Blog
What you can do now to prepare for round two PPP loan applications
List of items to consider: Head count numbers for 2019 and 2020. Companies with 300 or fewer employees are eligible to apply. For restaurants and other companies with an NAICS code starting with 72, the 300-employee limit is for each location. 2019 and 2020 payroll reports. 2019 and 2020 forms 941, 940 and State Unemployment […]
Update to original Paycheck Protection Program loan rules
An eligible recipient may have a PPP loan forgiven in an amount equal to the sum of the following costs incurred and payments made during the covered period: (1) payroll costs; (2) interest (but not principal) payments on any covered mortgage obligation (for mortgages in place before Feb. 15, 2020); (3) any payment for any […]
CAA, 2021 changes to Paycheck Protection Program second draw
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary […]
2020 COVID relief bill provisions affecting individual taxpayers
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC […]
Additional 2020 economic impact payments
You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s […]
New law’s tax provisions that affect businesses
The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of […]
Deductibility of business meals provided by restaurants in 2021 and 2022
You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the […]
What you need to know: Key highlights of the latest COVID-19 legislation passed by Congress.
We will continue to update you as more information becomes available. IMPORTANT NEWS ON THE LATEST COVID-19 LEGISLATION PASSED BY CONGRESSCongress just passed a $900 billion COVID-19 relief bill as part of the Consolidated Appropriations Act, 2021. The bill has not been signed into law yet, but we wanted to provide you with some of the […]
IRS Finally Rules on PPP Expense Deduction
The IRS has issued Revenue Ruling 2020-27 which denies any taxpayer the ability to deduct expenses that have been forgiven under the PPP loan program in 2020. This is also true if you wait until 2021 to ask for forgiveness. This follows the past IRS’s logic that expenses related to tax-exempt income are not deductible. This […]
WEBINAR – 2020 Year End Tax Planning
McMill CPAs & Advisors, Andrew Steffensmeier and Clint Weeder, discuss tax planning strategies to wrap up tax year 2020 and begin 2021.
Nebraska is Offering New Grant Programs – Applications Open 10/21
SECOND ROUND OF GRANTS AVAILABLE TO NEBRASKANS! APPLICATIONS OPEN AT 10 AM WEDNESDAY 10/21 APPLY HERE The Governor announced that Nebraska will award a second round of grants to use remaining funds from the states coronavirus relief grant. This round of grants will be offered to a larger variety of groups, including small businesses, farmers, […]
Market Update Webinar – VIEW RECORDING NOW!
Dimensional Fund Advisors Vice President, Apollo Lupescu, PhD and Jared Faltys, CPA/PFS have a round table on the current status of the economy and the market, including perspectives on election implications. During a year of COVID and an election, many people may be feeling a variety of emotions. Any time you make emotional decisions, they […]
FAFSA for 2021-2022 Academic Year Opens on October 1
The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opens on October 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own need-based aid and, in some cases, merit-based aid. Students must submit the FAFSA every year to […]
ImagiNE Nebraska Act
Is expansion in the future for your business located within the State of Nebraska? Nebraska passed LB 1107 ImagiNE Nebraska Act on August 17, 2020 to help businesses grow their workforce and/or invest major funds into buildings or equipment. This incentive program will replace the 2005 Nebraska Advantage Act which is currently in place. There […]
Payroll tax holiday for employees—pros and cons for the business owner
In response to the stalemate, on August 8, the president signed four executive actions including the presidential memorandum to allow employees to defer certain payroll tax obligations. The memorandum directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ 6.2% Social Security tax for wages or compensation paid […]
Clint Weeder is Recognized as a 40 Under Forty Honoree
McMill CPAs & Advisors is pleased to announce that Clint Weeder has been recognized as a 2020 “40 Under Forty” honoree by the National Association of Certified Valuators and Analysts (NACVA). The 40 Under Forty program recognizes emerging leaders for their past accomplishments and their contributions yet to come. Clint is a shareholder at McMill […]
Special Edition Lemonade Camp 2020!
McMill CPAs & Advisors is proud to announce the success of Lemonade Camp 2020! We are thankful for the community support of our two lemonade stand finalists who collectively raised over $1,400 for their selected charities, Christ Lutheran School and the Animal Shelter of Northeast Nebraska. Both lemonade stands will also have a portion of […]
IRS Backlog & Possible Incorrect Late Payment Notices
Did you receive a letter from the IRS with a late payment notice? You are not alone. The IRS has begun mailing backlogged letters and notices as it returns to normal operations. Many of these are being mailed with past due payment or response dates due to IRS delays. We are finding many of these notices […]
VIDEO – David Booth on Value and Values
David Booth, Dimensional Executive Chairman and Founder, on Value and Values. History shows that you can’t time stock returns. To capture the market’s historical premiums, you have to be patient. dimensional.com
Important Reminder about Applying for COVID-19 Grants
DED Issues Important Reminder about Applying for COVID-19 Grants for Small Businesses, Livestock Producers There are two major steps to completing an application. After filling out an online eligibility form, those who are eligible will receive a confirmation email containing a confirmation number and a link to the full application. You are not finished applying […]
Apply Now! Grant Available for Small Businesses & Livestock Producers
Nebraska Small Business Stabilization (SBS) Grant for Small Businesses & Livestock Producers –The DED is Now Accepting Applications!The SBS Grant allocates working capital to help cover operating expenses. This will enable small businesses and livestock producers to get back on their feet and back to profitability. *FIRST COME, FIRST SERVED* Steps to Complete: Complete the eligibility […]
WEBINAR – New Law/Updates: Related to the Paycheck Protection Program (PPP)
This webinar will keep you informed and up to date on the most current changes and programs. Topics covered during this webinar include: -Current laws surrounding the stimulus and PPP programs -Four NEW COVID-19 relief grants through the State of Nebraska -IRS issuing EIP cards -Loan forgiveness -Q&A Recorded 6/8/2020
Four New COVID-19 Relief Grants
These four new grants are designed to provide assistance to individuals, families and businesses who have been economically impacted by COVID-19. May 27, 2020, Governor Pete Ricketts announced the Nebraska Department of Economic Development (DED) will co-administer four new State grant programs — utilizing $392 million in federal Coronavirus Aid, Relief and Economic Security (CARES) […]
WEBINAR – Review of Paycheck Protection Program, EIDL Updates and Stimulus Payments
I received the PPP Funds… Now what? – How should funds be used? – What forgiveness looks like for businesses and sole proprietors? – How do I stay organized with all the documentation needed for forgiveness and possible audit? EIDL – Additional New Information Stimulus Payments Question and Answer session
WEBINAR – Investing In A Turbulent Market
Apollo D Lupescu, PhD, Vice President of Dimensional Fund Advisors, and Jared Faltys, CPA/PFS and Partner with McMill Wealth, review the history of the market. Are you wondering what the current market means for your long-term investing goals? Are you concerned about the constant news about market performance? This webinar addresses your concerns and will […]
Nebraska Personal Property Tax Penalty & Interest Waiver
Personal property tax returns normally due May 1st have been extended to July 15th if you want to be allowed the $10,000 exemption. Any returns filed after that time but by December 31, 2020 will forfeit the exemption but will not be assessed the late filing penalty. Interest will start to accrue starting July 16th […]
IRS Deadlines & PPP Additional Details
IRS GRANTS ADDITIONAL RELIEF ON DUE DATES The IRS just released Notice 2020-23 to extend more tax deadlines for individuals and businesses. The relief covers taxpayers that have a filing or payment deadline between April 1, 2020, and July 15, 2020. It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns, and more. […]
WEBINAR – The Paycheck Protection Program Loan
McMill CPAs & Advisors partnered with Midwest Bank to look at how the loan process works, and the 8-week period for calculating loan forgiveness. This loan is designed to assist businesses in retaining employees by providing cash flow for payroll and a few other specific expenses. McMill CPAs & Adivsors and Midwest Bank will cover […]
Coronavirus: What to Do if You’re Out of Work
Coronavirus—aka COVID-19. It has flooded our social media, nightly news, and has even made its way into some of our communities. It goes without saying that this thing has created mass hysteria and panic across the globe. But if you’re looking for that here—you won’t find it. We haven’t lost our hope, and you shouldn’t […]
WEBINAR – Cash Flow Options for Charities
With the uncertainty created by the COVID-19 new legislation, recommendations and directives are constantly changing.Are you confused on how the new laws impact charity organizations? Do you need advice on improving cash flow in this uncertain time?Leaders at McMill CPAs & Advisors and Midwest Bank get together to provide guidance surrounding cash flow solutions and […]
WEBINAR – Small Business Resource with Midwest Bank
Are you a small business looking for information about the financial assistance programs available? Loan officers from Midwest Bank discuss the options available and Nancy and Clint from McMill CPAs & Advisors address the tax implications of these programs. We’re here to help your business through this difficult time!
WEBINAR – CARES Act
This webinar reviewed the new CARES Act. We review the programs that are available for Small Business as well a Tax Impact for Individuals.
A Message of Hope Series: Dave Ramsey, Rachel Cruze and Ken Coleman
Hope is greater than fear. Join bestselling authors Dave Ramsey, Rachel Cruze and Ken Coleman as they give super practical, super clear advice on what you need to do with your money and career right now.
WEBINAR – PROPOSED CARES Act SBA Loan Program
This webinar reviews an overview of a Proposed CARES Act but focuses on one key component, the SBA program, passed by the Senate (still needs to be approved by the House of Representatives). Under the current draft of the Cares Act, the SBA could be authorized to guarantee up to $349 billion in 7(a) loans […]
WEBINAR – Market Review 3.26.20
EDUCATIONAL CONTENT DISCLAIMER The content provided within this video/ website/social media platforms, e-mail transmissions, video, pictorial, or any associated media (hereinafter collectively referred to as “Information”) is provided for educational purposes only and is not and should not be construed as professional financial, investment, tax, or legal advice. This is not investment or trading advice nor […]
Nebraska Chamber on Unemployment Options
The Nebraska Chamber hosts Nebraska Department of Labor Commissioner John Albin & General Counsel Katie Thurber for a briefing on Nebraska’s unemployment programs during the coronavirus outbreak. Tuesday, March 24, 2020 3:30 p.m. CDT
WEBINAR – COVID-19
Regarding Business Implications on Cash Flow and Employment Issues Addressing how the current changes impact business owners. Topics covered will include: Proactive Business Practices, Common Questions to Address in Planning, Available Financial Assistance, Credit Options – Including the SBA Program, Families First Coronavirus Response Act, Emergency Family and Medical Leave Expansion Act, Emergency Paid Sick […]
Ricketts extends tax filing deadline, praises crowd compliance
Gov. Pete Ricketts announced Monday that Nebraska’s state income tax filing deadline would be moved from April 15 to July 15, matching the three-month federal extension already granted by the Internal Revenue Service. But the governor urged Nebraskans who have not been significantly impacted by the economic fallout resulting from the spread of the coronavirus […]
Tax Filing Deadline Update
Secretary Steven Mnuchin announced that the April 15th tax filing deadline will be extended to July 15th. This extension applies to federal income tax only. Nebraska has not extended filing or payment deadlines at this time. The tax payment extension applies to federal tax due with 2019 tax returns, plus 2020 first quarter tax payments. […]
Tax Deadline & Market Update
TAX DEADLINE (3/18/20) Details on the payment extension issued by the IRS: ● April 15th, 2020 remains the deadline for filing taxes. UPDATE 11:30am 3/20/20: The Treasury Secretary recently announced the federal filing date will be July 15th, 2020. ● There has been a 90 day extension (to July 15th, 2020) for all federal payments […]
Stock Market Corrections
The average decline for stock market corrections is about 13.7% and they last around four months- unless, of course, they become bear markets, characterized by a dip of 20% or more .-CNBC, February 27, 2020
TAX EXTENDERS AND DISASTER TAX RELIEF
Congress passed and the President signed the Certainty and Disaster Tax Relief Act. Here are a few of the extenders that may affect you: If you have canceled debt that is also qualified principal residence indebtedness, you may be able to exclude that canceled debt from income. This provision had expired in 2017, but has […]
Tax Tips For Individuals
With time left before the April filing deadline, it makes good financial sense to recheck for don’t miss deductions and credits that can lower your tax bill. One caveat: You will have to choose between taking the standard deduction and itemizing individual deductions. BIG BREAKS One big break is the adoption tax credit, which is […]
McMill Tax Letter
October 16, 2019 To Our Clients and Friends: With year-end approaching, now’s the time to take steps to cut your 2019 tax bill. Here are some relatively foolproof year-end tax planning strategies to consider, assuming next year’s general election doesn’t result in retroactive tax changes that could affect your 2020 tax year. Year-end Planning Moves […]
Amazon Stock
On January 30th, Amazon’s stock rose 12% in a matter of minutes, and that increase added $110 billion to the market value of the company. By comparison, UPS’s entire market cap is $93 billion.-Bloomberg, January 30, 2020
Business Owners Resolve To Become More Competitive
Business owners typically have little time for planning. However, making that time during this New Year — and new decade — can help most businesses become more competitive now and in the future. PLAN YOUR SUCCESSION Whether you plan to eventually sell your business to strangers or pass it down to the next generation, succession […]
You, Your Retirement, and the SECURE Act
You may have missed the news – buried in a much bigger spending bill, and passed in the thick of the holiday season. But after months of nearly bringing it to the finish line, it’s now official: On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into […]
2020 Tax Brackets, Deductions, Plus More
Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. […]
Resolve To Become More Financially Secure
Many people make resolutions to coincide with the advent of the New Year, including becoming more financially secure. If you want to improve your financial outlook, now is a good time to take steps to achieve this goal. TAP THE EXPERTS You go to a doctor for medical care and a mechanic to fix your […]
Lacking Confidence
Few employers are “very confident” their employees are on the way to becoming retirement-secure, according to the report, “Employers: The Retirement Security Challenge,” from the Transamerica Center for Retirement Studies. Only 17% of employers felt very confident, which lined up with 18% of employees who felt the same. About 23% of employers were not too […]
There’s Still Time
Individuals have a few tax breaks to explore. The IRS disallows many deductions if you take the standard deduction, but not all, for 2019. For example, you can deduct some expenses related to self-employment if you’re self-employed. Student loan interest and college tuition and fees may also be deductible. Talk to your tax professional to […]
Tax-Loss Harvesting
If investments you sold in 2019 lost money, you may find some solace in the IRS tax code. You can deduct certain losses from your taxable income – called tax-loss harvesting – when you understand the rules. Here they are briefly: TERMS DEFINED For starters, the IRS has separate tax rates for long-term investments – […]
2020 W-4 Update
On Dec. 5, the IRS released the long-awaited final version of the 2020 Form W-4, retitled Employee’s Withholding Certificate, with major revisions designed to make accurate income tax withholding easier for employees starting next year. All new employees hired as of Jan. 1, 2020, must complete the new form. Current employees are not required to […]
NEW IRS INDEXED LIMITS FOR 2020
WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items […]
Five Ways to Get Your Financial House in Order in 2020
As the end of the year draws near, many families think they have a sound “financial plan” because they own investments or have established a saving strategy for retirement. This is a good start but it’s incomplete. There are many components to ensuring your financial future and getting your “house in order” is the first […]
Update from McMill Wealth Regarding TD Ameritrade
It was confirmed that Charles Schwab and TD Ameritrade are combining (11/25/19). This has no bearing on our firm and we will still manage the accounts in the same manner we previously have. We have had a relationship with both firms for a long period of time and will evaluate possible changes to make sure […]