In an unpredictable world, it can be hard to know who you can count on. Client success remains our primary focus and objective here at DMR Accounting and Consulting.
Accordingly, we have several new initiatives at DMR Accounting as we wrap up 2020, and what a year it has been! We are looking forward to 2021 and what the new year will bring!
- DMR Core Purpose & Values, how we serve you
- Online Solutions Box, tell us what you need and how we can improve
- PPP2 Relief, a matter of “when” and not “if” additional financial support will be coming from Congress
- Client Services Coordinator, Carrie Jareed is available and at your service
- We are fully staffed, welcome your client referrals, and thank you for your continued business and support!
Please read below for important details:
- We are committed to your success every day with our CORE PURPOSE and VALUES that align our team members with you and your business needs. Your success is our success!
FEARLESS Accounting, One empowering moment at a time.
- Clear Direction, Steady Support – We meet people where they are, demystifying the accounting process, gently eroding fears, and transforming lives from floundering to flourishing.
- Invest in Your Success – We expect all stakeholders to take ownership of their part in co-creating our mutual success.
- We’re 100% ALL IN – We treasure all our relationships. We show up fully, powerfully, honestly, collaboratively, and courageously.
- Teamwork makes the Dream Work – We recognize our interconnectedness and the power of a positive and nurturing environment. We call forth and celebrate the highest potential of all.
- Above & Beyond – We deliver exceptional, comprehensive solutions in an accurate, responsible and proactive manner.
- New for You! We’ve set up a new Online Solutions Box where you may share your kudos, concerns, and suggestions. Please click the link to complete this form and we will respond to you within two business days. We welcome your thoughts and feedback!
- PPP2 Relief: It is a matter of “when” and not “if” additional financial support will be coming from Congress which will hopefully occur before the new year.
We are committed to keeping you informed about new congressional legislation regarding additional COVID-related small business financial relier. We are attending, at a minimum, bi-weekly professional training sessions sponsored through the American Institute of Certified Public Accountants (AICPA).
As of yesterday, Congress will likely enact new business support legislation before the end of the year and possibly as early as December 11th as a stand-alone bill or as a part of a new budget bill. Since they are required to take up both a budget and a defense spending bill in the next few weeks to keep the government open, things could change.
However, we are hopeful because it seems there is renewed bipartisan support after the Congressional members returned from the Thanksgiving holiday and especially since COVID numbers are on the rise again.
The three big issues around additional Paycheck Protection Program (PPP) funding relates to:
(1) Making expenses deductible (currently they are not) for loan dollars that are forgiven.
The AICPA believes that there is a high likelihood that the PPP forgivable loan expenses will not be taxable. However, until a new law is signed, the expenses are currently non-deductible. Accordingly, we recommend that business owners set aside dollars to pay the tax on PPP loan amounts (possibly due in March/April 2021) even if there is a reasonable expectation that the PPP loan will be forgiven.
(2) Potential for automatic forgiveness or simplified forgiveness for some loans.
Smaller PPP loans such as those $150k or less may be given automatic forgiveness or at a minimum, a simplified forgiveness process. Depending on congressional negotiations, this number could be lower (for example, $50k or less instead of $150k). Regardless of the amount, for now, we recommend delaying a forgiveness application submission to your bank until a new law is passed or current law guidance details are given.
(3) PPP2 eligibility will be dependent on businesses who have suffered a 25-35% reduction in revenue.
PPP2 eligibility will be dependent on a 25-35% reduction in revenue for entities with less than 300 employees. As soon as the law is passed, businesses will need to move quickly to apply for this additional funding. The application process will be similar to the PPP1 framework.
Please let us know if you have any questions or need our assistance to apply for new PPP2 funding or with your PPP1 forgiveness application. We’re here to help you navigate the financial relief waters.
- Carrie Jareed, our Virtual Client Services Coordinator, is your direct contact for questions about your account management. Carrie’s contact information is firstname.lastname@example.org or by phone at 512-655-3679. Please contact Carrie if you have a change in bill payment type, a concern, a last-minute scheduling change, a change in address, a new client referral, or any other administrative need.
- Your Referrals Are Welcome: We are pleased to say that we are fully staffed with experienced financial professionals. If you are happy with our service, a referral is the highest compliment we can receive. If you have colleagues, friends, or family members who could benefit from our services, we would greatly appreciate your trust and support by sending an introduction email with their contact information to Carrie Jareed at email@example.com.
We appreciate our clients continued business and strive to deliver accurate and timely financial performance records. We want to enable you to grow while meeting the unique opportunities and challenges you may face today, tomorrow, and years into the future.
We send you wishes for health and prosperity this holiday season, and a very Happy New Year!