Let’s start today with a couple questions I’ve been getting here at Garrett & Associates, CPA from our Inland Empire small business clients about the second round of the PPP, and some of the new provisions of the recent bill that affect businesses. If I received the first PPP, should I include this number in calculating whether I “lost 25%+” … Read More
My Inland Empire Small Business Health Quiz (Part 1)
Last week, when I wrote my message to our Inland Empire business clients, the biggest news was the second round of the PPP, and that expenses covered under the first round of it would be tax deductible. Has anything happened since then? Goodness, even just the “mere” fact that both houses of Congress are under Democrat control now, after the … Read More
Provisions of the Second Coronavirus Relief Bill That Affect Inland Empire Small Businesses
Wow, does it ever feel good to have turned the page on 2020. This first “working week” is when I finally began to feel the newness of it all. Yes, it’s “just a date” on a Gregorian calendar, but … 2021 holds great promise for our Riverside County business clients. With the potential of easing lockdowns in our future (assuming … Read More
Ultra Last Minute Tax Moves for Inland Empire Businesses
It’s going to take us many weeks to digest everything in this massive omnibus of a relief bill that the President signed on Sunday night. And with year-end barrelling at us (2021 is on FRIDAY), it’s unlikely that we will be able to make substantive action on your behalf THIS WEEK. That doesn’t mean that we aren’t already diving into … Read More
Ursula Garrett’s Annual Holiday Prayer
Well, Congress seems to have heard the cries of the huddled masses of SMB’s around the country, and more PPP funding is (seemingly) on the way. Details aren’t finalized yet as of this writing, so I will have more to say on these matters in future weeks. Even these early signals are still very good news in my book … … Read More
Garrett’s Guide To Getting Tasks Done
Maybe I’m writing this today because we’re very much feeling the end-of-year crunch here at Team Garrett & Associates, CPA. Really, we only have a few business days left before 2020 is in the rearview. Yes, my heart wants that to happen YESTERDAY, but my business brain wants it all. to. slow. down. Efficiency is on the brain for me. … Read More
The Cares Act, Inland Empire Business Owners, And Student Loan Repayment
2021 is hurtling at us, isn’t it? May it ever come sooner. Well, except for this part: I’m here to remind you that while we can (and, often, do) do wonders with “after the fact” tax return information, the best work we can do for you and your Inland Empire business is to help you get ahead of the upcoming … Read More
An Important PPP Loan Update For Inland Empire Business Owners
There’s both good news (for some) and bad news (for many) as we round the corner into December. And I’m not talking about our culture, or politics, or sports, or anything like that. I’m talking about TAXES. I’ll start with the good news. This is applicable to some of my readers only, but it is nice news for … Read More
Ursula Garrett’s Reasons for Gratitude for 2020
With all of the insanity of 2020, it seems a bit crazy (and a bit of a relief, to be frank) that we now find ourselves in Thanksgiving week in Inland Empire. I have some thoughts, which are perhaps a bit more meditative than normal, because of how this holiday works for tax accountants, especially this year. Because the personal … Read More
8 Important Steps for Inland Empire Non-Profits Before Year-End
With the increased standard deduction this past year ($12,400 single, $24,800 married filing jointly, $18,650 head of household), some smaller charities began to see a decrease in donations. This year might be worse. Yes, I hate to be the one to say these things, but I’m also privy to the books and financials for a variety of Inland Empire businesses … Read More