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According to research by Family Enterprise Foundation, younger generation owners are the most committed to preserving the family business. A survey found that “97 percent of next-generation respondents consider it important to sustain the family business, while only 74 percent of senior-generation respondents feel the same.” The importance placed on direct family leadership of the business is also higher for younger generations as 95 percent of younger respondents felt that family taking over is important, compared to only 65 percent of older generations. However, there are “significant differences in the level of importance assigned to these and other aspects of family business legacy, depending on the generation of respondents.”¬†

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The century-old, Memphis-founded accounting firm Reynolds, Bone & Griesbeck, PLC has recently added a new tax partner, Kelly Crow. Crow is a long-time Memphian, and found her passion for accounting while studying at Christian Brothers University. She joined RBG as an intern in 2008, and became a full-time member of  the team upon completing her undergraduate studies. 

Her new role will expand her responsibilities, making her a key part in the succession and leadership of the tax department, while continuing to provide excellent customer service, developing client relationships, and training and developing staff. Crow’s focus will continue to be serving business entities, high net worth families, and not-for-profit organizations, particularly those in real estate. She also stays well apprised of both federal and state legislation regarding bills that may impact firm clients.

“Through her commitment to RBG and to the profession, Kelly has proven her leadership capabilities, earning the respect of her colleagues at RBG, as well as at other firms. She has risen to leadership roles within the CPA profession on a local, statewide and national level,” said managing partner of RBG, Skeet Haag. “Her passion for RBG and the profession are quite contagious. On whatever endeavor she takes, Kelly always takes ownership to try to ensure its success. “ 

Crow is an active member of the community, serving as a member of American Institute of Certified Public Accountants. In 2019, she was one of 36 CPAs selected from across the country to attend the AICPA Leadership Academy.  Crow has also served as a Board Member-at-Large, Memphis Chapter President, and a member of the State Taxation Committee for the Tennessee Society of Certified Public Accountants (TSCPA). In the community, Crow is a member of the Community Foundation of Greater Memphis and the Greater Memphis Chamber Young Professionals Council. She is also an active member of the Christian Brothers University Alumni Association. 

Crow believes that the root of her success is surrounding herself with peers and mentors who push her to be her best.

How The Office of the Future Will Look After Coronavirus

As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, changes to the workplace such as wider corridors and better air filtration are occurring. 

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CARES Act FAQ: Payroll Tax Deferral

On March 27^th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of provisions, including a deferment of payroll taxes for employers.

Below, we address some of the common questions regarding these tax law modifications. If you cannot find the answer to your question, please do not hesitate to reach out to your RBG accounting advisor for further assistance.  

For whom does the CARES Act provide a payroll tax deferral?

All employers can defer making some Social Security tax payments under the CARES Act.

How much can an employer defer?

Prior to the CARES Act, for 2020, employers were required to pay a 6.2% Social Security tax on the fist $137,700 of wages paid to employees. The CARES Act allows the deferment of any employer Social Security taxes that would be owed for wage payments made between March 12, 2020 and December 31, 2020. So that means an employer can defer 6.2% x any wages of $137,700 or less for each of their employees.

By when does an employer need to make the payments that they defer?

The employer must deposit at least 50% of the taxes by December 31, 2021 and the remainder of the taxes by December 31, 2022.

How do I go about deferring my payroll tax payments?

Employers should work with their payroll provider, payroll department, or payroll software to set up the tax deferrals.

How does the payroll tax deferral operate in connection with the Payroll Protection Program?

It is not currently clear how the PPP exclusion will apply for employers who defer payroll tax payments prior to receiving a loan through the PPP. Further guidance is expected, and we will update this article once information is available. 

SBA Issues Supplemental PPP Guidance

On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP was created as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27^th.

In the new release, the SBA published specific information on a variety of areas where applicants have had questions, including:

• Guidance to help individuals with self-employment income understand how to calculate the maximum loan amount they can receive through the program. They will need to use Form 1040, Schedule C, Profit or Loss From Business, which will be provided with the PPP loan application.
• Instructions on how to report the self-employment income of partners in a partnership. Up to $100,000 (annualized) of the income may be reported as a payroll cost on a PPP loan for the partnership. The SBA clarified that individual partners should not submit separate PPP loan applications.
• Guidance regarding the eligibility of some particular business concerns for the PPP program and clarification regarding pledge requirements for PPP loans.

For further details on the SBA supplemental PPP guidance, check out this article from the Journal of Accountancy or visit the PPP loan FAQ page. 

Budgeting Tips for Your Small Business

This article discusses how the economy may be booming as we head into 2020, but that does not mean there will not be uncertainty along the way. It also offers five budgeting tips from emergency funds to reducing fixed cost commitments, and these tips could prove useful as your business continues to grow and change.

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IRS Releases New Guidance for 401(k) Plan Administrators

At the beginning of September, the IRS issued revenue ruling 2019-19, which addresses certain particulars or reporting and withholding from 401(k) plan distributions. While this guidance was welcome, many plan administrators are still hoping for further clarification in related areas.

Difficulties arise for plan administrators when distribution checks go uncashed or plan participants go missing. Specifically, revenue ruling 2019-19 offers guidance for situations where the plan participant is sent a distribution but does not cash the check. It does not address what to do when a distribution is sent but the participant is missing. As such, plan administrators should do their best to develop and follow a consistent and reasonable plan—and to keep detailed records—in order to be well prepared for when further guidance is released.

For more details, read the article in full at Employee Benefit News. 

8 Useful Tips For Any Business

This article discusses daily tips that may be valuable for any businessperson. Some of the tips include going slowly, spending more time on recruitment, and not doing it for the money.

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Leading Your Family Business Successfully

This article discusses points that can help on your way to a successful family business. From recognizing the advantages of family ownership to treating every family member equally, these tips are valid and should be taken into consideration.

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Small Businesses Need a Data Strategy

Managing data and information can be a major competitive advantage for small businesses. 

This article discusses why every small business should develop a data strategy. 

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