money go?? Posted in r/Accounting by u/mglemer15 • 173 points and 39 comments

https://www.forbes.com/sites/ryanguina/2019/06/28/dont-make-retirement-savings-mistakes/

Some basic ideas, but still worthy of remembering.

Don't Make These 7 Retirement Savings Mistakes We all know it’s important to save for retirement. Even if you’re saving for retirement, some common mistakes might cause you to run out of money in retirement. Avoiding these 7 retirement savings mistakes can increase the chances that you’ll be able to grow your portfolio and outlive your mon...

https://www.marketwatch.com/story/7-year-end-tax-planning-strategies-for-small-business-owners-2018-10-22
Some timely information

7 year-end tax planning strategies for small business owners There’s still time to cut your tax bill.

Forget about 100%! Aim for 80/20 – Karim El Kaddioui – Medium Perfectionism is one of the biggest obstacles to taking action and we forget that in the end, any progress is better than 0%.