Marty McCutchen CPA P.C.

Marty McCutchen CPA P.C.

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COVID-19 Financial Updates:

There is a l ot of confusion about what the Feder al Government and the Fed are doi ng as it relates to the econo my during the COVID-19 crisis. We wi ll be posting plain-english updates on wh at is going on.

Please sha re to help keep everyone informed of t he financial side of this issue.
Exciting news!!! Accountants can now ta ke classes at UTA's downtown Fort Wor th campus to maintain their license.

U TA Fort Worth is now approved as a C PE Provider by the TX State Boa rd of Public Accountancy and NASBA Accredit ed.

We will be offering several class es this fall semester, beginning August 28 th with Accounting Ethics and The BE PS Revolution for Internal Taxation.

Check o ut our flyer for more information, a nd contact Michael Wollman at [email protected] or 817-272-59 07 with any questions or if y ou would like to get registered.

UTA Colle ge of Business Whitley Penn Calvetti Fergus on Catlin, Lillard & Co., PC Jon es Mark M & Associates PC Ratcli ff and Associates Adam Traywick, LLC - Certifi ed Public Accountant Marty McCutchen CPA P .C. Timothy A. Phillips, CPA, PC Stev en G Newcom Cpa Hecht & Associat es, P.C. Chandler & Knowles CPAs Smi th & Smith CPA's Holthouse Carlin & V an Trigt The University of Texas at Arlingt on UT Arlington Alumni UT Arlington Continui ng EducationSutton Frost Cary LLP
Nice splash Marty.

We provide proactive tax and prof it advisory services to business owners. FO RT WORTH TAX ADVISORS

When was the la st time your tax advisor gave y ou an idea to save you mon ey?

It's crucial for every business to ha ve a strong financial advocate. Marty McCutch en, CPA P.C., a Fort Worth C PA firm, provides comprehensive accounting and t ax services for all types of sma ll businesses. We're different because we ta ke the time to create custom solutio ns to your problems to save y ou the most money possible. As a recogniz ed leader in the industry, Marty McCutch en, CPA P.C. keeps a

Operating as usual

Marty McCutchen CPA P.C. updated the ir address. 01/20/2022

Marty McCutchen CPA P.C. updated the ir address.

Marty McCutchen CPA P.C. updated the ir address.

forbes.com 07/02/2020

House Extends PPP Application Deadline; Sena te Proposal Would Streamline Forgiveness Of Loa ns Under $150,000

forbes.com Less than 24 hours after t he Paycheck Protection Program (PPP) shut do wn, Congress has given the loan progr am new life.

twitter.com 05/04/2020

Blue Angels on Twitter

https://twitter.com/BlueAngels/status/1257327718812848128?s=20

twitter.com “, , , - yo ur Blue Angels are heading your w ay this Wednesday! Check back tomorrow f or routes and overhead times. Stay ho me and stay safe! ”

04/16/2020

The Treasury has run out of P PP funds for the moment, but on ce they get done playing politics in DC, I would assume that more mon ey will be added.

If your PPP lo an has been approved but not fund ed, you should still get your lo an funded. If your loan h as not been approved by the S BA yet, you are going to ha ve to wait until DC gets do ne playing politics.

04/13/2020

PPP - What happens if an employ ee wants to stay on unemployment?

One of t he tricky provisions in the CARES A ct is that some workers may ma ke more money on unemployment than comi ng back to work. I ha ve several clients that have said th at some employees don't want to co me back to work until unemployment expir es.

I think it is importa nt to have a vision for wh at your employees are going to do duri ng this downturn and communicate that visi on to improve your company. Aft er communicating your vision to you employe es and some still decide to st ay on unemployment, I think it’s ti me to start looking for a permane nt replacement. This may sound har sh, but this is a great ti me to upgrade your talent.

We don't kn ow exactly how it will impact yo ur PPP forgiveness, but document that y ou have offered to bring them ba ck and that they refused.

The bill doesn ’t address individual employees, just # of employe es and total payroll $. As employe rs, we are going to learn a l ot about our employees during this cris is.

At the moment, the bi ll doesn’t address individual employees, just # of employe es and total payroll $.

On a positive note, as employers, we a re going to learn a lot abo ut our employees during this crisis (go od, bad and ugly).

04/13/2020

PPP Funding Process Explained

Many of my clien ts have applied for a PPP lo an, but only a few have be en funded. Based on my discussi on with funded clients and several banke rs, the process should look like:
1. Subm it PPP application to your bank
2. Ba nk reviews application
3. Bank submits application to SBA
4.
SBA approves your loan and reserv es the money for your business
5. Ba nk sends you a loan document to sign
6
Funds get deposited into your account

Fr om what I can tell, it tak es the banks several days to do ea ch step and a few days f or the SBA to do their st ep. I know Mnuchin said fol ks will get funded the same d ay, but I think he is sayi ng that you could get funded with in 1 day of signing your lo an document (Step 6).

04/11/2020

Microsoft Forms

Due to extraordinary demand, we ha ve created a Paycheck Protection Plan (“PP P”) Advisory Service.

Purpose of P PP Consulting Service:
To advise business owners h ow to navigate the rules and regulatio ns of the PPP, to make su re make sure they can maximize t he benefits of the program and to he lp them make sure they follow t he rules and regulations.

Our turnk ey service is detailed below (if y ou have already submitted your PPP applicati on, skip step 1):

Step 1:
Complete t he attached questionnaire to make sure y ou qualify for the PPP program a nd we can help you.

https://forms.office.com/Pages/ResponsePage.aspx?id=LEPM5_fouECdZMbEobTaqQf2bJ2QdbVHksjNrs2tLeRUNktIUlFHOTNSMVVSSllaMkhGODFQVFpQWC4u

Step 2:
Someone fr om our office will reach out to y ou to answer any questions you m ay have.

Step 3:
If after the pho ne call, we determine that we a re a good fit for each oth er, we will send an engagement lett er for you to sign.

Step 4:
On ce the engagement letter is signed, we wi ll create an online portal for y ou to upload documents needed to do yo ur initial loan calculation? (if you ha ve applied for PPP, we will wa nt your application and supporting documents)

St ep 5:
We create a loan packet f or you to provide to your bank er. This will be provided to y ou in a PDF file. (skip if y ou have already applied for PPP)

St ep 6:
You complete the SBA loan applicati on and provide the supporting documentation th at we provided you to t he bank. (skip if you have alrea dy applied for PPP)

Step 7:
We wi ll provide continuous guidance on how t he PPP program works so that y ou can make the best business decisio ns possible and maximize the benefits of th is government program. This guidance wi ll include the following:

Plain-English and practical updat es on guidance provided by the Departme nt of Treasury (final guidance has n ot been issued yet and they a re updating clarifying guidance daily)

Practical business advi ce on how to take advantage of th is once in a lifetime event. T he goal is not only to survi ve this crisis, but to come o ut of this crisis with a strong er business.

Practical and easy to understand guidan ce on how to get loan forgivene ss at the end of the P PP program

The fee for the above servi ce is $2,500.

Full disclosu re, you can easily do the P PP calculation with your banker without o ur assistance, but the value in o ur service is the Plain-English and practic al guidance after you apply for t he PPP loan. We want to he lp you navigate these unchartered waters a nd help you create a stronger busine ss.

I look forward to worki ng with you,
Marty

forms.office.com

04/11/2020

PPP Forgiveness - Issues to consid er regarding payroll and employees.

The PPP forgivene ss rules say that 75% of t he PPP loan must be used f or payroll costs during the covered peri od (8 weeks immediately after the lo an originates), but there are some oth er things to consider. Most peop le are familiar with the $100k lim it per employee since it was pa rt of your loan application, but overa ll employee headcount and total payroll cos ts are part of the calculation.

As of today, the payroll cost compone nt is calculated as follows:

Payro ll costs during the covered period/ avera ge payroll costs (2/15/19 - 2/15/20)* = % of payro ll costs forgiven

But you must also consid er the number of FTE's (Full Ti me Equivalents)#

Number of FTE 's during the covered period/average FTE's (2/15/ 19 -2/15/20)* = % payroll costs forgiven

Another component is th at if you can reduce an employee 's compensation by less than 25% a nd they are considered a FTE.

Ke ep in mind that per the rul es today and the above calculations a re based on total payroll costs a nd total FTE's. The rules don 't prohibit you from firing employees a nd replacing them.

More guidance wi ll be release by Treasury as th is program unfolds, but these are t he rules to live by as of tod ay. We need more guidance becau se the above calculations will provide differe nt results and we don't know whi ch calculation to use at the mome nt.

If you need so me help with this or anything el se related to the PPP program, plea se feel free to reach out to us f or help.

Footnotes:
* There are 2 alternative measureme nt periods that are available to be us ed based on your particular situation.
# T he definition of FTE has not be en defined as of April 11, 2020.

04/10/2020

Marty McCutchen CPA P.C.'s cover pho to

sba.gov 04/10/2020

Small Business Administration

If your banker is not helpi ng you with PPP, click below to fi nd participating banks near you.

https://www.sba.gov/paycheckprotection/find

sba.gov We support America's small businesses. T he SBA connects entrepreneurs with lenders a nd funding to help them plan, sta rt and grow their business.

04/10/2020

home.treasury.gov

Attention Bankers: New PPP Guidance fr om Treasury

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

home.treasury.gov

amazon.com 04/10/2020

Clockwork: Design Your Business to R un Itself

PPP Loans - Now that y ou have applied, what is next?

Most of us ha ve applied for the PPP loan wi th our bank and we are in a holdi ng pattern until it gets funded. My lo an has been approved by the S BA, but my bank is waiting f or some additional direction from the S BA before it is funded to my accou nt. I’m expected to get fund ed next week. In the meanti me, I am considering the following points.

REMEMB ER THE PURPOSE OF THIS PROGRAM: We a re all business owners and we a re about to get 2.5 months of payro ll deposited into our business accounts. Don ’t get too creative. The prima ry purpose of the PPP program is to mo ve the administration and paying unemployment benefi ts from the states to small business es. Use the funds on t he intended purposes outlined by the progr am (payroll, rent, utilities and mortgage interes t). The intent of this progr am is not for you to refinan ce debt, pay old payables, buy a buildi ng or bailout your business. Th is program is intended to help yo ur employees. When you signed t he PPP program application and when y ou sign the debt instrument, you a re certifying that you are going to u se the funds for the intended purpos es. Most people are focusing on t he 2yr & 1% interest provisions of t he non-forgivable portion, but there are al so several penalties if you misuse t he funds.

DON’T TRY TO WORK THE SYST EM: There is a lot of gr ey area in the law and y ou may be tempted to lay certa in people off and replace them wi th family members to supplement the $100,0 00 cap. Don’t do it! As I mentioned above, someo ne in the government is going to “audi t” this program and you don’t wa nt to get caught doing something th at doesn’t have a legitimate business purpo se. The government will be issui ng further guidance in about 3 wee ks on the program, but you don ’t want to misuse your funds befo re that guidance become available. If y ou wouldn’t do it in front of yo ur momma, don’t do it.

CLOCK STARTS TICKI NG WHEN THE LOAN ORIGINATES: As t he law reads today, the 8 we ek period starts the day t he loan is originated. Your busine ss may be doing fine right n ow and you want save the mon ey for when you need it, b ut that is not the intent of th is program. This program wants y ou to spend the money now. If y ou have put employees on unemployment, y ou need to bring them back immediate ly, even if your business has be en shut down. It isn’t goi ng to make sense that you a re paying employees when they are n ot working, but that is the purpo se of the program. The governme nt wants employees to continue to g et paychecks no matter what. Th is guidance is different than last we ek. Last Thursday a reporter a sk Mnuchin in the daily press briefi ng about putting employees on unemployment f or the month of April and waiti ng until May to use the P PP funds. Mnuchin in a ste rn voice said that was not t he purpose of this program. We wa nt employers to access and use t he PPP funds as soon as possib le.

OPEN A SEPARATE PPP BA NK ACCOUNT: I am opening a separa te account so it will be easi er to document the loan forgiveness at t he end of the 8 weeks. We don ’t have final guidance on what documentati on will be required for the lo an forgiveness, but I want to ma ke it as easy as possible f or my bank to forgive my lo an. My plan is to provi de the bank/SBA with bank statements fr om this PPP bank account and t he supporting documents that they require in a ni ce simple to follow packet. I on ly want PPP related activity in th is packet of information. My concern is n ot my local bank. My conce rn is the governmental agency (bank regulato rs, IRS, etc.) that comes to t he bank to review these files ne xt year. I may be over ly cautious, but if there is a n ew administration elected next November, I on ly want them to have information pertaini ng to the PPP program in my fi le.

PLAN HOW YOU ARE GOI NG TO SPEND THE PPP MONEY: The re are strict rules about what y ou can spend your PPP funds on (payro ll costs, rent, utilities & mortgage intere st) so you may think you ha ve no choices in what to do wi th money. As I said abo ve, the point of the program is to ke ep your employees on the payroll a nd not in the unemployment line f or the next 8 weeks. Wi th that concept in mind, there is no reas on you can use this time to g et your employees to help you impro ve your business, train employees, test yo ur employees to make sure they a re keepers or upgrade talent. Tho se are all legitimate business objectives th at keep employees out of the unemployme nt line. Based on how t he law is written now, upgrading yo ur talent level is okay during th is time as well. The governme nt is more concerned with maintain t he number of employees and the payro ll dollars.

USE THIS TIME TO IMPRO VE YOUR BUSINESS: As I stat ed in my first point, the prima ry point of the PPP program is to ke ep your employees on the company payro ll. With that being said, th is is a one in a lifeti me opportunity to improve your business wi th the help of your employees. T he government is offering to pay 8 wee ks of your payroll. Take advanta ge of it use the time to wo rk ON your business and no IN yo ur business. I highly recommend readi ng or listening to the following bo ok, Clockwork, by Mike Michalowicz. I normal ly don’t like to read business boo ks, but this one is amazing!

https://www.amazon.com/Clockwork-Design-Your-Business-Itself-ebook/dp/B078GDX7BP

I ho pe everyone is stays safe and healt hy and I’ll be providing follow up conte nt on the above points in t he coming days.

amazon.com Do you worry that your busine ss will collapse without your constant presen ce? Are you sacrificing your family, friendshi ps, and freedom to keep your busine ss alive? What if instead your busine ss could run itself, freeing you to do wh at you love when you want, whi le it continues to grow and tu rn a...

04/08/2020
twitter.com 04/04/2020

Donald J. Trump on Twitter

twitter.com “I will immediately ask Congress f or more money to support small business es under the if the allocat ed money runs out. So far, w ay ahead of schedule. @BankofAmerica & communi ty banks are rocking! @SBAgov @USTreasury”

zoom.us 04/04/2020

Video Conferencing, Web Conferencing, Webinars, Scre en Sharing

zoom.us Zoom is the leader in mode rn enterprise video communications, with an ea sy, reliable cloud platform for video a nd audio conferencing, chat, and webinars acro ss mobile, desktop, and room systems. Zo om Rooms is the original software-based conferen ce room solution used around the wor ld in board, confer...

04/04/2020

Episode 2

Webinar I did this week wi th Michelle Lynne Pant summarizing the PPP.

https://vimeo.com/user57591666/download/402277976/72ac00ed0f

vimeo.com Designed for the Creative Mind VIDEOCA ST: Episode 2 It's not a podca st, but it's more than a video...a nd it's ALL ABOUT THE BUSINESS OF INTERIO R…

03/27/2020

COVID-19 Stimulus is now law! We wi ll be providing clients with detailed informati on on how to this new l aw will impact their businesses over t he weekend.

Stay tuned!

If you know any busine ss owners that need assistance with n ew law, please share my information wi th them. We are here to he lp!

irs.gov 03/26/2020

IRS unveils new People First Initiati ve; COVID-19 effort temporarily adjusts, suspends k ey compliance program | Internal Revenue Servi ce

https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program?fbclid=IwAR3aYIxCV62fyph96LzdDrZMEqV5OtmB5xPorq8YOJqySAZjqmzGOlgeIus

irs.gov IR-2020-59, March 25, 2020 — To he lp people facing the challenges of COVID- 19 issues, the Internal Revenue Service announc ed today a sweeping series of ste ps to assist taxpayers by providing reli ef on a variety of issues rangi ng from easing payment guidelines to postponi ng compliance actions.

03/26/2020

COVID-19 Stimulus Loans/Grants Update

As y ou have heard on the news, t he Senate passed Phase 3 of t he COVID Stimulus legislation. The Hou se is scheduled to vote on it tomorr ow evening and President Trump has sa id he will sign it immediately. I ha ve read the bill, but I haven ’t been able to digest all 8 00+ pages yet, but below are t he high points on the Stimulus Loans/Gran ts only (Who, What, When, Where a nd How). Keep in mind, this bi ll still has to go through t he House, so some of the ite ms below may change. I wi ll provide additional guidance as it beco me available.

WHO:
Who is eligible:
Businesses wi th less than 500 employees. Multi-locati on restaurants with more than 500 employe es, but no single location with mo re than 500 employees will be eligible .

WHAT:
Loan Amount:
2.5 times of your avera ge monthly payroll costs limited to $ 10 million. 10 year loan wi th interest rate of 4.0% or low er. No prepayment penalties. (Further definition of payro ll costs will come once the fin al bill is passed, but 1099 contracto rs are included in this calculation)

Lo an Forgiveness:
Amount of the loan used to p ay for payroll, rent, utilities and mortga ge interest from February 15, 2020 throu gh June 30, 2020, will be forgiv en. The debt forgiven will not be consider ed taxable income. (Further definition of payro ll, rent, utilities and mortgage interest wi ll come once the final bill is passed. )

WHEN:
Mnuchin said in a press conferen ce that these loans should be availab le by next Friday, April 3, 2020.

WHERE:
A ny FDIC insurance bank or federally insur ed credit union will be able to provi de these loans. This will be S BA loans, but you do not ne ed to go through a SBA ba nk or the SBA website to acce ss these loans. We do kn ow which banks will be participating at th is time.

HOW:
We don’t know exact ly what documentation will be required, b ut be prepared to have payroll t ax returns and payroll reports from 2019 a nd YTD 2020 available to calculate t he amount of the loan you a re eligible for. Further guidance wi ll come next week.

In a previo us communication, we thought you would ne ed to have tax returns, company financi al statements, personal financial statements and worki ng capital calculations. The removed th is requirement. Additionally, there is no person al guarantee required on any of t he loans. They are 100% insur ed by the Federal Government.

Recommend ed action:
Start getting your payroll records togeth er so you can get in fro nt of the line once this progr am starts. We will provide furth er details on what documents will be need ed once the final bill passes a nd is signed by The President.

Our Story

PAYCHECK PROTECTION PLAN ADVISORY SERVICES:

Our turnkey service is detailed bel ow (If you have already applied f or PPP, skip to step 7):

Step 1:

Complete the attached questionnaire to ma ke sure you qualify for the P PP program and we can help y ou.

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Track COVID-19 Expenses
Proactive Tax Planning for Business Owne rs

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