Have questions about COVID-19 financial relief and its impact on your business or organization?
COVID-19 Financial Updates
During this unprecedented time, our firm is intent on providing you with the latest information and resources available in order to help you with relief and recovery for you and your business.
Webinars
BACK TO TOP
[WEBINAR]
Qualified Improvement Property: A Hidden Perk in the CARES Act
Lane Gorman Trubitt Tax Department presents Qualified Improvement Property- A hidden perk in the CARES act. This webinar will teach you how the CARES Act retroactively fixed the Qualified Improvement Property (QIP) drafting error from previous legislation. Learn about the changes and how to correct previous tax returns.
[WEBINAR]
5 Tips to Marketing During a Pandemic
Lane Gorman Trubitt's Practice Growth (PG) department presents 5 Tips to Marketing During a Pandemic. It was recorded live as a Zoom webinar on August 6th 2020 and all information was accurate and up to date at that time.
[WEBINAR]
How Do You Manage Dealership Operations During a Pandemic?
What environmental, OSHA, and pandemic issues face your dealership today? In this Zoom webinar, KPA will introduce you to the regulatory agencies that affect your dealership. It was recorded live as a Zoom webinar on July 21st 2020 and all information was accurate and up to date at that time.
[WEBINAR]
Are you making your PPP loan forgiveness more challenging? Find out how to leverage a PEO.
Lane Gorman Trubitt presents ADP and how to leverage a PEO. This webinar will show you what reports you need to have for you PPP loan and offer tips on managing your human resources to maximize available staff and keep everyone safe. It was recorded live as a Zoom webinar on July 9th 2020 and all information was accurate and up to date at that time.
[WEBINAR]
In this workshop, we will discuss the importance of focusing on the tasks that truly matter, the importance of delegation, and how to prioritize our tasks. Participants will be introduced to the SHARK Method as a productivity tool useful for professionals at all levels of an organization. It is time we stop feeling overwhelmed and start feeling in control of our calendar.
[WEBINAR]
PPP Loans: Forgiveness Guidelines
During this webinar we will be discussing the SBA Payroll Protection Program (PPP), focusing primarily on the forgiveness calculation and best practices in documenting your need for the PPP funds, and then best practices in information gathering for your forgiveness application.
[WEBINAR]
COVID-19 Update for State Tax and Texas Audits
This webinar is about Texas SALT response to COVID-19. It was recorded live as a Zoom webinar on May 5, 2020 and all information was accurate and up to date at that time. There is a Q&A at the end but if you have questions please feel free to email us at askus@lgt-cpa.com and we will get back to you as soon as possible.
MORE RESOURCES
Centers for Disease Control and Prevention (CDC)
Internal Revenue Service (IRS)
U.S. Department of labor
U.S. SMALL BUSINESS ADMINISTRATION
U.S. Department of Health and Human Services
U.S. Environmental Protection Agency (EPA)
TEXAS.GOV
READY.GOV
State Bar of Texas
Local ASSISTANCE
[WEBINAR]
Find out what to do once your Paycheck Protection Program (PPP) loan is funded and how to ensure that you follow the rules. Following the presentation, our CPAs will answer frequently asked questions and questions asked live will be answered by our panelist throughout the webinar.
[WEBINAR]
CARES Act: Tax Provisions Webinar
Have questions about the recent tax provisions? Worried about your individual or company's tax filings? We'll answer your questions and give you information on the stimulus program today.
[WEBINAR]
SBA Loans and Information You Need to Know
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation. A significant portion of the Act included the Paycheck Protection Program and the Small Business Administration's (SBA) Emergency Economic Injury Disaster Relief Loan (EIDL) program. While there are many interesting opportunities in the various stimulus bills, our panelists will provide an overview of these two SBA programs so you understand the nuances of both and we will go through a long listing of common questions with answers.
[WEBINAR]
Dealer Services: SBA Loans and What We Know
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation. A significant portion of the Act included the Small Business Administration's (SBA) Emergency Economic Injury Disaster Relief Loan (EIDL) program. Together, our panelist will answer your burning questions for who qualifies, how to apply, and when.
Insights
BACK TO TOP
[INSIGHTS]
PPP loans and ownership changes
(Clint Brunson, CPA, Supervising Senior, Assurance Services)
The Paycheck Protection Program has provided crucial relief to small businesses affected by the COVID-19 pandemic. While the Program provided timely relief to businesses across the country, the swift implementation of such comprehensive legislation has left some business owners with unanswered questions.
[INSIGHTS]
Small businesses have a new loan forgiveness option
(Clint Brunson, CPA, Supervising Senior, Assurance Services)
The Small Business Administration has introduced a third forgiveness application to the Paycheck Protection Program. Late in the day on October 8th, the SBA released Form 3508S, which is an application suitable for small businesses with PPP Loans of not more than $50,000.
[INSIGHTS]
Latest with the IRS Guidance on Payroll Tax Deferral
(Jon Wellington, J.D., Principal, State and Local Tax Services)
On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28th, the IRS released Notice 2020-65 providing guidance to employers about how to implement the deferral. While helpful, the guidance still leaves many open questions about the practical implementation of the deferral and the risks to employers participating in this program.
[INSIGHTS]
Paycheck Protection Flexibility Act
(Lucas LaChance, CPA, CIA, Partner)
On June 4, 2020, the U.S. Senate passed the House version of a bill designed at providing more flexibility for borrowers that are utilizing the Paycheck Protection Program loans to keep their businesses afloat during the COVID-19 pandemic. With unanimous bipartisan support, the bill now passes to the president, who is expected to sign.
[INSIGHTS]
Pivotal Guidance Regarding the PPP Loan Forgiveness
(Lucas LaChance, CPA, CIA, Partner)
On Friday, May 22, 2020, the Small Business Administration issued a pair of documents containing much-needed guidance for borrowers and lenders participating in the SBA’s Paycheck Protection Program (PPP).
[INSIGHTS]
Not-for-Profit’s Guide to Federal COVID-19 Stimulus Legislation
(Van Nguyen, Senior II, Accounting & Consulting Services)
The U.S. government has approved far-reaching legislation to provide relief to American families, businesses, and not-for-profit organizations. Two significant bills are the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
[INSIGHTS]
Paycheck Protection Program (PPP) Pitfalls
(Lucas LaChance, CPA, CIA, Partner)
The Paycheck Protection Program (PPP) is one of the most influential aspects of the CARES Act legislation enacted by the U.S. Congress to combat the economic effects of the COVID-19 pandemic. In two massive tranches of funding, the PPP pumped nearly $660 billion into the economy and, through the Small Business Administration (SBA), down into the hands of small businesses that are and remain in desperate need.
[INSIGHTS]
FDIC Sweep Program & Brokered CDs
(Miller Bentley, Financial Advisor, LGT Financial Advisors)
The past few months have brought to light some unprecedented changes in everyday life, and with those changes have come a heightened focus on health and safety. Physical health can be protected by safe distancing, washing hands, and adhering to CDC guidelines. But protecting your financial health is not always so straightforward. LGT Financial Advisors has a simple solution that allows you the flexibility for over $2.5 million of cash deposit insurance coverage through a deposit sweep program, and purchasing brokered Certificates of Deposit (CDs).
[INSIGHTS]
You Have Your PPP Loan, Now What?
(Denver Todd, CPA, Tax Services / Collin Kanelakos, CPA, Assurance Services)
So, you’ve submitted your SBA Paycheck Protection Program (PPP) application and you might have even received your loan proceeds, but important work still remains. It is critical for you to closely manage and account for your PPP loan proceeds, not just for cash flow purposes but for accounting purposes in order to apply for your PPP loan forgiveness. The amount of documentation you will ultimately need for the forgiveness component of this loan will be substantial, so get your process in place now to shorten the lag of this ultimate forgiveness.
[INSIGHTS]
CARES Act: Recovery Rebates for Individuals
(Lee Ann Collins, CPA, Managing Partner)
To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit).
[INSIGHTS]
CARES Act: Business-Only Provisions
(Lee Ann Collins, CPA, Managing Partner)
Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis.
[INSIGHTS]
Deferral of 2020 Required Minimum Distributions (RMD)
(Susan L. Fisher, CPA, Senior Manager, Accounting & Consulting Services)
Generally, individuals are required by law to take an annual withdrawal from their IRA, Simple IRA, SEP IRA, or other retirement plan vehicles such as a 401K plan once they reach age 72 (or 70 1/2 before 2020). They have until April 1st of the following year after reaching the required RMD age to take their first RMD payment. Every year thereafter, they must take the RMD by December 31st.
[INSIGHTS]
CARES Act: Employee Retention Credit
(Matt Peck, CPA, Partner, Tax Services)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief to certain employers. The employee retention credit cannot be utilized by an employer who receives a section 7(a) SBA loan or CARES loan.
[INSIGHTS]
Comptroller’s Office Extends Texas Franchise Tax Deadline
(Lucas LaChance, CPA, CIA, Partner)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief to certain employers. The employee retention credit cannot be utilized by an employer who receives a section 7(a) SBA loan or CARES loan.
[INSIGHTS]
CARES Act Paycheck Protection Program Loan Applications NOW Available!
(Lucas LaChance, CPA, CIA, Partner)
Information continues to come from the U.S. Treasury and the U.S. Small Business Administration about much-needed relief for American small businesses. For a refresher on the key loan options available for small businesses, please see LGT’s analysis of the Paycheck Protection Program (PPP) here, the Emergency Economic Injury Disaster Loan (EIDL) program here, and a comparison of the two types of loans here. Applications for EIDLs are already available online for download, and now so is the PPP Application Form!
[INSIGHTS]
Families First Coronavirus Response Act Deadline Approaching
(Shea Kracheck, CPA, Partner, Tax Services)
While a lot of recent attention focused on the stimulus package contained in the Coronavirus Aid, Relief & Economic Security (CARES) Act signed into law late last week, remember that a significant deadline related to the new Families First Coronavirus Response Act (Families First) is rapidly approaching.
[INSIGHTS]
The CARES Act: SBA Emergency Economic Injury Disaster Loans
(Lucas LaChance, CPA, CIA, Partner)
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation. A significant portion of the Act included the Paycheck Protection Program, which is a program to help small businesses with fewer than 500 employees get the assistance they need to fund payroll, cover mortgage and lease payments, and pay utilities.
[INSIGHTS]
The CARES Act Update: Payroll Tax Deposit Relief (Time Sensitive)
(Matt Peck, CPA, Partner, Tax Services)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief for certain employers. Delaying payment of certain employer payroll taxes is not available to employers who receive debt forgiveness for a loan received under the CARES Act Paycheck Protection Program.
[INSIGHTS]
The CARES Act Update: Paycheck Protection Program
(Brad Gross, CPA, Partner, Tax Services)
The CARES Act is possibly the most sweeping economic stimulus package ever and is an ambitious and much-needed shot in the arm to a flagging economy hobbled by the coronavirus. Its effects will be felt for a generation. While we continue to dissect the Act and consider its implications for all of our clients, it is important to spotlight one of the most critical provisions of the Act: the Paycheck Protection Program.
[INSIGHTS]
(Lucas LaChance, CPA, CIA, Partner)
On Friday, March 20th, Treasury Secretary Steve Mnuchin tweeted that the IRS is moving the tax filing deadline from April 15th to July 15th matching this week’s earlier guidance regarding tax payments due.
[INSIGHTS]
Information on the new Families First Coronavirus Response Act
(Lucas LaChance, CPA, CIA, Partner)
On Wednesday, March 18, 2020, the U.S. Senate passed H.R. 6201, Families First Coronavirus Response Act, which was signed shortly thereafter by the president.
[INSIGHTS]
IRS 90-Day Extension on Payments
(Lucas LaChance, CPA, CIA, Partner)
On Wednesday, March 18th, the IRS issued Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, which allows for an extension of the payment deadline for individuals and corporations for tax federal payments for 90 days.
Resources
BACK TO TOP
[RESOURCE]
Information for COVID-19 Employers and Jobseekers
(Texas Workforce Commission)
At the Texas Workforce Commission (TWC), the health and well-being of our employers, employees and communities is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our customers as the situation evolves.
[RESOURCE]
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
(U.S. Small Business Administration)
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
[RESOURCE]
Coronavirus (COVID-19) frequently asked questions for employers
(Texas Mutual Insurance Company)
According to the U.S. Centers for Disease Control and Prevention (CDC), the risk of infection of COVID-19 is currently low, even for most workers. However, as an employer you may face questions and concerns, which we want you to feel prepared to address.
[RESOURCE]
Coronavirus: Resources, Updates, and What You Should Know
(U.S. Department of Treasury)
The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus.
[RESOURCE]
List N: List of Disinfectants for use against Coronavirus (COVID-19)
(U.S. Environmental Protection Agency)
List N includes products that meet EPAs criteria for use against SARS-CoV-2, the cause of COVID-19. When purchasing a product, check if its EPA registration number is included on this list.
[RESOURCE]
COVID-19 Control and Prevention
(Occupational Safety and Health Administration)
Measures for protecting workers from exposure to, and infection with, the novel coronavirus, COVID-19 depend on the type of work being performed and exposure risk, including potential for interaction with infectious people and contamination of the work environment.
ABOUT
PEOPLE
BLOG
CONTACT
Part of being a most trusted advisor is taking the time to look at the big picture.
Accounting & Consulting
Assurance Services
Estate, Gift & Trust
International Tax
Financial Advisors
Tax Services
State & Local Tax
Tackle Tax Planning Challenges Head On
Tax planning continues to be challenging for businesses. Several valuable tax breaks expired Dec. 31, 2014, and it’s looking more and more likely that we’ll have a repeat of last year, when Congress didn’t extend expired tax breaks until December, giving business little time to implement tax-saving steps accordingly. Read More
The Bipartisan Budget Act of 2015: New Partnership Audit Rules
The Bipartisan Budget Act of 2015 signed into law on November 2, 2015 has gathered a lot of attention lately for its purpose to help the U.S. government avert financial obligations by raising the discretionary spending limit. Read More
LGT is one of the largest professional accounting and advisory firms in the Dallas/Fort Worth metroplex area.
Dealer Services
Construction Services
Healthcare Group
Dental Practice
Not-for-Profit
Manufacturing & Distribution
Real Estate
Tips for Preventing Fraud in Your Organization
If your not-for-profit became a victim of fraud, it wouldn’t just hurt your organization’s bottom line — the infraction also could do devastating damage to your reputation. By implementing some simple controls, though, your organization can help protect itself from these risks. Read More
How to Communicate Financial Information to Patients
The wave of healthcare reform has led to a closer focus on the need for clear, consistent and transparent communication of patient financial information. Read More
8 Tips for Improving Work-Site Productivity
In an industry as labor-intensive as construction, few things can hurt a contractor’s profitability more than unproductive workers. Here are eight tips for improving productivity. Read More
MAKE A PAYMENT
SUBMIT RFP
SAFESEND
Let our numbers professionals help you track, manage and grow.
GET IN TOUCH
© LANE GORMAN TRUBITT, LLC. All rights reserved.