Newsletters


SBA PPP Loan and the Schedule F filer

Agricultural clients: Previously, under SBA rules, farmers’ participation in the PPP was based on 2019 net farm profits (or losses), reported on IRS form Schedule F, Profit or Loss from Farming, plus wages paid. Based on 2017 IRS da …   Read More >>
 

UPDATE CAA – Presidential Memoranda Deferral of Employee Social Security Taxes

Update on Social Security withholdings deferral   On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA extends provisions relating to the Presidential Memoranda to Defer Emplo …   Read More >>
 

CAA Payroll Provisions: Employee Retention Credit Expansion and Extension

Employee Retention Credit update On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), which extends and ex …   Read More >>
 

CCA – COVID 19 – Families First Coronavirus Response Act (FFCRA)

Changes to Paid Sick Leave and Family Leave Credits On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Additional Coronavirus Response and Relief (ACRR), which contains …   Read More >>
 

COVID Relief Legislation

Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR …   Read More >>
 

PPP 2nd Draw

Dear Client: At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a seco …   Read More >>
 

Consolidated Appropriations Act

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus pandemic. The CAA, 2021 include numerous business tax provisions briefly summarized below. Tax …   Read More >>
 

PPP Loans – New Stimulus changes

NEW STIMULUS BILL MAY AFFECT YOUR TAX PLANNING 

Tax deductibility for PPP expenses

The bill specifies that business expenses paid with forgiven PPP loans ARE tax-deductible. This supersedes IRS guidance that such expenses co …   Read More >>
 

Year-End Items

As year-end approaches, taxpayers are generally faced with a number of choices that can save taxes this year, next year or both. To help you take advantage of some special tax saving opportunities, we have put together a list of items to consider. Plea …   Read More >>
 

Small Business Grant Program

To small business and family-owned farm clients: Missouri has established a new grant program in response to the Covid-19 outbreak.  The grant will focus on retail, accommodation, food service, farm and health care industries.  Attached please find a …   Read More >>
 

Opportunities for Business Owners With No Employees

You’ve likely been receiving our email blasts in relation to the new tax credits and SBA loans available as a result of the Covid-19 virus outbreak and its related impact on the economy.  While many of you business owners with employees have begun to t …   Read More >>
 

Utilizing Covid-19 Credits and SBA loans

Dear Clients, We at Westbrook & Co., PC have shifted our focus from income tax return preparation to determining the effect on our clients from the various government tax credits and loans related to Covid-19.  To date, we’ve sent out four email …   Read More >>
 

Cares Act (PPP) Loan Information

Please find the attached application and information regarding the Cares Act (PPP) loan we mentioned in our last email summary of the new CARES Act.  Submission starts April 3, 2020.  The PPP loan provides funds to assist with payment of payroll, rent, …   Read More >>
 

COVID-19 Related Payroll Tax Credits – QuickBooks Desktop Wages and Payroll Taxes

INFORMATION FOR USERS OF QUICKBOOKS DESKTOP PAYROLL As we continue to monitor changes due to COVID-19, we are providing instructions for accounting in response to recent changes that will impact employers and employees.  QuickBooks ha …   Read More >>
 

CARES Act – topics effecting you and your business

Dear Client:

We hope that you are keeping yourself, your loved ones, and your community safe from …   Read More >>