Horace Emery,CPA, shared information your accountant and auditor may want you to know for 2021.
- While PPP loans are no longer available, you need to make sure you’ve completed the paperwork for the loan forgiveness. There are deadlines.
- Consult your CPA to see if you’re eligible for the employee retention credit (ERC) when you file taxes.
- Advertising revenue is potentially taxable as unrelated business income (UBIT). Conditions apply, so consult your CPA.
- If your conference, convention or trade show is primarily educational, your exhibitor revenues may be nontaxable. Again, consult your tax professional for specifics.
- Stay on top of the proxy tax and your specific calculations year over year so your members know what portion of their dues payment is deductible as a business expenses. Some associations, however, do choose to pay the proxy tax, as opposed to doing the calculation.
- In light of the business conditions during the past year-plus complications of COVID-19, your auditor may ask if there are any “going concern” issues, i.e., do you expect to be in business in a year.
We thank Horace and thank him for sharing such great information and answering our questions during the meeting and we encourage you to catch him in the next Charleston Light Opera Guild production!
Click here to listen to the audio recording of the meeting.
In addition to learning great information from Horace, we were pleased to award our first door prize in eight months! Rachel Marshall provided lodging at the Morgantown Holiday Inn and dining certificates to Winchester. Congratulations to our winner, Roseshalla Holmes, shown at left.
Finally, we thank Jonathan Adler and the West Virginia Association of Counties for sponsoring our June gathering!