Important Dates to Keep In Mind October 10/15/20 - Due date for extended personal (1040), corporation (1120) and FBAR returns. 10/31/20 - Due date for employer’s quarterly federal tax return (941) November 11/16/20 - Due date for extended Return of Organization Exempt form (990)
On October 1, 2020, the Alabama Department of Revenue (ADOR) officially alerted Alabama taxpayers of a new annual renewal requirement for certain ADOR-issued sales and use tax licensing. For the first time, Alabama taxpayers holding any of the following ADOR-issued licenses must renew that license between November 1, 2020 and December…
As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election. The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and…
The President has approved the request by Florida Governor Ron DeSantis in the wake of hurricane Sally for a FEMA Disaster Declaration for Individual Assistance. The declaration allows anyone in Pensacola and greater Escambia County impacted by Hurricane Sally access to critical FEMA programs, including housing assistance, crisis counseling, disaster…
As our Pensacola business community begins to assess the flooding-related damage from Hurricane Sally, the demand for available resources capable of providing capital, advice and disaster relief services has become a hot topic of discussion—and a source of some confusion and frustration. On the federal level, Florida Governor Ron DeSantis…
All too often we hear of damage caused by floods, fires, and other natural disasters. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. In general, taxpayers who…
The U.S. Treasury and Internal Revenue Service released additional guidance on August 28, 2020, related to the Executive Order authorizing the deferral of employees’ portion of the payroll tax. The deadline for employers to begin withholding the 6.2% employee portion of payroll tax was September 1, 2020. However, Treasury Secretary…
PENSACOLA, FLA. September 2020 — More than 30 years ago, Jeanette Geri joined Donna Bloomer on an adventure to start a new kind of CPA firm, Bloomer & Geri. She was rewarded for her dedication to the Pensacola firm by becoming one of the industry’s first non-CPA partners. On September…
Every business owner planning to sell their company aims to get the highest value at the time of the sale. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is a tool that can help do just that. However, as with any financial adjustment, you need to proceed with caution…
The Deltek | Clarity Government Contracting Industry Study for 2020 was recently released. This study addresses the trends and conditions transforming the government contracting market. This is the 11th annual study from Deltek and it continues to prove insightful for government defense contractors. According to Deltek, “The results of the…
Anglin Reichmann Armstrong is pleased to announce that Ryan Campbell, CPA, CGMA, CVA will join its Pensacola office as Partner in Charge, July 15, 2020. Partner Donna Bloomer will transition her time into client relationships and managing the firm’s Estate and Trust taxation and planning practice. As Partner in Charge,…
New Paycheck Protection Program (PPP) guidance was released last week by means of a 34-page interim final rule (IFR) issued in consultation with Treasury, in which the U.S. Small Business Administration (SBA) addresses a number of issues related to the PPP program. Most notably, the new guidance states that PPP recipients can apply…
Could you use some additional cash flow in your business? We thought so. Recent global events have certainly incentivized many tax decision-makers to prioritize tax planning that can increase cash and enhance overall business liquidity. This could mean a renewed focus on research and development credits (R&D credits). Specifically, more…
On June 8, 2020, the Federal Reserve Board announced the expanded Main Street Lending Program and its pending launch this week. The program offers favorable lending terms for small to mid-sized businesses to assist in financial hardships due to COVID-19 and the shutdown of much of the economy over the…
Good news regarding the latest PPP legislative update! Congress has passed and the President has signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act creates more flexibility for borrowers using PPP funds. The bill extends the time period for businesses to use…
The U.S. Small Business Administration (SBA) has released the “Paycheck Protection Program Loan Forgiveness Application,” which contains information on PPP Loan forgiveness along with instructions for completing the application form. The SBA said its form and instructions are designed to reduce compliance burdens and simplify the process for borrowers. The…
U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification. They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ…
We have provided an update to the “economic uncertainty” language and the good-faith certification. Read More. The U.S. Treasury Department and the SBA are issuing new guidance on eligibility and use of Paycheck Protection Program loan funds under the CARES Act. However, their determination of ‘economic uncertainty’ and the ‘good…
Businesses impacted from COVID-19 have numerous relief options available to them. We are here to help you navigate how the relief options are interrelated, and more importantly, how you can maximize the available relief options. An important backdrop to all of this is the intent of the programs is that…
Anglin Reichmann Armstrong has developed a process to help you model potential forgiveness scenarios for PPP loan forgiveness. This is a critical process to pursue now because it will support your decisions for timely staffing/rehiring as well as proper use of PPP loan funds during the eight-week covered period. Contact…
There are a number of relief options for businesses under the CARES Act but these measures are limited. Businesses need to act quickly if they need financial help to cover payroll expenses and other business expenses. Paycheck Protection Program Update The Paycheck Protection Program (PPP) has been a very popular…
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