James, Surman & Goldberg CPA

10/19/2021

We are moving! Effective October 22, 2021, our new offices will be located at The Berkley, with a new address: 6751 N Federal Hwy Suite 100 Boca Raton, FL 33487. Contact us for details.

03/11/2021

A year since COVID-19 first rocked our world and now a third, massive $1.9 trillion stimulus bill. Here are some of the items changing (again) to your taxes.

The colossal package allocates money for COVID-19 vaccines, schools, small businesses and anti-poverty programs like the child tax credit. Here are the highlights, including what the Senate changed.

03/04/2021

The SBA released new rules yesterday with regards to the PPP loans. Self-employed contractors, those who receive 1099s and file Sch C, are now eligible to report their gross income for the payroll cost consideration.

This is an absolute game-changer. For once, the "little guys", have a shot at potentially significant free cash flow. However, time is of the essence, as this PPP program sunsets at the end of this month, March 31st!

If you haven't filed for the PPP loan yet, and you qualify, do not delay any longer. The funds are first come, first serve and it is unsure if the program will ever see a third round of funding.

https://www.journalofaccountancy.com/news/2021/mar/ppp-borrowers-can-use-gross-income-sba-rules.html

01/27/2021

1099s are due at the end of this week, and what's this? A new form?

Technically, the Form 1099-NEC is an old form whose comeback is an unexpected surprise to most. On the positive, it is a more simple form (only one box for Nonemployee Compensation). On the negative, Form 1099-MISC still exists for everything else. Which one you use depends on a variety of factors.

Unfortunately, it is the taxpayer's job to know the difference which one to use, with potentially far-reaching consequences if mistakes are made (reporting Nonemployee Compensation when it should have been reported as Other Income, for example). We share most people sentiment; why can't taxes ever be "simple"?

01/21/2021

All week, we have been applying for the renewed PPP loan on behalf of our clients. Here are some tips:

1) Make sure you pick the correct loan type. If you did not receive the original PPP loan, make sure you select that this is your first PPP loan (makes a big difference later on in the application process!!).

2) Have your financial records ready. To determine payroll costs, you'll need things like payroll reports, retirement account information, health insurance or other employee benefit information, state and local taxes paid and bank statements (especially for February 2020).

3) Apply early. There is no guarantee the funds will last. Matter of fact, the original PPP loan program ran out of funds two weeks in, and there had to be an additional injection of funds later by Congress. The sooner you apply, the better.

4) Be patient. Banks' programmers had to come up with this application on the fly. Many banks are experiencing issues where people cannot upload their documents or complete the application. If one bank doesn't work, try another.

Please comment any questions you may have, so that others can see answers.

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

01/15/2021

The new Second Draw PPP Loan Application was released by the SBA yesterday. We've taken the time to take a look and here are some take-aways:

1) The application is substantially no different than the first, except for more expenses now qualify for eventual forgiveness.
2) If you did NOT participate in the First Draw (back around March-June 2020), then you are eligible to participate in this round without the Second Draw restrictions below. Please note, you must have been in business on or before February 15, 2020 to qualify for both.
3) To qualify for the Second Draw, you either: (a) must have a 25% gross receipt reduction in comparable Quarters for 2020 and 2019, or (b) have an overall 25% gross receipt reduction in comparing 2020 and 2019.
4) Restaurants and hotels qualify for an increased PPP loan amount calculation, since this is the industry sector most affected by the pandemic.

Since we have been successful in receiving SBA forgiveness confirmations, we foresee this round of PPP loans running out of funds fast. If you intend to apply, you'll want to do so as soon as the banks are accepting applications. This is expected to be imminent.

01/05/2021

2020, what a year it was! While most of us kept our distance and sheltered at home, Congress was busy drafting legislation. We have not ever seen this volume of tax changes in such a short span of time in recent history. Therefore, it is prudent, now more than ever, that you be mindful of your taxes this year.

You'll want an expert by your side this tax season, and we're here to help!

12/24/2020

We're hiring! Please msg us for details.