Help Me With Sign Maryland Banking PPT

Help me with industry sign banking maryland ppt later

hey here's the process we asked that during this panel discussion you go ahead and mute yourself if you are not the speaker um we will uh have questions for our panelists and each question will take approximately five minutes if you have questions uh just put those in the chat and debbie will be helping ken keep up with that um and then please stay until the end and we will answer additional questions in a q a session at the end at this point i would like to introduce our facilitator ken clark with t.w perry as he mentioned he is our education committee chair and he works really hard with his committee and his uh the neri staff to try to think of great educational uh programming for our members so this is one of one of those programs and we just asked if you have any recommendations for future programming throw that in the chat shoot it to a staff member or ken by email and we'll we'll get that going so ken clark without further ado i'm going to turn this over to you to introduce and welcome our panthers panelists i should have music or something you know like you know there should be something really get everybody going get people fired up uh first off yeah thank you very much for attending this and thank you very much panelists for being here uh your expertise is you know really a huge benefit and greatly appreciated um i just also want to remind people that you know you want to go ahead and ask questions through the chat i love questions and i think the important thing about questions is it might be somebody that somebody else has the same question or it allows elaboration on a given point right so questions are great i encourage that but just please put them in the chat um we're going to start first with the topic of ppp it seems to be on everybody's mind obviously it was money that was floated what do i do how does that affect my taxes and things like that i'm going to ask some specific questions but again you know we have a little bit of time to elaborate on these things so i may call in a specific panelist i may make it sort of a group discussion for all panelists to get everybody's feedback on it but again i think more information in an organized sort of flow would really be beneficial to everybody so my first question is to alia and the question really pertains to ppp application portals are closing soon so we keep hearing about this it's like well you got to submit through this portal but the portals are closing soon uh in your perspective what do our members need to know and i'm going to float that around a little bit but i think it's an important question um elia what is your thoughts on that so originally the portal was going to be closing um on march 1st and it could be different for any of all the banks but march first was the day that the portal would be closing however since president biden passed that new sba two-week for small businesses now the portal is closing on march 10th so if you haven't applied for the first round or the second round you still have some opportunity to go and do that uh march 10th would be the day that they would close the portal okay so like you said that could be different for different banks and possibly different uh states is that just really a bank thing or is it more just that sort of a universal like hey everybody pretty much is going to be closing by next wednesday the 10th i personally think that majority of the banks will be closing by march 10th it's just to give us some time march 31st is the last day to get the funding done and you need a good solid two weeks to get the process done from submitting it to sba getting the funds from sbn funding it to the client so i don't foresee that the banks will be going anything further than that all right um just from our extra panelists does anybody have anything to add to that we got a hand up in raja's court there raj with the sullivan people i believe most of the banks i think sandy spring will be closing march 10th but most other banks in our experience will be open until all the funds run out and we do have raul who helps with ppp and he's an expert he has been talking to other banks and most of them still accept application and have not shown any indication that they would be closing their portals anytime soon so then so the suggestion would be to check with your own individual bank just to confirm that correct and even if you your own bank does not accept ppp applications when you're ready to do it you can still check with another bank or another lender there are multiple online lenders that are also doing ppp application who have who are not in a regular course of banking relationship gotcha okay we've had experience with ppp-1 and ppp2 with probably more than 25 banks and you find a lot of different characteristics with some applications and there's different characteristics for forgiveness but the best thing to do is you you got to steer with your bank they're using different methods and different dates all right so see a professional then right not the guy hand here at the corner selling watches or something right i like that advice that's good all right um for the cpas of the group and and related and i'm going to throw this question out so um you know ppp forgiveness applications in general is there any information that our group or this audience should know about that is there any tips or ideas uh just suggestions or we pretty much beat that horse to death we're good all right we we can add a few comments about that okay if you forgive this uh first thing you got to do is whoever your lender is you gotta get a list from them or go to their portal if their portal is open it will give you a good amount of information on what documents you need to get before you start the application process there there is streamlined in easier version for people who got ppp below 150 000 and then for people who got more than 150 000 the forms and documentation can be a little bit extensive than what it is for other people who got 150 or less once you get the checklist from your bank on what documents you gotta have ready you also need some calculation done for your payroll cost and the payroll costs are defined in the application on what can be included and most of the times we see that people use a payroll service some payroll services will provide you a report which looks like the sba application with will which will have pre-filled the numbers on there you can just put those information in the portal for the bank or your lender and at the end they ask you for most of the times they will ask you for payroll tax reports i don't know if everybody is familiar with those but those are the ones which are filed every quarter called form 941 and some banks will could ask you for the state unemployment reports as well if you had uh if you're using the ppp for paying rent mortgage interest or utilities you should also have those bills together and all of that information is fed into the bank's portal and i'm not sure if i've seen any bank that are taking paper applications i believe all the banks are doing electronic so it makes it efficient no mailing nothing gets lost in the mail you fill in the application you upload the tax documents or anything else they are asking for and in general our experience is since they started ppp2 most of the banks are not paying attention to the forgiveness that people are applying for those their their priority is ppp2 making sure people apply it they get those funds before they run out and then some banks have told us they would after march 15 they would look at the ppp round one forgiveness and in our experience the ones we have applied for so far we have seen some forgiveness being approved and some came in quicker some were delayed but at the end of the day i think it's on the banks and how much resources they have allocated to ppp some banks could be quicker and some banks could be delayed i'm thinking that uh the reason why some of the banks are concentrating more on the applications is for the applications they get paid they get paid three to five percent for the loan i don't know if they get paid anything for forgiveness services so they're kind of putting it off many of the loans that we've seen are below 150 000 so if you below 150 000 you can use the simplified version and many of our clients have received emails from the banks that say here's the application it's one page it will take you 15 minutes please submit so you don't have to submit the data with the simplified application you're supposed to make the package so that if the sba or the bank asks for it later you have it ready so it's actually if you do the one form you should still do the backup that calculates you know what you used it for and for many of the applications or many of the applications for forgiveness it's easiest to use all payroll for ppp one if you can use 24 weeks of payroll it very much simplifies the forgiveness because you just submit your payroll you don't have to submit rent lease lease leases or other data and that's true for uh ppp too also if you can use it for payroll you're you'll simplify the forgiveness okay um and i see a common thread here where you know again we need to make sure that we've got the proper package or backup documentation whatever they might be uh you know in the event that it's called for that you're prepared to provide all that rather than just a simple application um real quick so we have a one of our first questions on this is so what is the time frame for forgiveness so i'm assuming it's what is the time frame for the response uh approval so to speak was that the question angela as you see it they just answered my question i wanted to know how long i can kind of use that payroll to report um and how long i have to use that so if i'm understanding it correctly it was based on eight weeks of payroll that i was approved for but now i have 24 weeks that i can show payroll expenses against that is that correct correct yes and for ppp too it's anywhere between eight to 24 weeks okay thank you rob does that answer your question as well just a simple uh wave of the hand or wagon the tail or something on that no tail wagging i don't want to see any tail wagging you know i might have an animal i mean we have animals around my dog will be in here in a minute because she hasn't bothered me all day so i guess the question i had was uh whether it was there was a deadline uh for the application for forgiveness for the action application good question i mean when do you have to have your application in to uh get forgiveness for ppp one and also i went through ppp2 and i want to know that the deadline for that well what for the ppp one like if you the forgiveness deadline is like once you use the payroll ppp loan for the covered period so you have 10 months to apply for the forgiveness so in this 10 months you can apply for the forgiveness anytime in which the bank will take after you submit the application the bank has 60 days time frame to decide whether the loan will be forgiven or not and they will ask you for additional documentation and they will send it the application to the sbaa and the sba has 90 days to decide whether the loan will be forgiven or they need any additional documentation okay but you said 10 months from the time you get where you were funded uh no after the end of the covered period which is like eight weeks or 24 weeks okay all right and i got my i'll follow that up with us a question for aaliyah uh i do bank with sandy spring uh neri member and um i also wanted to ask if they're closing the portal what would be the best way for me to follow my application um so rob is it your first or second um loan with the bank i believe it was robbed that was uh yeah it was rough um so it depends because if it if it is your first application then i can have the team send you the link um and you can fill it out submit it so we have it the other option is if you've already submitted the first one round then i can send you the link myself where you just log back in and apply for the second one if you want to have the same amount as the first one you don't need to provide any documents you just complete the application and submit and then we'll send it over to sba immediately but if you want to do an increased amount then we need updated um documents from you to underwrite that loan once again and then submit it to sba that's not really my question i was actually funded for both ppp1 and for ppp2 and i just look i'm looking to get forgiveness now for pvp one and how would be the best way for me to apply for that if the portal is closing is there another way for me to go about that okay so i apologize i was mistaken about you asked if you could apply for ppp okay so ppp forgiveness how the portal is not closing for ppp forgiveness the portal is closing for round two ppp the ppp forgiveness will start back up on um i believe it is march 12th um when we started back up and you are going to be getting an e email the way sandy spring bank and sending it out is through waves um so from the date it was funded and so depending on the day that you got funded for the loan your your invite will be sent out um accordingly that's great that answers my question thank you so much you're welcome yeah i'm sorry there was probably some miscommunication on my part because really we had two different areas of questioning here we had sort of the actual application to get the ppp and then we had the other question about the application for forgiveness so i apologize if i co-mingled those two things like way i did that with my fingers it's kind of a visual thing it's people thinking totally visual did you see eric's seat yeah did you see everyone yeah we're gonna get to eric now so you see any reason why some of the some are approved so some applications are approved versus others that are not um is anyone want to take a bite out of that question there are they talking about round two ppp or are they talking about forgiveness that's a really good question forgiveness all right so forgiveness um it would be if the funds were not used for payroll if the funds were not used for lease the lease or the utilities um just what it was set out to do if the funds were not used for that amount is what would not be forgiven so is it possible that maybe someone applied for forgiveness but they didn't put in the details of exactly how it was used and then automatically just got kicked back as not approved i so i can't speak for the other banks but the team that i am leading for forgiveness we are making sure that the client has a complete package before we move it over to sba because we do not want that day time to click and start for them and then they don't they don't get any forgiveness so we are making sure that they have the payroll documents they have um the lease documents they have utilities whatever they have set out to be and for eight weeks versus 24 weeks we are collecting all the documents and doing the leg work for the client before we submit it to sba eric i hope that answers your question um if there's nothing else on this one i'm going to move ahead to the next question which is in regard to tax rules so your ppp tax rules um it's an understanding that most states are not conforming with the irs so that's just sort of a general overview what recommendations do you have for our members and again so is that a state thing obviously irs is government but any thoughts on that particular question of non-conformance and what are the recommendations to kind of work within those parameters it is a state by state decision um i actually heard that virginia over the weekend has agreed that they are going to somewhat follow conformity they will allow so the the uh the ppp money isn't taxable and they will allow up to a hundred thousand dollars in expenses um if you're over that the additional amount over that will you'll not be able to deduct that from the state tax returns but if you've got if you've got any uh filings in additional states it's going to be a state-by-state basis we we've got clients all over the country i was uh communicating with the client in minnesota yesterday and minnesota has not made a decision yet um so we've we've actually been recommending to a lot of our our uh subchapter s and partnership clients that they may be best served at this point especially if they're in the state that has not uh agreed to conformity to hold off on filing their taxes because otherwise it's going to be taxable at this point and then if they do agree they're going to have to turn around and file an amended return the one thing about virginia is the legislature did agree to it over the weekend it's been sent to the governor to sign he hasn't signed it yet that i'm aware of so we need the he's got to sign it before that's gonna to go through is there any recommendation on just um you know applying for a continuation rather than just going ahead and submitting your returns right that's what i was saying if you've got any if your state has any concerns for conformity you're you're most likely better off filing the extension for now okay yeah and that seems to be a fairly common thing anyway it's like look if something's in flux uh you know let's just file an extension and that gives us some time for things to kind of get a little bit better formulated um because i hear that on on other things not just ppp issues but um my own accountant if i don't give him my taxes on time he's like ken i'm just filing an extension i i can't do this like the last day right so you'll get it this summer sometime which is okay so anyway all right great um let me add something to what joel said yes he talked mostly about virginia uh for maryland tax purposes maryland conforms to the irs meaning the ppp that you received is not taxable income and the amounts as long as you spend it for payroll and other expenses they are deductible for tax purposes for for dc it's the same thing if you receive the ppp it is not taxable income if you spend it on payroll and other business expenses it is also deductible for state tax purposes so if your business is in maryland bc we do not see a reason why you would want to file an extension unless if you have other reasons there could be some other reasons where people want to delay their tax filing so basically what it means is if you received a hundred thousand dollars in ppp and you spend it on business expenses you can deduct all that loss on your company and then if you're a s corporation or partnership you can you can all of that expense becomes deductible on your personal tax return and lowers your tax liability the only thing for maryland tax purposes would be a lot of maryland businesses received grants there were state grants county grants we have a very long list of grants which were received those grants are taxable for federal income tax purposes so if your business received let's say if you're in pg county you receive ten thousand dollar grant it's taxable income for your federal income tax but dc about 10 days ago or maryland about 10 days ago the governor passed a new relief bill which says if your business received these grants you can exclude them for your maryland tax purposes so if someone some some business received ten thousand dollars they pay eight percent maryland tax that's a tax saving of about a thousand dollar approximately however the forms for those deductions are not ready yet because it was just passed the comptroller's office in annapolis is working on getting those forms ready so if your business received any of those grants you should let your accountant know that those grants will be non-taxable for maryland tax purposes and if needed they should extend your tax returns because more than likely it looks like those forms may or may not be ready by march 15 which is the initial due date for filing the business and partnership and escortation tax returns so therefore if you received ppp money and no grants maryland and virginia excuse me maryland and dc you're okay you're you're okay with that as far as ppp but as far as virginia you've got to keep in mind virginia tax return is not due until may 1. so as far as your federal return it can be completed many of the businesses in mary from are operating in maryland virginia and dc and operate as s-corporations so those companies with regard to federal on the if it's just ppp money for maryland and dc can proceed there's not there's not a reason not to proceed it's only virginia we're waiting on gotcha okay all right well that's great information um is there anything else that either anybody else or the other panelists would like to elaborate in regard to additional information that our members should know in regard to t ppp and your tax preparation i mean i keep hearing hey you know we've got to make sure we've got all the documentation make sure you're prepared make sure you understand the deadlines uh you know work with your bank uh obviously there's a lot going on here if you've got you know your accountant certainly be you know leaning on them um and obviously so is there anything else that our panel has to say about that kim you've been kind of quiet up there what are your thoughts actually i um just moved to virginia and i didn't know may 1st was our new deadline so i i don't specialize in tax i just know the basics but everything i've heard is exactly what i've been reading and confirming with my own cpas that i reference that i work with wow it's all consistent from what i'm hearing the individual return is due may 1st however s corporation partnership returns are due before that okay yeah so they're actually they're actually due april 15. what i just would like to add is that you are using a third-party payroll provider check with them because some of them already formatted some of their reports to make the filing for forgiveness very easy i know that i've been running reports on the third party softwares to use i've been helping gather the information to submit great great point yeah okay debbie do you have your hand up oh um i was trying to make sure that tim's question was answered i believe alia answered it regarding um he was under the impression that the bank would invite them to apply for forgiveness sandy springer not opened that up to him yet so alia was that your response to him yes i personally responded two of them responded to me as well personally and i responded to them but if they need further um clarification please do ask and so banks basically ali they they have to close the applications for the loan portal and then they open the forgiveness one is that correct yes and it's going back to what um i the three gentlemen in that room my followers remember the name of the company yes what they were mentioning it's the resources that's what it comes down to um and also as a community bank we don't have the resources as you know wells fargo bank america the the bigger banks so we have a portal that we have open and we're utilizing that we utilized it for round one then we kind of changed some things to make sure they came in uh compliance with sba for the forgiveness and then we had to close that off to make some changes for round two so now when we close off that portal we want to make sure that everybody that is applied for round two we get them from a to z and processed and then go ahead and get back on to the forgiveness side of it okay resources great thank you so much for that response and yeah i assume that your question was answered there um tim and rob also jumped in on that as well um we're going to move away from ppp um if that's okay for everybody um we're not gonna talk about golf or going out drinking or anything like that we're gonna move into tax filings and deadlines and really there i think really the big question is has anything changed right i mean the world kind of changed on us uh people are kind of concerned gi you know i used to be able to you know deduct this as an expense because i had an office or whatever but now i'm working out of my home office um you know our travel has changed um you know so a lot of these deductions that we thought about before um you know we don't really have mileage and things like that um is any i guess do we looking at other changes so those are things that are my head right but i think from a company's perspective especially if you're a smaller company you're running the show you're doing your own you're handling your own finances are there things that maybe that happened in 2020 that are going to be effective you know for your filing this year or things that they need to start documenting in 2021 in preparation for their taxes a year from now um and that's going to be kind of like thrown out to the group uh does anybody have any thoughts on that in particular raja's group always has some they're like they got they got the fountain of knowledge over there there was one uh thing that happened in maryland that was pretty significant um a few years ago as many of you know if you looked at your taxes they limited your maryland income tax deduction on your federal and when and your real estate tax they limited to 10 000. it was called the state and local tax limit so no matter how much state tax you pay you couldn't deduct it on your federal because you're limited to ten thousand so maryland kind of fought back with respect in november and they passed a workaround so that if you have an s corp or a partnership in maryland and for the shareholders you pay the state the maryland state tax you can deduct it on your company tax return so in essence it lowers your net income on your company tax return thereby giving you an unlimited deduction on your federal return for the state tax paid which can be significant because some people if you pay 40 000 in state tax the deduction on the federal ends up being 15 to 20 000 um so for partnerships and that's corporations that we do work for they all got payments in uh in november and december and that way it made their state tax deductible on the federal because it lowered their business income and this goes forward if you did it in 2020 that's fine but it's applicable in 21 and on forward so if they continue to limit the ten thousand dollars on your itemized deductions at least for business owners that have an s corp or have a partnership they can deduct their state tax on the business returns and it ends up being a deduction and it's really a significant change uh it would only apply to business owners meaning if you have a w-2 doesn't apply to that would only apply to business owners that have partnerships and s-corps which are experiences you go out there in the real world with respect to small business many of them 18 out of 19 businesses out of 20 file as s-corporations wow significant interesting to know joel or melanie any thoughts uh elaborating on that yes i wanted to it was going to be actually my number one thing to address as well um so a little clarification first it's not just maryland it's the irs has approved it so it's it's applicable to all states now as corporations and partnerships normally don't file or pay income taxes if they're the taxes are passed through to the individual but what this is is that in certain cases particularly if you have an out-of-state shareholder or an out-of-state partner then the business is required to pay taxes and you know as he was saying as a traditionally those taxes were then reported on the individual's return but if they were capped at that 10 000 they got no benefit to it so now the business can actually write those taxes off okay interesting another thing i would like to address because you know it's been the law for a couple of years now and yet there's an awful lot of people that still don't seem to realize it is that um if a partner in a partnership has personal ex or expenses related to the business that they weren't reimbursed they can do what's called unreimbursed partnership expenses and write those off on their individual tax return or an individual who maybe has a sole proprietorship that's not a problem but if they're a w-2 employee or they have an s-corporation the irs more or less did away with a lot of those expenses if you have an s corporation the way to do about it is to have a reimbursable plan but you need to have that plan in place rather than just you know willy nilly trying to write off the expenses so that the s corporation and and the shareholders should have a plan a written plan in place saying that the person will be reimbursed for those expenses and then that way the person won't be writing them off under individual return the business will actually write them all gotcha i like that yeah willy nilly is not a good friend of ours anyway so that's good to know um appreciate that um all right um question about deadlines because that always seems to be like the thing you know it's like oh crap i wake up this morning and what do i got to do and oh that deadline's coming up and by the way there's another meeting after this right so um anything to be said on that i know we talked about extensions and if things are questionable it's best to go that route um is there anything that that you know straight up we got to say hey you know there's some serious deadlines on some of this we've talked about ppp but in far as the tax areas go is there anything that anybody wants to elaborate on want to talk about the that we can we uh in general the business tax deadlines are march 15. federal income taxes states could have different dates like virginia or maryland for s corporation and partnerships they have april 15th for your personal income taxes for federal level they're due april 15. there is some talk about irs extending the due dates like they did last year to july 15th but nothing's done yet and maryland did extend a few of the deadlines to june 15. that's for people who live in maryland and make estimated tax payments instead of april 15 and june 15 they can make those two payments by june 15th okay virginia does have a gross receipts tax most of them for various counties were due in on march 1st and they do have another personal property tax deadline coming up in may for maryland personal property tax returns are due april 15 there is an option for a two-month extension for d.c businesses the personal property tax returns are not due until in july so they have some time and dc as of now has not extended any due dates that we know of same for virginia they're all sticking with the original due dates where the business returns due april 15 personal tax returns due may 1st and everybody has an option to apply for an extension if you use an accountant the accountant will file the necessary forms electronically if they think you have a balanced view they send you payment vouchers to make those payments so you don't end up owing a penalty great information i just want to add to that the sales i do a lot of sales tax returns and virginia uh has the same deadlines dc has the same i think it's a state to state so just be ready just go to the revenue department for each state and make sure they haven't extended the sales tax because california i do a lot of california returns i don't i know we don't mean californians in here but uh it it does change and no one's aware of it so i do a lot of cash flow management so just be aware of that of those changes and check with your local your revenue departments in your state that's great advice so again like he said you know maryland's done a few extensions states can for the for at the state level certainly can go state to state um you just need to be aware of or check with your accountant to be aware of what's going on with your state on the federal level uh and um texas is now extended to june 15th because of the blizzard um but everybody else is still the regular deadlines and as a gentleman from uh sullivan mentioned there is some talk about it the house ways and means committee has approached the irs twice now that i'm aware of and said that they are gravely concerned about the the flow of work um as of the last week of february they still had 6.7 million returns that they had not processed from last year there's a lot of other things that just are not moving most offices they're not all of them are back open but again there's a lot of irs agents that are still working remotely they're still going through mail and now we're dumping a whole new tax season on them and the house ways and means c mmittee just feels that you know that alone is trouble and then you've got all the new tax laws and it's just it's it's a lot and they're really worried as a recipe for disaster so they are pushing to get it extended whether we'll see it extended or not who knows gotcha all right again very good information appreciate that response um i think that you know we're kind of going to move off the you know this sort of specific subject but one of the key things that i look at every year and i'm sure most people do is you know what should i be doing this year and i kind of touched on this question before but i don't know if we really put it out there all the way but in preparation for next year is there anything best practices that maybe is different new changed or something that we don't really pay attention to that we should be doing in preparation for the 2021 uh tax season and um and again i know that we've elaborated on changes we've elaborated on some things that are still fluid or in flux at least where they haven't really have any firm uh dates or processes yet but is there anything that that our membership again thinking about you know you've got small business owners uh you know they may not have a lot of resources for accounting and things like that but what are just you know sort of good practices for a lot of our guys that are running these smaller operations and gee damn i really need to be you know documenting this or collecting that is there anything that you guys see when you're out and talking to you know our sort of clientele that gee you know i don't lie but everybody kind of keeps missing this or this would be a good practice to get into so i'm going to throw that out to the group and i'd like to go around to everybody and just get your thoughts on that um we'll start with kim because she hasn't had a lot of air time so i'm fine with not having your time um i've been just frantically taking notes because i again i'm not a cpa i know the basic tax code but um it's always i have a network of cpas that i always take notes from and listen to so the biggest thing that i have to say is cash flow when you don't know what money in the bank is actually belonging to you if you don't know what that answer is on a regular basis you're going to get into trouble regardless with all these changing deadlines last year we saw the biggest stretch on cash with my clients because everyone's like oh i have till july 15th well everything was due in july last year and i hope and pray i know if there's some people that are suffering cash-wise but if you can keep on the current deadlines stay with them and plan ahead don't assume that you have enough cash by just looking in your bank account make sure you're looking at your vendor liabilities your outstanding loans your all that and then deduct those i always say if you were going to leave the country well if we could actually leave the country right now and go to france and you know run off with somebody what would you take in your pocket that's the question you should always ask yourself okay so it just has to do with cash management and i i do a technique with each of my clients it only takes like five minutes once i teach them how to do it they know how to do it and um they're better off for it so my my biggest piece of advice is cash management that's great that's great um why don't we go to joel joe any thoughts on that uh on the cash flow no um a couple of things to be aware of though is that for 2021 and 2022 instead of the traditional 50 uh meal expense the irs is actually going to allow a 100 deduction for meal expenses um you just need to be aware of that they won have to be business related to have to be provided by a restaurant um so if it's you know if it's not a restaurant you're stopping at 7-eleven and grabbing a sandwich it's it's not a meal expense and three uh and again this isn't something i think everybody really was aware of is that entertainment expenses are no longer deductible so if you you know if you have attended an event and the event was a hundred dollars and the meal cost of it was 30 that's what's deductible not uh you know if you're taking another you're taking a client saying here i'm i'm uh taking you to this event not that many of us have done them in the past year but hopefully we will be this year and next year um only the meal portion of it is deductible okay that's good to know so my golfing buddies they can pay for their own golf and i'll just buy them a beer and a hot dog good to know angela's got anger's got a hundred bucks angela i think i'm sorry but you're gonna have to up the ante here 100 bucks i don't you know maybe way back again he asked what i had ready to leave the country i got a hundred somebody else gonna have to put the rest of it yeah well you know i don't think i'm getting out of the country i may not even get out of the county i'm thinking if i go i can't i'm not coming back okay so just he's gone he disappeared he doesn't exist i'd be living in a cave or an island you know i always go i'll go live on an island and eat coconuts like who would really actually that's that's not practical right um because you know you're gonna need some you know some uh beer and wine and what not to go those coconuts so you know hey i need a little bit of money um all right um kind of same question you know what are the things that we should be thinking about and best practices um and i just want to ask alia is is that something that you know at your level does the bank look at things and always like gee what is with these knuckleheads they keep on doing this and they really should be doing that and i'm sure you don't call your knuckleheads i do but that's okay like no we don't really call them knuckleheads um but i just want to say with the pandemic there's a lot that all banking institutions have kind of kind of cut back on or made it a little bit more difficult for clients to get funding um especially if they are in the restaurant industries or that um but for contractors um in remodeling businesses they are still doing fairly well so it is still easier to get a loan for a line of credit um and you know cash flow like kim mentioned is so important um do uh no angela i will not do that um so my only thing is just get before you submit for your loan or line of credit speak to your banker give them your financial picture so they can say okay you know what this is what it looks like based on what the pandemic did um just don't go in and blindly apply that's what my recommendation would be no that is good that is good um all right um and the i want to just also hit the sullivan group with the same question um the biggest thing we see and when i talk to a new client the previous cpa firm many times they don't do what we call tax plan if you have a business the best thing you can do towards the end of the year is get your year-to-date income statement through october or november and see where you are as far as taxes and if you've got to make any moves the moves that commonly are recommended in the construction industry is they buy a truck which they can deduct a hundred percent if they're over six thousand pounds they contribute to their pension plan they make they make payments they need to make and then at that point in december they know where they are as far as taxes but if they don't do that with their accountant then what happens is april comes around and all of a sudden they owe 25 000 and he didn't plan on so they should know where they stand and ideally pay it in december before they move on to the next year and that's a step that all cpa firms should take with all their business clients and some of the people do it but we do tax planning for every single client and they make they make moves before the end of the year because you can't do it in march and april that's the biggest practice they should do and then secondly there is something out there that is new we omitted it before and it's called retention credits retention credits is a credit you get up to in 2020 up to 50 percent of 10 000 that you pay to employees so basically you lower your tax deposits if your revenue in 2020 has gone down 50 50 but in 2021 it's 20 so if your revenue's down 20 versus 2019 you can get a refund on payroll taxes for in 2021 up to 70 percent of the 10 000 that you pay employees so the payroll services all know about this and so should your accountant so you should visit this with them if you have a reduction in 2000 2021 it's only 20 percent okay that's really good advice i like that um something else i wanted to bring up i don't know if we have any sole proprietors in the group um but if we do there is a refundable credit for 2020 uh if you are a sole proprietor and you missed time from work because you were diagnosed with covid or you had to take care of a family member that had coveted uh for up to 10 days you can get a refundable credit of up to 200 a day for up to 10 days if if you were unable to work for that period and it affected your business how would you go about proving that i i mean you know one thing i'm sure you could show is that if you were ever questioned you probably got some sort of doctor's notices or hospital bills for covid um would be one thing and if you had kobig i'm sure you weren't working yeah i'm sure that too so all right well great that is really great um all right so basically we're going to kind of start wrapping up here i know that you'd hate to leave you know this little session here but um are there any last questions from the group uh rather than the use of the term knucklehead uh in the appropriate you know really language um is anybody else have any other questions for our team you guys have all done just a great job and i thank you so much and you know i think it really is it's things like this that are valuable to our group and um again i i'm gonna encourage everybody to you know reach out to professionals you know i might be a professional in one thing i'm not sure what yet um but i will get there but you know a lot of these guys you know uh you know rob medley he's you know he's an electrician and that's what he does so i i wouldn't hold it to rob i wouldn't go ask him a lot of tax questions i'm sure he's very knowledgeable but again this is not our area of expertise so we really appreciate this panel taking your time to give us that information and i would encourage um you know if you don't have you know this is to our membership group if you don't have somebody that's looking out for your best interest uh you really need to do that um i have an account and i don't have a lot of money but i'm an accountant because it's i do have certain things that you know i play with and i rely on them to kind of give me the straight scoop and get me you know squared away um so again i think it's just one of those things where we have those professionals available they are right within our neary organization so i certainly would encourage you know patronage to these people they're all a wealth of knowledge and um i think we're very fortunate to have them in our midst so um if there's no other questions and we'll leave it for you know like the three second count you know three two one looks like crickets so um again thank you all for coming and um obviously there's a lot of great takeaways here and and i do need to thank uh angela and debbie for setting this up it's actually in my script okay i just want you to know thank angela and debbie right here and i couldn't believe they did that i was like well i thank them anyway but i think i read it from sharon's from the last one we had so yeah well hey you know somebody has to keep track of everybody has to praise me well we want that and they really do deserve it so you know i talk about being sort of the chair of the education committee i really don't it's really debbie that and angela do all the work i just like sort of show up right but anyway um they do a great job of putting these things together but i got to tell you here too one other thing that's sort of really important is we are always looking for interesting topics that we can bring to our members and i can't emphasize that enough if you're seeing something and you're all a great wealth of knowledge and even our members if there's certain things topics discussions that we need to be addressing we need that information you know we we need to be a valued resource to our membership and our sponsorship that's really what you know keeps this whole thing together so it's greatly appreciated and well accepted we don't look at it as gee why don't you talk about this that or whatever no these are all great topics it's important to you we need to float it out there and see if it works for other people so we always encourage that feedback and anytime you get an opportunity you know shoot a note out to debbie and angela myself obviously um you know again we're always looking for you know just you know great content that we can put out to our membership group so anyway that's really all i've got to say i'm going to turn it back over to angela and make sure when you get that little rating thing that i'm getting five stars right angela you're up i feel like i'm on some sort of game show thanks ken here we go so coming at you our very own debbie kane will be in touch with you after this we'll send out the um youtube link to access this recording she will send out sba guideline um page that we are going to be getting kind of i think that's a guideline for some of the forgiveness it's just a sample each bank as we've learned today has their own so please note this is just kind of a sample that will help you know some of the things you might need to put in that application for forgiveness we'll be sending out the panelist contact information so you can reach out to them directly if you don't have a great trusted resource for your financial health please reach out to one of them as a neri member they have been vetted just like you have um we will send out a year-end checklist from kmm consulting kimberly is going to get that over to us and um i think that's about it i already did i have it kimberly kimberly's already given that to debbie see how efficient they are and that wraps it up debbie what's our next event um march 24th we have ferguson samsung event that'll be educational um webinar and then we will roll into a happy hour for those that want to stay on and have it that samsung event that's on smart home technology and things like that is that correct yes and um they're going to talk about some appliances too i believe yeah i just have in front of me yeah great thank you all right everybody it is after five o'clock right here so enjoy your evening and if you need anything don't hesitate to reach out to us thank you so much for attending and thank you to our panelists and thank you ken clark for being our game show host today great job ken