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.

Unknown Speaker 0:27
Good morning Las Vegas

Unknown Speaker 0:30
morning. Good morning. Rhonda. Happy belated birthday, Rhonda.

Unknown Speaker 0:35
Thank you very much that

Unknown Speaker 0:37
lady. Okay. Okay, so I'm gonna say this. My girl was sharp. When I tell you sharp as a tack. I went. If you if you are her friend on Facebook, because Google her name, Rhonda Nolan. You'll see the picture. She was it. You sharp? Well, thank

Unknown Speaker 0:56
you very much. I appreciate that.

Unknown Speaker 0:57
You were sharp. Man. If I had I was gonna call you yesterday. Again. I was like Rhonda, that picture was gorgeous, gorgeous, gorgeous, Happy belated birthday. Thank

Unknown Speaker 1:05
you very much. It's been a great week. You know, it started out last week with Madam Vice President taking her oath and going into office and then we rolled right into my birthday on Monday. So I was very, very excited. Although the weather was not cute on Monday here in Las Vegas, that weather we it was gray. It was rainy and it was cooled. But it's cold. But we Yeah, but we would have had a great time. Thank you to all my friends that came out to help me celebrate my birthday Monday night at Dell press goals. We were in a private room and the Dell frescoes team was just super fantastic. Thank you they'll frescos.

Unknown Speaker 1:36
Yeah, it was. It was nice. It was nice. Had we had we we were dancing in Delphi. We were we were we had a good time. Had a good time. All right. So Saturday morning, up early Saturday morning trying to get this done. It is tax season. Yes, it is tax the tax season. Today is the 30th. So for my business owners, you know you got forms do we got forms do forms do 299. So I'll talk about that in a minute. But let's go over to the initial forms that are due. If you are an employer, you have employees, there are certain forms that have to be filed need to be filed this month. Of course, your last tax deposit for 2020 is do what was due a couple of weeks ago. And you also have your non 40 annual form your federal unemployment for that is due this month along with that tax payment. You have you're now 41 the reconciliation of all your employees for the fourth quarter that is due. And then the infamous W twos yes they are do they are due out to your employees. February 1 is a date because the January 31 falls on Sunday. So February February 1 You have to have them transmitted to the IRS and mailed out to your to your people. I mean to your employees. We're in Nevada so it's Nevada modify business taxes quarterly form and Nevada unemployment because you have to report the wages that you pay people during the fourth quarter and also remit whatever your UI and CE payment are so you know that stuff is due all this month and then the new thing Yeah, to 99. So 1090 nines, they are also due out February 1 And they came up with a new form this year guys 1099 in a seat as Nancy Eric trawls, which stands for non employee compensation, so they move the other income off of the 1099 missile the IRS won't be has moved the miscellaneous income off banana employee compensation income off of the 299 form and created its own form so it wow so it's its own form. So you have to do if you have people subcontractors and non employee compensation, it goes on a 1099 in E C form. Other than it again tonight that miscellaneous steal your rents, royalties and things like that for 1099 miscellaneous, I'm gonna say best practices things are changing as we can see, as we know, with COVID Things are changing. We just tried to keep you up to date on it because you had to put some things in place. So for 2021 This is what I will say if you're a small business owner and you are paying say you're the person that that does your advertising, get a W nine form from them, because if you pay them over $600 you possibly have to give them a 299 Next year we need to do to have better business practices rather than I have been talking about this documentation, documentation documentation, you know if you pay through square different things like that well square actually gives their recipients I mean people that receive money through their a 10 99k for you know, but if you pay somebody and you're paying them by cheque, paying them by cash we'll be paying them by cash you really want to get a W nine form because you want to issue them a 299 in EC for 2021 tax season is all is upon us. I am super duper, duper excited. I love tax season. I love the challenges, I love the new law, understanding it and implementing it and putting it into action, putting it into action.

Unknown Speaker 5:19
So this is why I always tell people hire your accountants and your lawyers, because if you hire an accountant, or a lawyer or bookkeeper, anybody, they will be doing all this for you. So you wouldn't be concerned, but

Unknown Speaker 5:30
you need to know. But the thing about it is you can hire the people, but you still need to know Yeah, I'm

Unknown Speaker 5:35
not saying you don't need to know. But you don't have to do the work, you don't have to do the work. If you have if you have employees, and you use a payroll service like ADP, or one of those, they've done that work for you, they've done I received my information. In December, I've had my w two from my employees, the whole nine. So they've had theirs for the whole month of January. So now for those those those small business owners who have not completed their work, it's time to get it done.

Unknown Speaker 5:59
It's time to get it done. Right. And but you're right, but when you hire when you hire the third party, and for a lot of my larger clients, and we do have payroll services, and the payroll services, they do a lot of the forms, but you still need to know because some payroll services don't do modify business tax, right. So you need to know that in Nevada, you have to have this form. So either you complete it, it's a real simple form. But you need to know you need to know where it goes. Because once you register with the Department of Taxation, they're going to remind you, you didn't file this form, I know because I use the I get the notices. Okay. So you, you really, you really want to know, as a business owner, again, we've talked about working on your business and working in your business, and working on your business are these administrative things that have to be done, and you just want to make sure that it's getting

Unknown Speaker 6:47
done. That's correct is and don't forget, if you received any grant money last year, keep a lookout from the companies, you receive the money, they're going to send you a 1099 if you receive the pets grant, yesterday, the 1099 came out from the National Council of Community Development, if you got an email in your email box, and you didn't know where it came from, or what they were talking about, that is what they're talking about is the best way, it's the best grant. So if you receive the pet grant, they did send out your 1099 Miscellaneous Form yesterday via email, do not ignore the email, check your junk email, if you didn't see it in your mind, you need to check it because you're going to need to give that information to your tax preparer. Yep, you're

Unknown Speaker 7:27
gonna need it, you're going to need it, you're going to need it and again, documentation, documentation, and that's working on your business around to your right, having an accountant, having an attorney, are very crucial. If you are a business owner, if you are a business owner, you know, as my mother would always tell me, you know, you should always have Miss friends. And I was like, Okay, you gotta you know what I'm gonna do, I'm gonna become one. So therefore, I'm gonna have the information and I'm gonna be the friend that is sought out. Right, right. And a daughter that's about to be an attorney, you know, and then understanding that everybody doesn't practice the same thing. So you want to make sure that they practice or they can answer intelligently what you're going through. Because you got you have to find an attorney that deals in contracts and different things like that. So you can make sure that they're giving you good information,

Unknown Speaker 8:11
right? You can't call your brother in law, who's a criminal defense attorney and have them help you with your paperwork and to know their taxes and things of that nature.

Unknown Speaker 8:19
Oh, they might not they might not understand. But what I can say is with most attorneys, if it's if it's out their scope, they'll let you know that it's out their scope. Yeah, but they normally have resources to know who does do that. Right. You know, I might not do this, but I know who does do that. Right. They're

Unknown Speaker 8:33
special real estate attorneys and small business attorneys, they're out there, it's a specialty so if you do not have an attorney or accountant then you need to look for one who works with particularly small businesses and works with

Unknown Speaker 8:45
small businesses that that is that is so so important. Again, documentation documentation, PPP forgiveness, we can't go over this enough because if you got the PPP funds does not automatically mean that they're forgiven because you got them you have to apply for forgiveness, apply for forgiveness and I know now the applications are out

Unknown Speaker 9:07
applications or applications are out each bank that gave out PPP money now has their forgiveness information out digitally. So they probably sent you in a notice saying hey, it's time to do your forgiveness papers. So it's time to make it happen.

Unknown Speaker 9:23
So if you got an email that you set up that you got your documents through check the email because I know a lot of people we miss it because it's coming electronically. Nobody's gonna call you on the phone and tell you that this is their check your email because the and they have sent an email I've gotten my email. I've gone through gotten my confirmation that my forgiveness application has been received by the bank. Now I'm waiting to find out if the SBA will approve my forgiveness.

Unknown Speaker 9:54
So so my bank, they sent me a note saying they received my application and that they had 60 days to review it and they will get back to me within 60 days to let me know if I were approved. So your bank has to approve your application first. And then they turn it into the SBA, the SBA has to review the documents, and then they approve it. And then the SBA cuts your bank a check and in the bank sends you an invoice with a zero balance.

Unknown Speaker 10:17
Okay, so what I'm saying to you guys is, is that you got to monitor your stuff you got to make, again, this is working on the business not working in your business. And there, it's just very, very important if you got those SBA loans, the PPP, the PPP grant, even with the SBA loan, you know, in the documentation said that you had to have what I tell you the other day, hazard hazardous hazard insurance, right, so, read the documentation, so that you can dot your i's and cross your t's, thank God already have insurance, so I'll have to send them my policy number. But just making sure that when we do got these funds,

Unknown Speaker 11:00
if you were lucky enough to receive your SBA idol money during the month of April, your first payment is due this month, then the nine month window has now closed. So keep an eye out for your statements, they are sending false statements and letting them know what the payments are every month

Unknown Speaker 11:16
and its statements, and they also send them electronically, so you need to look out for it. And I know that the payments for the most part of me Don't pay.gov Okay, on pay.gov. So you have to go to pay.gov, set up an account, and you can go there and you can make your payments. Again, we just want to get the information out there to you as we find out the information because for us, it's real life experiences, because we're actually living this every day dealing with people dealing with clients, helping them think through the situations and just understanding that, you know, we don't know. And the beauty is that we don't know, but we are willing to do the work to figure it out and work with you. So that because this is interesting times we don't know what to expect, we don't don't know what to expect, don't know what to expect.

Unknown Speaker 12:00
That is very, very true. Now, for you folks going in to get your second draw on PPP.

Unknown Speaker 12:07
That is not a cakewalk. That's all I'm gonna say about that.

Unknown Speaker 12:10
Just run your numbers for the year of 2020. And break them down by quarter. Then look at run your numbers for 2019 and break them down by quarter. And once a quarter, a quarter is January, February, March is first quarter, and so on and so forth. So you need to break them down by quarter and look at them. If you do not have a minimum of 25% and decline in 20 from 19 You do not qualify for the second round a PPP is really only for the businesses that really struggled, and were not able to make the amount of money they made prior.

Unknown Speaker 12:49
And then let me also tell you that it's gross receipts. That's right. It's gross receipts. And because we were looking at the numbers, like it's a net income, because there's a whole bunch of numbers on a statement, and it's gross receipts, gross receipts, so I would look at that number again, having an accountant, work with you to look at the numbers because you have to have the documentation when you submit because this second round of PPP application is not that easy.

Unknown Speaker 13:16
Not easy at all. The first time, it was a cakewalk. The second time they've tightened up,

Unknown Speaker 13:21
they've tightened up, they've tightened up, but what I can say is look at your numbers, understand your numbers. And if you are eligible to apply,

Unknown Speaker 13:32
yes, we absolutely want you to get those funds to help keep your business open as we go through this COVID 19 pandemic,

Unknown Speaker 13:39
right because we're not right, we're

Unknown Speaker 13:41
not due to pandemic we're not we're in year, we're beginning we're coming on year two, coming on year two of the pandemic, March the fifth, we're coming on year two of the pandemic is right around the corner. Wow. But the good thing is, is that the vaccine is available. Okay. And if you meet certain requirements, you too can go to one of the places and get your vaccine. We're encouraging everyone to get their vaccine, the faster all of us could get a vaccine, the faster we can get back to business.

Unknown Speaker 14:10
Wow. Yeah, wow. Well, some some of us will take a little bit more convincing but okay, well,

Unknown Speaker 14:15
I understand. But remember, we are a city that thrives on people traveling here to have a good time. That is how we make money. So as long as people don't take the vaccine, they they will not be traveling here at some point, they're gonna say you have to show us some type of paperwork that you've had your vaccine. At some point they're gonna get to that because they don't just slow walk in and say they're slow walking, slow walk, and that's that's why they're asking us nicely. Please go get your vaccine asking us nicely. Please go get it right before they say it's mandatory and you got to have it exactly. But at some point, they're gonna say you will not be able to get on a plane to go anywhere unless you've had a vaccine. And unless you test negative coming and going right now it's easy. You have to test negative going and negative coming, but then the minute they're gonna shut it down and say you have to have had the vaccine And listen, we need those people from around the world to come to Las Vegas to help stimulate our economy because our

Unknown Speaker 15:06
economy depends on tourism. That's right, that really depends. So

Unknown Speaker 15:09
I encourage everyone out there to really do your research, really read about the vaccine. And then if there's an opportunity for you to get an appointment, and take your vaccine, I highly encourage you do

Unknown Speaker 15:19
that. Got it. Got it. No, I get it, I get it. And it's interesting because as a, as a business owner, there are new things that you have to have in place like mask, employees would mask on and you have to have some hand sanitizer even though you know, you might have bathrooms with soap and water that actually bathrooms that are operational, you know, with soap and water, you got to keep soap, make sure the water is a nice temperature so that people can wash their hands clean, you clean them more more cleaning products. I know I'm I'm trying not to have OCD, but I might have a touch of OCD. But just clean you got you got to keep the areas clean wipe down sand it's not only clean but sanitize

Unknown Speaker 16:00
your your offices, your place you do business and your home and your homes. Yeah, we can't be lacks right now people we've got, we got to pull up those Clorox wipes and continue to wipe our steering wheels on the cars and our door handles and everything we touch. Remember, do not put anything in your mouth unless you have washed your hands thoroughly. But you cannot drive pump gas and then go to Burger King and get a burger and eat french fries and stuff. You cannot do that. Not anymore. Not anymore. Not

Unknown Speaker 16:26
anymore. Not anymore. Not anymore. You got to take the time. I mean, but it's, it's good. I mean, I know I'm now walking around while I was walking with lotions and stuff and lotions and sanitizers and you know, in my purse,

Unknown Speaker 16:38
I haven't, I have sanitizer, and I have sanitizer and gel and wipes in the car. It's everywhere and the front door of my house when I walk in, you know, I'm crazy. Now you must have hand lotion, people because your hands will get drive, you're washing your hands for 510 times a day, your hands will get dry. And you have to remember to moisturize at night before you go to bed. But anyway, back to

Unknown Speaker 16:59
self care, right? Because we know that we could do a whole show on self care. No, we we really could on the whole a whole process of taking care of you. Because I think we do a good job of taking care of us we do we do a real good job and you building your immune system. That's right, let's we know we didn't hear a lot of conversation about that I'm not a doctor. So we won't talk about it. But you know, just just taking care of you building your immune system, washing your hands wearing your mask. And if you are, you know, if you're if you are going to work, you are a business owner and you're able to do things, still know that you still have to have all this documentation yet in place. Because again, documentation even some for you to verify 2019 and 2020. You know, simple thing is and I'll give you a procedure that I will use pull your bank statements, look at the receipts in your bank statements in 2019. Put all put it three months together and then look at the receipts for 2020. Put the money together compare the two numbers. If you see a decline, then you are eligible. If you don't, then you're not. That's not the only way to do it. But that's one way to do it. And just want to give you information because information is power. Information is power. And we're sharing what we're learning or what we've seen because this has been like OJT on the job training, because that's how we've been around to talk about this, especially when the pandemic first started, things were changing daily, daily daily, not changing as much now even though that PPP loan forgiveness application is has changed at least about 10 times it has changed. That is correct, right. And I know the most updated one. You want to make sure though, that you that you do complete it. So if you know someone that got PPP funds, and you know just that, you know, hey, you know, you got to do a forgiveness application, you know, you got to do a forgiveness application, let them do it because they have to do the forgiveness application in order for those funds to turn into a grant. And then Rhonda went over the process. So you send it to your bank, once your bank gets it and approve it, they send it to the SBA, the SBA has to approve it and they send the bank a check, and they have to send the bank to check then the bank will send you a notice saying that your loan has been forgiven. So it's a process. This is not overnight, and it can take up to two months.

Unknown Speaker 19:12
Yes, and actually just remember you had to use 60% on payroll. So if you use 100%, on payroll, you good. All you do is show your 990s you now 4940 wants and you show that and you show your bank Smith's bank statements that the money went out and went to your employees, you're good. It's really simple. If you use 60% on payroll, then you use the rest to pay your rent and this and the third, all you do is show your receipts from your rent from your cell phone. And from all those fun things. You just show them the invoices, and you show them your bank statements with the checks or electronic withdrawals that were made and they link them up and long as you as long as you use it the right way. You're good. Now, I was told that there was someone who received funds and went out and bought a new car and did a whole bunch of other things. You My friends are going to be in a lot of trouble, your your loan is going to be alone. Because if you can't show documentation that you use it the correct way, you know, buying a delivery truck to do deliveries is one thing. But buying a luxury car is something totally different. So for all you people out there who decided to spend their money the wrong way, they're going to be some replications, you are going to have to pay that money back at 1% interest. Or you might be going to jail, because the money was to pay your for you and your employees to have a job and stay in business

Unknown Speaker 20:30
to stay in business. Yeah, because the new application is not easy. I'm gonna tell you that the new app because we looked at the new application, and we were just like, oh, wow, got it. Okay, they're asking for a lot of documents, a lot of donor documents, pull the documents. But when you are working, when you when you're working on your business, you have these documents, that's right, you have these documents, and application, we completed it, it was just not as simple as the last application, anybody that has done anything with the SBA 504 loans or anything else, you know, the SBA process is more than just an ocean. It's long, and it's tedious. And this new application is not as not there, but it is. It's doable, just have to have your documents in order documents in order and and I'm gonna talk to those with the peds grant, because from my understanding, those that were approved, that didn't get funded, don't give up hope. They're still more monies that are supposed to, depending on what the legislative session starts next week. And parties know that legislative session starts last week. So some people got approved, and it was a zero in their amount, but they put $10,000 in, so they're waiting for some more money to be allocated from the state so that they can go ahead and fund the rest of the business. So don't give up Pope's all that our governor did a press conference or there was an email release and saw that information. So

Unknown Speaker 21:55
what about big grin? And North Las Vegas, or the unincorporated Las Vegas? What about that grant?

Unknown Speaker 22:00
I don't know. I didn't I didn't look up that when you look at that I didn't look at that when I was I was talking about pets, because we were I have a few clients that because remember, they changed the deadline on Grant on pets pets was supposed to be until one date and it ended up being five days right Qur'an and five days, it was such an overwhelming response. And then some people were having issues if you were working on one type of computer and not another type of computer using this browser, not that browser, just a whole bunch of different stuff. So worked it out and just know that it's not over yet. They're still working through and it's good, you know, it's got some they need, we need the money. If you

Unknown Speaker 22:38
apply for the unincorporated Clark County grant, they sent out notices last week if you did not receive it. So if you were if you were fortunate enough to receive it, you have received your money by now. And that money came out January this year. If you were declined, then you receive a letter saying you were declined because they ran out of funds. So maybe they might be getting some more funds as well. So they can support the rest of the businesses in that area. That would be nice.

Unknown Speaker 23:01
Whatever that was, that would be amazing. I would love the city, Las Vegas to do something as well, I would love to get Las Vegas to do another round. Because they were very efficient in in their process to me ensuring that the businesses in Las Vegas, were able to access some of the emergency funds. But what I can say is, be optimistic about this, if you are entrepreneur. This is when you gotta get creative, because I know for me, I had to get creative with my business, even though I've learned that accounting services are essential, are essential. For more information 702-382-5737

Unknown Speaker 23:38
That's right, if you need help with any of this paperwork, PPP first draw PPP second draw PPP forgiveness, for more information

Unknown Speaker 23:46
702-382-5737. We are here we don't give up. And I can tell you that we sit there and we work until we figure it out. And so we figured out we read we do our documents, I guess that's the university background. And as your I know, we read, we read, you know, just because you said it doesn't make it true, we're gonna go ahead and read the documents, and we want to see the documentation to back up. So if you say that you did 60% For PPP forgiveness, we kind of want to see it so that when you give your information to your bank, all you're doing is thumbing through it, everything is already there. So we we prepare and we work with our clients to ensure that we put forth a good product, a good product, so that they can go ahead can't guarantee you're going to get forgiven, but we can say you're going to give them a good a good application so that you can move forward and we also have hard conversations if you didn't do what you said that you were supposed to do. I had a conversation with you have no problem with it. And let you know you know you'd like Rhonda said no you weren't supposed to go out and buy their car, you know, you didn't know what to do now that you got the car. What are we gonna do? Right, you know, but even with that we're What's your business operation and where you still bring in funds in right, you know, and then how were you spending Those funds, right? Because if you were spending though the money that you were bringing in, because all the money went the same account, you could use that money to buy the car, and you didn't know, a whole lot of ways, right?

Unknown Speaker 25:11
So you could have received the PPP, you've could you could have received $150,000, you could have actually used 100,000 on actual business expenses, and payroll. And if you did great, but did that other 50,000 if you use it to buy a house or a car or anything else, you're gonna have to pay that money back at 1% interest, which is not bad.

Unknown Speaker 25:30
Oh, it's the cheapest money out there. Yes, ma'am.

Unknown Speaker 25:33
Is that a bad thing? The bad thing. Alright, so you know, I know.

Unknown Speaker 25:37
But what I can say is what I can say is Rhonda again, happy belated birthday. It was, I can only tell you a random event around the event. If you ever get a chance to come to a Rhonda Rhonda Nolan's wartime consulting event. It was fabulous. We had a good time we had music clan

Unknown Speaker 25:57
safely, safely. So if you want to plan an event, if you want to have an event this year during COVID To celebrate something special. For more information 702-908-9577 There you go. 702-908-9577. We can discuss that. And we can make it happen where you and your guests have a fabulous and safe time.

Unknown Speaker 26:21
And we had a fabulous and safe time we did we did we always do. Yes, we always do. We always I can't say that we always do we have a good time. We have a good time. We have a good time. All right. So with that being said, I think that is again, let me go over it again real quick to 90 nines, there is a change. The new form is 1099 non employee compensation, that's the N EC four. And those are for those people that are subcontractors. They don't get it to 99 miscellaneous anymore, they get a 1099 in ECE. Those forms are due out by February 1. Until next time, until next time, we'll have some good information for you some fun stuff, you might even start reading the book.

Unknown Speaker 27:04
But by the way, if you don't have a tax person preparing your taxes, it is now time to find one and make an appointment because tax season is very busy and so you need to make an appointment. So for more information

Unknown Speaker 27:17
702-382-5737 Thank you. I forgot about that again. 702-382-5737 your

Unknown Speaker 27:25
appointment today so if you could go over your taxes with a tax professional

Unknown Speaker 27:30
but a tax tax professional tax professional Until next month, until next month. Yes yes as next month. We're gonna have a book to read. We're gonna be great. We'll have a book to read. I like reading the book together. I liked her talking about some concepts because we talked about building your business your business

Unknown Speaker 27:47
right it's been a fabulous Saturday morning the sun is out oh my god don't forget to get out and get some exercise today walk gotta walk one more time fine. Got to get ready to summertime fast so that means you got to get out and you got to walk around the block if you're home you got to walk around your office walk around the parking lot get out there and get some fresh air

Unknown Speaker 28:06
well let me tell you the secret summertime fine from Iran to is December because you don't know you don't know when you're gonna go to the beach. You got to put on a bathing suit. That's right. So summertime fine is all the time get in shape. Build your immune system where you mask and like mine just said you know, the vaccines that they become available to you.

Unknown Speaker 28:25
Absolutely, absolutely. Well Until next month. Until next month, we will talk to you soon have a fantastic day Las Vegas Las Vegas goodbye Bye Bye

Unknown Speaker 28:43
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 or the Board of Regents of the Nevada System of Higher Education.

Transcribed by https://otter.ai