Let's Talk with Leaha & Rhonda

Unknown Speaker 0:00
The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K u and v Las Vegas, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Hi, this

Unknown Speaker 0:26
is Leah Crawford. And I'm Rhonda Nolan.

Unknown Speaker 0:28
Welcome to the let's talk with Leann Rhonda show.

Unknown Speaker 0:31
We're here for you and we're ready to go. Let's do it. Good morning. Las Vegas. How are you doing?

Unknown Speaker 0:39
Good. Well, happy birthday to me. Happy birthday to me. Happy Birthday diddly Happy. Happy birthday to me. I know it's over. But okay.

Unknown Speaker 0:48
Okay. We celebrated your birthday. Last show. Are we still celebrate this

Unknown Speaker 0:52
I told you is gonna be a moment. We gonna do this. Right.

Unknown Speaker 0:57
Fantastic. Well, you had you had your birthday party on Tuesday night and your birthday party, your birthday dinner party. And it was just wonderful. I'm so glad I was a guest at the event. I had a wonderful time. You were

Unknown Speaker 1:09
a guest. You were actually you know what, though? Rhonda? I think you thank you. I can't tell you thank you enough because you you put events together like no other it was. It was elegant. It was nice to flowers. Oh my God. They still smell good. Because I have one on my kitchen counter. Thank you. You're very well. I mean, it was it was very, it was classy. It was nicely put together. Everyone had a good good time we had we were singing a long day. I mean, dancin. Thank you.

Unknown Speaker 1:38
You're welcome. I appreciate it. And if you too, want to have a COVID friendly, special event, you can, you know, send me a little message. You know, when you get a chance, you can always find me and let's talk with Leah and Rhonda on the Facebook page. Yes. And

Unknown Speaker 1:51
she is fabulous, fabulous events with no worries on the person that's celebrating because she takes care of everything. Everything. Can't wait to get the pictures though.

Unknown Speaker 1:59
I know. Okay. Okay. Back to business. Hi, small businesses. We hope you're doing well. We've had some changes since we spoke. Let's see now we're at what 50% occupancy for businesses. Yay, kudos,

Unknown Speaker 2:13
kudos, kudos. That's a good thing. I know. We were on the strip this weekend. And it was it was crowded. It was a lot of people felt good, though, to see the people back on the strip, not good to see two people just roaming around. And just to see the bodies. I was like, okay, good. Now I can go back home.

Unknown Speaker 2:30
Yeah, so it's great. Even though we're at 50%, we still have to follow the protocol of being safe. So we still have to wash our hands, we still have to sanitize. And we absolutely have to have our masks. Because as you know, may the first we will be at 100. Person.

Unknown Speaker 2:45
Yay. So let's talk about that may 1, May, it's going to be an interesting month, tax deadline has changed. So the new tax deadline for personal returns is May 17, may 17 2021. So again, if you have some small business things, you got your PPP loan, haven't gotten your forgiveness, filing extension, just file the extension, wait to the October 15 deadline date, get all of your documents in order because there was some things that have happened. I know. Some people pull their retirements out of their retirement accounts. And you want to make sure that when that 1099 are that you get an exception for COVID that is coded for that. So that you're not charged a penalty if you're under age, we're pulling your retirement funds out. I know we've had a few clients come in, and we've had to have conversations just to make sure that the penalty for pulling the monies out because it was COVID related. And you just want to make sure you just want to take take your time, do your due diligence, even with the unemployment, if you've already filed your tax return, don't file an amendment, the IRS will correct those returns. And they're putting that information out on several different media platforms, because they don't want to be inundated with a whole bunch of amendments on top of all the other returns that they're you'll have to catch up one, they are going to correct those returns, make the adjustments and send you out whatever whatever monies are owed to you because the first $10,200 of your unemployment is non taxable, and that is per person. So if you're a married couple, there were two of you that received unemployment, it will be $10,200 For you $10,200 For your spouse, so that monies would not be taxable to you. Just good information to know but do not file an amended return. Do not file an amended return. And if you're filing your return, make sure that you notice the money's coming in and the money's coming out on your tax return. Before you file it before you file it but PPP updates because he PPP has been extended from what I understand right.

Unknown Speaker 4:45
I read an article saying it was extended but I haven't gotten the formal notice from the SBA. So right now as it stands, PPP will be done on March the 31st. However, they could extend and if they do extend it will be extended to meet their already first, so I'm just waiting on the paperwork to come in. So if you are self employed sole proprietor, any of those titles, you are eligible for PPP one and two. And one, the good things that happened is that if you were a small business, and you turn an application for PPP, and you were disqualified because you had a negative 931, not a negative negative net income, negative net income, which is line 31, and your schedule C, okay, so if you had a negative, you now can apply for PPP, because they're going to go off for your gross. So as long as you have a positive line seven, gross, you too can get PPP. In addition to that, you can get PPP one, and then after you've exhausted those funds, you can get PPP too. So if you were if you were unable to get PPP one the first time for you self employed people into independent contractors, sole proprietors now is your time, and the banks are ready to give you the money. So reread the information. And, you know, if you need to discuss it, you know, you can there are people that you can discuss it with, and that type of thing, you know, right, right vehicle, so

Unknown Speaker 6:13
and that's huge, because going by gross, and not by net, especially for sole proprietors, is huge, because now you're able to qualify for the funds and you're able to possibly get one and two, right so you can help to help your businesses stay open. Very important, especially you

Unknown Speaker 6:31
Uber drivers and, and things of that nature and Lyft drivers you know, if you did not apply last year for PPP, you are eligible. Yep. For

Unknown Speaker 6:41
more information. 702-382-5737 again, 702-382-5737 My name is Leah Crawford. And

Unknown Speaker 6:52
I'm Miss Rhonda. No

Unknown Speaker 6:53
Limits Rhonda Nolan. Yay. I love Rhonda Ella Rhonda. Alright, so PPP, idle unemployment. Again, I'm gonna say it again, because it's very important. If you filed your return, you had unemployment do not file an amendment, the return will be corrected by the IRS, they will send you but whatever monies are owed. Now, if you're curious, like some people you want to know just do the amendment to see how much money it is, that's one thing, do not send that return and do not send that return and the IRS will autocorrect they have not set a date when that will be done. But they are aware that that has to be done. If you have not filed your return yet. Just know just remember that that $10,200 is not will be excluded from your income. So when you read your return, you might see the income but she also see an exclusion. What also want to talk about Rhonda is another thing that the IRS is a big one as I'm reading through their site, ghost prepares ghost prepares. And I know you know, people listening to us that they pay someone to sign their returns. I mean to prepare their returns, they're also signing them. But there's a be there a lot of preparers out there that are not when our listeners to know if you pay someone to prepare your return that they sign said tax return 20 years ago, we had to put our social security numbers on our return, IRS changed that we now all have prepared tax identification numbers. You also put on there if you work for a company, your company name so that they can identify who helped you who assisted you in preparing this return, whether it's personal business, whatever the return is, make sure that the return is signed by separate pair because if you're asked about that return, first of all, for me when I when I prepare returns, I take the time to explain to someone what is on the return, because they know what they did last year I don't I just know the information that you're presenting to me. We sit down we have a conversation. So you understand because I don't know what your life hold might be buying house, you might you know, just need the tax returns for any reasons. But the biggest thing is buying homes or getting business loans as we saw people had to have returns for the idle loan, I mean for different loans. But having the returns understanding your tax returns so that when it comes down to talk about them, you're able to talk about them, you know what's on there, you know, what's not interesting such situation we were client HSA plans, wasn't aware of, you know, just what how to HSA plan was going to affect them. But after we sat down and had a conversation now he can go back to his employer and have a better conversation to understand, you know, if I'm paying this why is it reported this way? Is there another way to do this? So just having a conversation with your preparer, but more importantly, making sure that they sign said tax returns and for preparers. This is your work of art is your Picasso. Put your best foot forward, put your best foot forward, you know, sign or Return. Send it in, but that's one thing that stood out. As I'm looking through to go do my IRS continuing education Seeing classes will go on marketing education with the IRS that they were talking about is ghost prepares. So just beware of the ghost prepares people popping up doing tax returns and then disappear. And you have no idea what's on your returns. Yeah,

Unknown Speaker 10:12
you want to go to a reputable company, to get your tax return, you want to go to a company that's been in business, you know, for a long time, you know, that has an actual office that you can find

Unknown Speaker 10:20
them, you can find them and when the when the when the tax season is over, you're not you know, you're not looking for him, no office is closed, people are gone. And there are a lot of reputable companies in the Valley, that that do good work. On the returns, a lot of that is

Unknown Speaker 10:33
true. Switching gears, I want to talk about the updates regarding the idle loan. So if you are a small business and you receive the idle loan last year, but you're still not at 100%, and you still needing more money, you can request an increase in your loan amount. Okay, so

Unknown Speaker 10:49
what is that about?

Unknown Speaker 10:50
So basically, the SBA has a form called 3502. And you and you're asking them to say, Hey, I know you may have given me $20,000. Last year, you know, I've exhausted exhausted those funds. And my business is not at 100%, just quite yet, I need another 25,000 to hold me elder over, you can fill out the 3502 form and ask for an increase. And you will be granted that increase because again, SBA wants to make sure that your business is open when we get past all of the COVID-19. So yes, so if you'd like to discuss that further,

Unknown Speaker 11:25
for more information 70238257377023825737. And I want to let you know profit Management Group is a dat prep service here in Nevada. So we are licensed in the state to prepare documents for you have a conversation. So ensure that your documents are prepared and you can check our license out We are licensed and bonded in the state.

Unknown Speaker 11:46
Yeah. And also, it's an update on the shuttered venue grant. It has not opened yet. But it will be opening soon. That's a grant that the SBA has. And originally, if you received PPP, number two, you could not apply for the shuttered venue grant. However, the rules have changed now. And if you meet the criteria of being a small business, and entertainment, or theater, or things of that nature, all business entertainment, your theater, your lighting companies, your sound companies and all of us who have been affected by COVID, 19. And nonprofits, you will be able to apply for the shutter venue grant on the sba.gov website. Now they have not opened that up yet, but they will. So if you've received a PPP, number one, and you've received a PPP number two, and you meet the guidelines for the shuttered venue grant you can to apply for that when it's time, they're really taking the time to look out for like the Smith Center, and the movie theaters and places like that, that have not been able to be open, you know, because of COVID 19.

Unknown Speaker 12:51
And we want to get back to some type of normal I mean, well, a new normal, a new new a new normal with all the services there that we had before. Correct because people like to go to the theater, they like to do different things entertainment, and they are me and it hurts. Yeah and open carry well, they they're doing things virtually but it's just not this it's not the same. It's not the same. It's not the same

Unknown Speaker 13:11
places like House of Blues, you know, we like to go there, you know that we can't wait to the open back up and we will be there safely with our mask on to enjoy said live performances that live performance, so we can't wait.

Unknown Speaker 13:23
All right. So besides that, Rhonda, what have you what do you find now, with the city being open at 50%? Well, 50%

Unknown Speaker 13:30
So what I'm saying since the last time we spoke with the city being open and 50% and with a vaccine being available for people, now people are going out more to eat. I've seen the restaurant business pickup, which I'm very happy about because you like to eat because I like to eat I'm a foodie so I like to go out to eat but I've seen restaurants you know they're doing better now because people feel more comfortable, you know to being out in the environment and plus people was tired to cook and quite frankly

Unknown Speaker 13:57
Yeah, I learned I could cook How about cook? Well I had to I had to write ya know, so PPP PPP update. Is there anything else with PPP? Because you have to first draw you had the second draw? Is there anything else with PPP? No, no, no

Unknown Speaker 14:16
requirements are the same, if you've had it before, is much easier if you get it a second time. Because then you go to the same bank. So that bank already has your information. You're just you're just freshening your information about the forgiveness. Forgiveness, yes. So if you receive your first PCP, the bank that you received your forgiveness from is available to take your application. So you would go to that bank online and they will guide you from their website on where you fill out the information and like we said before, you know you're going to show them your bank statements and the ledger statements and you're gonna give them your bills for NV energy and 18 T and Verizon and for the rest of them and show them payroll to show them that you spent the money properly. And if you can backup that you spent the money handy properly, then your loan will be forgiven. If any part of your loan, if they can't verify any part of the money they received, then that part of that loan turns into a loan at 1% interest. So save, save you got $25,000. But maybe you can't account for $5,000. Okay, they'll forgive you for 15. And then you have a $5,000 loan at 1% interest that you have five years to pay.

Unknown Speaker 15:22
Okay, got it. 60 months to pay. Alright, so but but I know with because our my loan was forgiven, and you get a letter from your bank stating that and mine was mailed, it wasn't emailed, it was us mail letter stating that the loan was forgiven. So whatever address that you put on your original application, make sure you have access to get mail from set location, because the forgiveness is I know in some instances are being mailed to you and not emailed. I also say check your emails check, because I know that was a problem before with the SBA with the idle loan, you were applying and they were corresponding with you through email, and you were missing the emails because emails are either going to junk going to promotions going somewhere, but you were not. You didn't reply or respond. I know it's what me to start reading my emails,

Unknown Speaker 16:11
I always because I have known this for a very long time I check my junk emails every day. Because something important can go in there and you can miss it if you don't check. So for business owners, and for you know personal people always check your junk email, because you can have a message, it's extremely important that you don't even know it's there. Yeah, and

Unknown Speaker 16:27
get junk email. But I know that the for idle loan, SBA is corresponding electronically, everything you'll get. And once you are approved, they send you to your portal, they let you know the amount. And my recommendation everybody whatever amount that they that you are approved for take the money,

Unknown Speaker 16:42
right. And the idle loan is open till December 15 of 2021. So maybe you didn't take an idle long last year, maybe you decided you didn't want one. But now maybe you've reconsidered, there's still time to fill out for the idle loan, and you have till the end of the year to do it,

Unknown Speaker 16:59
and did a year to do it. So business owners, self and business owners self employed Uber drivers, anyone that fills out completes a Schedule C, this is information for you information for you, that is correct, go ahead and take advantage of it. Because it's there for you to help you in these times.

Unknown Speaker 17:17
And in idle. First of all, you have to have a state license for the state that you do business in. So here for Nevada, you'd have a Nevada state license, you know, and then and you can you can have a Nevada state license under your name, you know, you don't have to have a company name, and you don't have to have a company EIN, if you're a sole proprietor, or self employed, you can have a business license under your name and use your social security number. But as long as those things match up, and then you need to have, you know, a banking account, you know, and if you are, you know, work for yourself self employed, then you need to have a personal bank account. But if you're a business, you need to have a business bank account. But all of those documents have to be in order, and they have to line up. And then most importantly, you have to have filed your 2019 taxes, because they have to be able to pull your 2019 txt transcript to make sure that you are a business in order to receive the money.

Unknown Speaker 18:06
Okay. And then let's talk about that. Because I know a lot of people were filing returns and didn't know how to process the IRS whether it's electronically normally takes about six weeks for the transcript and or footage transcripts to be pulled. And that was a concern for some people because they hadn't filed the returns figure they filed it, you know, electronically real quick, but they could get a real quick transcript. That's not that's that's basically not really how it works. Because if those Well, when we file our returns, you normally don't need the information right away. You normally don't need the information right away and most times, and we because you do get documentation when you file electronically, that the return was accepted on said date. Okay, you get that document. But SBA was looking for transcripts, the transcript sometimes are not readily available. And it may take a couple of weeks, just depending on a system because I don't know what the process on the IRS aside, I know it takes approximately about maybe four to six weeks. Very important to know. And if we haven't learned anything, guys just get on top of what we're doing handling your business returns are due every year, every year, every year. I know for us, we're looking for non filers right now, people that haven't filed in five or six years just to help them to get into compliance. Because once you get in the routine of it's just routine you go and we make it very easy for you because right now we're even doing all of our stuff virtually, where you upload your documents. We have a conversation over the phone, you can watch as I'm preparing your return, we go over it you sign it from where you are, I get your signature file electronically, just because some people are still not comfortable and being in a closed environment. You can still handle your business, get your tax return return even if you're busy. Couple of minutes we talked on the phone. You ask questions you have the return right there so you have time to sit down and review it at your leisure We scheduled an appointment review with sign it send it off, we accept payments electronically. So we just try to make it as easy and convenient for you. So you're in compliance. We are still in business, and we had to change a lot of things. So it was a learning curve at first. But now that we've mastered said, system, it works. And I love it, because now I have a database that is secure. Because we were laughing the other day, because in order to get into it, you got to do this, and you got to go to the Google Authenticator, then you got to put in another passcode, and you got to stand on one leg, then you got to turn your head to the side in order to get into the system. But where's, before I would have thought of that as being inconvenient, I'm glad that all of those things are in place. So that we have a lot of people's information, pertinent information. And just taking the steps to make sure that it's secure, that it is secure. I'm taking the time to do that for more information. 702-382-5737. Again, 702-382-5737. All right, Rhonda, what you got good. I mean, what else is going on that you could think of?

Unknown Speaker 21:10
Well, according to the Las Vegas Convention Center, we have conventions that are coming back to you.

Unknown Speaker 21:18
Yes, congratulations. Congratulations. Yes. We're getting there. Huh. We are getting there getting there slowly. But surely me there will be other people in town. Yes, there

Unknown Speaker 21:28
will. And I'm going to share with you a list of conventions that decided to come back this year. So they're coming back in June. The ones that were previously scheduled, they were just paused until we could see where we're going. Okay, but being as though that we will be open 100% These businesses have decided to move forward. So I'm really, really excited about that, of course, because that helps my business out tremendously, because my business is part of the convention business. And so by them being able to, to bring these conventions in, you know, that helps everyone who is connected to the convention business. My computer's acting up right now. So I can't give you the name just because that's actually has frozen and it's not working really right now. So I can give you those. I know it was one in June, though several is several in June. It's like six in June, about three or four in July. Then october november pixie Yes.

Unknown Speaker 22:22
And look, I remember you're saying See, that's nasty. Nasty. Yeah.

Unknown Speaker 22:26
This is just stuff for this year, June 21. They haven't talked about 2022 yet, but yeah, no, it's the fashion when I think it was Yeah, so fashion one. Yes. In August. The Magic Show will be back in August. Yes. So so we're excited about that, that companies are ready to come back to Vegas and move forward with their conventions. Because we need that convention business here in Vegas.

Unknown Speaker 22:48
I put it out there because I'm hoping that that show comes back because I like that show. Yeah, to show I do I do. I honestly living here though, you really didn't understand how important tourism I mean, tourism is very important for extremely important, extremely important for us. I mean, it is and it just a different feel

Unknown Speaker 23:10
for everybody, for everybody for the hotels for the rent a car for the airlines, you know, for the restaurants, you know, for you know, for the hair salons and spas, you know, that tourism touches so many different areas of people doing business for the shopping centers, you know, things of that nature. I just happened to be in fashion show mall on Sunday. And it was a party in there of people who are out and about and spending money. And it felt like every business in that mall, you had business, you know the Starbucks and Zara's and Neiman's and Saks, you know, people were in their shopping Macy's and all those beautiful stores have people in there, you know, shopping, people are feeling more comfortable coming out. Of course, everybody had their mask on, of course sanitizer was everywhere. You know, you can walk in different stores and sanitizers at the door. So you know, you felt good and you feel comfortable and safe. But yeah, people are ready to rock and roll. We've had a lot of people from out of town, come here, you know, some people are living life and they're moving forward. And you know, yes, we're in COVID-19. But we still live, you can't stop living, right. I went to cork and Thorne on Saturday night, and we had a good time. Good time had a great singer who had just flown in from Chicago, and she did a great job. And then there were people in there from Houston, Texas, it was a group of 15 people from Houston, Texas, celebrating birthdays and stuff. So you know, people are feeling better, you know, people are ready to travel

Unknown Speaker 24:29
and ready to go outside, right and make it ready to make it happen. So what I can say is okay, well, let's go back over this again. So tax deadline tax deadline, May 17 2021. I still implore you if you don't have all your information together, file the extension file the extension but the extension is to file not to pay. If you think you have a tax liability pay sales tax liability by May 17. May 17. unemployment issue if you already filed your return, and you risk Do you unemployment do not do an amended return the IRS will amend the returns for you, the IRS will amend the returns for you. You know because we don't want to back but we don't want to back up the system just give them some time and the returns will be amended and you will get the difference. The the refund that is do you because of the change in the taxable income? With the PPP Update, I'm sorry with the idle loan update if your business if you need more money is the form 3502 3502 And I'm sure if you go to the SBAS website, the form 3502 Is there you can answer questions if you have questions, there are numbers on there. But for more information 702-382-5737 We can assist you with those forms. The shutter venue grant we went over that so there is not open yet but it will be open. So look out for that look out for that and just make it a habit going to the SBA site because SBA updates their site regularly, regularly because at any date tomorrow they can say as well as opening up on Friday. You never know because you never know where they are in the process of when the when it will open idle. The deadline for idle which is the economic injury disaster loan is in December December 15. I remember you saying that 2021 good to know because if you didn't apply and know how to apply to and know how this was going to affect affect you, you still can apply and get set funds and the IO is alone it is it is over 30 years it is over 30 years and it's at a two point 3.7 5.75 interest rate

Unknown Speaker 26:33
if you're nonprofit 2.75 interest rate if you are for profit is 3.75 interest rate

Unknown Speaker 26:39
so you know just just just understand that the monies are still available the monies are still out there if you haven't applied you need the money's a platform do not self deny just apply process is a little bit easier now should be because they've now it's been almost a has been a gate it's been a year so as processes a little bit easier PPP forgiveness. If you have you got PPP last year and you want in your loan because you know your loan is not automatically forgiven. You have to apply for it. Apply for the forgiveness you will receive a letter from your bank because it's a process but you'll receive a letter and a letter takes about four to six weeks to get from your bank and take that letter when you go get your taxes done because we need that letter to show that your loan was was forgiven so that we understand how to handle said funds. I think that's it.

Unknown Speaker 27:33
So let me give you my computer finally, update of the scheduled conventions that are coming to town. The Vegas cosmetic surgery schedule is this June. The International surface event is this June. The waste Expo is this June. Then in July we have the esthetics show, the inside Self Storage World Expo. That's all in July

Unknown Speaker 27:55
esthetics means we can do facials. That's right, that means facials let me make sure that means that that means a whole bunch of people had to do facials. Yes, yeah.

Unknown Speaker 28:01
In August. We have the magic show and we have the international roofing Expo. And then in August we have the licensing Expo. Then October we have supply side West food and ingredients North America Conference. And then in November we have the international sanity sanitary supply Association Expo show. So thank you for those businesses bringing your conventions back to Las Vegas. We applaud you yay. And

Unknown Speaker 28:27
when that no Ron's I guess. Well, I'll see you all the time but we'll be back on the air next month. We

Unknown Speaker 28:32
will see you next month. Take it easy and don't forget to support your small businesses.

Unknown Speaker 28:38
Peace and blessings Peace and blessings. Good day.

Unknown Speaker 28:41
Good day. You have been listening to a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you heard do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas are the Board of Regents of the Nevada System of Higher Education.

Transcribed by https://otter.ai