The payroll service I often refer to is named Gusto. They just added a certification program for accountants to learn about Employees, Benefits, and HR. Took me quite a few days of studying because there was so much to learn and integrate into my practice.
As a small business financial analyst I'm used to thinking about how to relate the financial reports to the businesses clients are running and have conversations with them about how to get what they want. This Payroll training taught me how to do this same process with staffing, benefits and HR.
It's brilliant of Gusto. Even though they spent a fortune developing the course material, by teaching accountants how to use Gusto for payroll, the services Gusto offers and when to refer a situation to Gusto, the company will get a return on their investment by needing less tech support for accountants. Accountants in turn train customers. If you go with Gusto, you'll quickly learn that they are committed to going all out with tech support, which is great for customers, but it still it costs. If they can think of a less expensive way to get that information across, it's going to be a win for their business.
I think this new certification is a win/win/win situation for Gusto, me, and my clients.
If you're interested in learning more about Gusto, login using this link;
This link says I referred you. There is no cost to you (until you actually run payroll) but you will receive invaluable advantages if you decide to go with them. It's so frustrating when clients want the advantages but they didn't use my link and Gusto won't compromise, so use this link please.
All of my applications were successful. Last week I attended an online seminar in what's required to have the loan forgiven, so it becomes a grant.
You have exactly 2 months to the day from the time the money was deposited to "use" the money, so being proactive is key.
I decided to track the money coming in as income, using the class feature in QB so that I can produce a Payroll Loan P&L for the bank. If you don't pay income taxes on the loan/grant, you also can't deduct related expenses. Since I hope to have 100% of the loan forgiven, there is no advantage to classifying it as something other than income.
Whatever is not forgiven, you'll have 3 years to pay it back at 1% interest, which is better than most loans.
This is how it pays to have me as your accountant. Unlike business owners I think about this stuff all the time. Plus, I spend loads of time doing research, attending seminars, talking to other business owners who have the same problems, and making sure I'm in the know, so you can make your business more profitable.
Recently I was privileged to work with a client whose income came half from real estate rentals and half from stock market investing. After a series of QuickBooks accountants and bookkeepers had messed up his bookkeeping, it was like a tangled mess of hair. Different people had tried this and that way of tracking his stock market investments, none of which were successful.