Laufer LLP

While millions of people are signing up to receive their COVID-19 vaccines, there are thieves who are trying to exploit the situation by defrauding unsuspecting victims. We invite you to read our latest article on the top 6 COVID vaccination scams to protect you and the ones you love.

Many restaurant owners are eagerly awaiting the phased opening of Restaurant Revitalization Fund grant applications through the SBA. Here's the latest information on when we can expect that to happen.

Please remember that the extension of the federal income tax filing due date for individuals for the 2020 tax year does NOT apply to 2021 estimated tax payments. Estimated tax payments, typically made quarterly to the IRS by people whose income isn’t subject to income tax withholding, are still due on April 15, 2021. Be sure to submit your state and federal payments on time to avoid penalties.

There's good news for restaurants planning to apply for Restaurant Revitalization Fund grants. The application process just got a little easier! Read our latest email for more details.

Today, President Biden signed the PPP Extension Act of 2021 extending the deadline for business owners to apply for forgivable loans through the Paycheck Protection Program by two months. The new application deadline is May 31, 2021 giving applicants more time to apply for federal aid.

The IRS has postponed the April 15th individual tax filing deadline to May 17th but first quarter estimated tax payments for 2021 are still due on April 15th. Additionally, we are awaiting guidance from individual states to see if they will follow suit. Read our latest article for more details!

The American Rescue Plan Act of 2021 was signed into law today and allocates over $28 billion in direct aid to restaurants. Read our latest article for all of the details!

Congress has passed the American Rescue Plan Act of 2021 and it is expected to be signed into law by the President of the United States very soon. Read our latest article for an overview of the $1.9 trillion stimulus package and the direct aid it provides to individuals, businesses and in particular, restaurants.

Do you need to file it or can you shred it? With the tax deadlines quickly approaching, this is the time of the year when clients often ask us how long they need to keep important books and records. Read our latest article to access Laufer's guide to record retention.

Earlier this week, the IRS released IRS Notice 2021-20 which provided new guidance on the Employee Retention Tax Credit and Paycheck Protection Program (PPP) for 2020. Read our latest article for more details!

Please join us in welcoming Jennifer Kinzel, CPA, CMA, MBA to the Laufer team, who serves as our Director of Cloud Accounting Implementations. Read our latest news release to learn all about Jennifer and how she will help clients launch their businesses forward.

Happy Valentine’s Day to our clients, team members and friends of the firm. You are the heart of our business and we are grateful to work alongside you each and everyday.

The IRS announced that it is delaying the start of the 2021 tax season to February 12th to allow the agency to catch up on the unprocessed tax returns from last year as well as stimulus relief payments. The agency is warning taxpayers about continued delays they are experiencing due to COVID-19 social distancing and resource restrictions. Therefore, please understand that responses from the IRS are taking longer than usual and tax payments that were mailed to the IRS but haven’t yet been cashed may be in the backlog and will be processed as mail is opened. The IRS urges taxpayers not to cancel checks, as that may result in penalties and, is encouraging the use of utilizing electronic payment methods to avoid some of these delays.

We are pleased to introduce you to Form 1099-NEC which replaces Box 7, Non-Employee Compensation on the old Form 1099-MISC. This form is effective starting tax year 2020 so please be sure to read the informative article below published by AccountingToday so you are prepared to file your 1099s correctly in January 2021.

This Labor Day we celebrate our heroes at Laufer LLP. We have been through a heck of a year and have emerged stronger for it. We appreciate the hard work, dedication and loyalty of our team members who have worked tirelessly to help our clients through the uncertain times of 2020. We thank you from the bottom of our hearts and look forward to better days ahead. Happy Labor Day! Please note, Laufer LLP’s office will be closed on Monday, September 7th.

The IRS recently issued guidance on President Trump's payroll tax deferral order stating that employers will be responsible for collecting and paying back any payroll taxes that were deferred in 2020. Read the article below to learn more.

The U.S. Small Business Administration has posted rules about how businesses who have been turned down for forgiveness of their Paycheck Protection Program loans can appeal the decision, and about how forgivable PPP loans interact with the SBA’s Economic Injury Disaster Loans. Click below to learn more.

Last week the Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, released their updated Paycheck Protection Program (PPP) Frequently Asked Questions document to provide additional guidance on PPP loan forgiveness. While the updated document does provide us with some supplemental information including caps on owner compensation, the treatment of health insurance and retirement expenses and timing of payroll cycles, there are still areas of the loan forgiveness application process that lack clarity and leave us with many unanswered questions. Click below to read the updated FAQs and rest easy knowing we will continue to monitor the situation and keep you updated as additional guidance is released.

With the recent increase in remote working, many clients and friends are the firm are asking us if they can claim a home office deduction when they file their 2020 tax return next year. Be sure to read this recent article from the IRS which contains all of the details. Of course, we are always here to help if you have any questions.

Are you up to date on the payroll tax deferral incentive permitted under the CARES Act? Read our latest article to learn all about this tax savings opportunity!

Happy Birthday America from the entire team at Laufer LLP. We hope our clients and friends of the firm have a happy and safe holiday celebrating the birth of our beloved country and the courageous men and women who dedicate themselves to preserving our nation’s freedom. Please note that Laufer LLP’s office will be closed on Friday, July 3rd so team members can enjoy the long weekend.

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law on June 5, 2020 providing more expansive support to small businesses impacted by COVID-19. Read our latest article for an overview of how the PPPFA amends the original CARES Act to loosen restrictions on PPP loans, making loan terms more favorable for borrowers.

The IRS has announced that nearly four million people will be sent their Economic Impact Payments by prepaid debit card. Read the article below to learn more so you know what to look for and how to use it while avoiding loss and potential fraud. https://www.irs.gov//millions-of-people-will-get-their-eco

Good News! The Small Business Administration (SBA) just released the Interim Final Rule on Loan Forgiveness which provides additional guidance on payroll costs and nonpayroll costs as they apply to PPP Loan Forgiveness. Read our latest article to learn why this is good news for PPP borrowers.

This Memorial Day we remember with gratitude and pride all those who have sacrificed their lives for the peace and security of the United States of America. May their courage and dedication never be forgotten and our hearts be forever grateful. To commemorate this special day, Laufer LLP’s office will be closed on Monday, May 25th and resume normal business hours on Tuesday, May 26th.

The SBA has released the application for PPP loan forgiveness. Borrowers should complete the application and submit it to their lender, who will ultimately be responsible for evaluating forgiveness. Click below for the application.