5 Star Accounting & Business Solutions, LLC

The January 1st, 2021 deadline is just around the corner for required harassment training in California for employers with 5 or more employees. Call us now for information about our e-learn training options through our LEARN CENTER. A remote training option for your employees that meets the California harassment training requirements. Select from our training options including harassment, pandemic response, compliance and legal, environment and climate, workplace safety, hum...an resources, customer service and more. Starting at just $79/month for up to 5 Employees!

We are staying informed and will guide our clients appropriately as we receive more information.

To party or not party? That is the question. Learn how companies are getting creative this year to celebrate the season.

I get a little giddy over the dynamic team we have. Thanks for caring about our customers so much Barbara!!!

We, and our clients, are experiencing difficulty re-hiring or even hiring new employees as they are temporarily "making more money" on unemployment. SBA has issued guidance around this for employers obtaining the PPP loan. Employees that refuse to be re-hired and or refuse new offers of employment should be reported through the Employment Development Department and will be disqualified from receiving further benefits.

IRS recently announced guidance in Notice 2020-32 (https://www.irs.gov/pub/irs-drop/n-20-32.pdf) surrounding deductible expenses related to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act. If you have received the Paycheck Protection Program loan and the loan is found forgiven under the requirements, you may not deduct certain expenses including rents and wages paid using the PPP loan funds. Free money = non-deductible expenses. Contact us for guidance at (916) 905-7444!

How will federal stimulus help small business? The recently enacted federal stimulus package puts paychecks directly into American bank accounts and sets aside financial aid for small business. As more business owners experience uncertainty amid the covid-19 pandemic, the $400 billion in assistance is welcome news.... To those employers who retain their staff, forgivable loans are available, along with several other provisions designed to keep small business engines operating. Emergency grants The federal Small Business Administration will manage $10,000 emergency grants for businesses, which do not require repayment. Funds are available within three days after businesses submit applications. The funds can be used to keep payroll moving, pay sick leave and other business debt obligations. Short-term forgiveness loans Loans will be made available to small businesses and will be partially forgiven under certain conditions. The Small Business Administration is authorized to offer loans equal to 250 percent of the average monthly payroll of the loan applicant. Some businesses may not have to worry about eight weeks’ worth of payroll, rent, mortgage or utility payments. Tax credit for employee retention If businesses are seeing a 50 percent drop off in gross receipts, they can qualify for a payroll tax credit worth up to $10,000 per employee. Those businesses forced to furlough staff due to state or local mandates may also make a claim. Loan hiatus Businesses with existing loans through the Small Business Administration can have interest or principal payments suspended for six months. We understand this may be a difficult time for your business. We are here to help. If you have any questions about these programs, give us a call. Our consultative services will help you identify areas where improvement can occur while also providing vital resources and training.