Wilson Toellner CPA

COVID-19 has affected everyone in some way. Whether it caused you to find a new form of child care, you have a family member who was infected, or your job is now fully remote, this pandemic has taken its toll. Our CPA firm in Mid-MO hopes you have found a way to rise above the "new normal". Keep reading this week's blog to learn how the COVID-19 pandemic has affected Wilson Toellner CPA and the specific ways we are still helping you! Wilson Toellner CPA , we are MORE than just accounting. Recap of How COVID-19 Has Affected Wilson Toellner CPA & How We Are Still Helping YOU Changes Wilson Toellner Has Made During The COVID-19 Pandemic Through careful consideration, we decided to work with our clients through phone, email, mail, and drop off of information ONLY.   We can easily set up a video conference, as well.  Our offices have been closed to the public.   Members of our team will be in our offices from 8:00 – 5:00 Monday through Friday to collect items t...

What goals have you set for your business, how do you measure those goals, and how are you tracking? If you’re unsure of any of these questions, your CPA can help. Re-think the relationship with your CPA and partner in regards to determining, measuring, and tracking your goals. How do you go about this? Allow the Mid-MO CPAs at Wilson Toellner CPA to help you get started. This is an important process when it comes to managing a successful business and we would be happy to help. We can be reached at any one of our four locations throughout Mid-MO - Sedalia, Marshall, Camdenton, and Lake Ozark. Please check our website at www.WTCPA.com for phone numbers. Keep reading this week's blog to learn how to get started when it comes to measuring and tracking your business performance properly. Where do you start?  First, get your records into a cloud accounting system like QuickBooks Online, which will allow you AND your accountant to access the information from anywhere, anyt...

There is a lot of uncertainty and confusion on the regulations surrounding the Paycheck Protection Program (PPP), and borrowers are questioning whether they'll qualify for loan forgiveness. For small businesses, the main concern is meeting the maximum loan forgiveness. However, borrowers shouldn't rush their PPP loan forgiveness applications, and here's why. More Time to Qualify for Full Loan Forgiveness New guidance has been released that allows PPP recipients to apply for loan forgiveness before their covered period ends, but doing this may result in a portion of the loan proceeds not being forgiven. Organizations have 24 weeks to use their PPP money, leaving them more time to take steps that will help them qualify for full loan forgiveness. In the calculations for forgiveness, there is a reduction in the loan forgiveness amount if you reduce any employee’s wages by more than 25% during the covered period. However, if wages are restored by December 31, there is a sa...

Form 941 reports federal payroll tax withholding and employer taxes on wages paid to employees. If you pay wages subject to federal income tax withholding or social security and medicare taxes, you must file Form 941 quarterly. Recently, the Form 941 has undergone changes for COVID-19 related employment tax credits and other tax relief. The staff at Wilson Toellner CPA is sharing with you the changes you'll see when filing the Form 941. You will notice the following changes: Include the Qualified Sick and Family Leave Wages separately on Form 941. These wages were required to be paid to employees due to the Families First Coronavirus Response Act (if applicable) and will reduce your tax by the employer share of the Social Security tax (6.2%). You will only pay tax on the employee share. Report the credit for Qualified Sick and Family Leave Wages. The credit on the Qualified Sick and Family Leave Wages consists of the Qualified Sick and Family Leave Wages, Qualified He...

In last week's blog, we discussed what it would mean for small businesses participating in the Paycheck Protection Program to extend their PPP covered period from 8 weeks to 24 weeks , and how that would affect the loan forgiveness procedures. New guidance has been released that allows PPP recipients to apply for loan forgiveness before their covered period ends, but doing this may result in a portion of the loan proceeds not being forgiven. In the calculations for forgiveness, there is a reduction in the loan forgiveness amount if you reduce any employee’s wages by more than 25% during the covered period. However, if wages are restored by December 31, there is a safe harbor to avoid reductions in the loan forgiveness. If you apply early for forgiveness you may forfeit this safe harbor. Below is an example of how the calculations work. Using a 24-week period, in this example the total decrease in wages that is in excess of the allowed 25% is $3,600. You would list the ...

On June 8, 2020, the Paycheck Protection Program Flexibility Act was signed which allows for more flexibility for small businesses participating in the Paycheck Protection Program. Our Mid-MO CPA firm is here to give you more information on this in this week's blog. If you end up having any questions about what you are about to read, please give us a call at Wilson Toellner CPA . Our CPA firm in Central MO consists of four offices throughout Mid-MO, one in Sedalia, Marshall, Camdenton, and Lake Ozark. All phone numbers can be found on our website at www.WTCPA.com . The bill will allow more time and flexibility for small businesses to keep their employees on payroll and continue operations by extending the covered period for loan forgiveness from eight weeks to 24 weeks.  Borrowers have the flexibility to keep the eight weeks covered period if they already received their PPP loans. If you opt for the 24 weeks covered period below is where you will receive additional flexibi...

Many of you have likely heard about the CARES Act by now, but you may not realize HOW MUCH of an impact it really has. Our Mid-MO CPA firm has talked about how the CARES Act has affected small businesses and individuals, but have you ever wondered how it may be affecting charitable donation deductions? If so, this is the blog for you. Our CPAs in Central Missouri are here to explain how the CARES Act has changed charitable giving deductions in this week's blog. If you have any questions, please do not hesitate to give us a call at Wilson Toellner CPA . We have four offices throughout Mid-MO, one in Sedalia, Marshall, Camdenton, and Lake Ozark. All of our phone numbers can be found on our website at www.WTCPA.com . The CARES Act has resulted in changes to deductions for charitable donations. Individuals (who do not itemize) can receive a deduction from gross income for up to $300 for qualified charitable contributions for tax years beginning 2020 Individual taxpayers are ...