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Employee Retention Credit: IRS Issues Guidance as Congress Mulls Early Termination

Posted by Sweeney Conrad, PS on Aug 12, 2021 5:48:39 PM

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA).

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Topics: Tax, COVID-19

SBA Streamlines Forgiveness for Smaller PPP Loans

Posted by Sweeney Conrad, PS on Aug 4, 2021 6:00:19 PM

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many borrowers are nearing a critical deadline regarding their applications for forgiveness.

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Topics: COVID-19

The Way Forward: COVID Relief Assistance Update

Posted by Sweeney Conrad, PS on Jul 18, 2021 10:37:56 PM

As businesses move beyond operating in pandemic crisis mode, many are facing a significant financial aftermath and considering their options. If you haven’t yet taken advantage of all available programs to help your company, it’s not too late for some assistance.

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Topics: Tax

Leadership Post-COVID: What's Next?

Posted by Sweeney Conrad, PS on Jul 16, 2021 12:59:09 AM

Your colleagues are seeing a light at the end of the tunnel. Are you?

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Topics: COVID-19

Sweeney Conrad, PS Begins Leadership Transition

Posted by Sweeney Conrad, PS on Jun 17, 2021 2:59:01 PM

Sam North to Become New Managing Shareholder


(Kirkland, WA) Sweeney Conrad, PS, an award-winning Eastside accounting firm, has announced that they will begin a transition in leadership on November 1, 2021, after the close of their current fiscal year. Sam North, CPA will succeed John Forrest, CPA, who has acted as President and Managing Shareholder at Sweeney Conrad since October 1, 2014.

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Unforeseen Consequences: Tax Treatment of Litigation Proceeds and Expenses

Posted by Sweeney Conrad, PS on Jun 10, 2021 11:57:38 PM

When a company is involved in litigation—as either a plaintiff or a defendant—it is essential that the management team and legal counsel consider the potential tax implications of the action as early as possible. Advance planning and consultation can have a major impact on both the tax treatment of any proceeds and the deductibility of attorneys’ fees and other expenses.

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New Remote Work Arrangements Raise Tax Questions

Posted by Sweeney Conrad, PS on May 27, 2021 4:24:42 PM

In addition to causing untold health and economic damages, the COVID-19 pandemic has had a profound—and possibly permanent—impact on many longstanding workplace practices. For example, although working from home began as a temporary emergency response, a number of high-profile companies now say they plan to continue the practice in their post-pandemic operations.

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Topics: Tax, COVID-19

The Biden Administration Proposes Far-Reaching Tax Overhaul: Updates on the American Families Plan

Posted by Sweeney Conrad, PS on May 7, 2021 12:33:16 PM

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.

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Topics: Tax, COVID-19

Washington State Capital Gains Tax - What We Know Now

Posted by Sweeney Conrad, PS on Apr 30, 2021 1:19:11 PM
On April 24, the Washington State legislature voted in favor of a new Washington State Capital Gain Excise Tax, by a narrow margin. The legislation is expected to be signed by Governor Inslee shortly. While challenges are anticipated, here is what we know now:
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Topics: Tax, News, High Net Worth

The Women Who Inspire Us: Celebrating Women's History Month

Posted by Sweeney Conrad, PS on Mar 29, 2021 4:53:22 PM

March is National Women's History Month! In celebration and in honor of the millions of amazing women impacting the world every day, we asked our team members: "Who is a woman who inspires you?" The following is a collection of the responses we received.

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