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Message from the Managing Principal
Normally, this time of year is about helping our clients navigate the tax code and plan for the future. Now we are all navigating a different challenge. At CS&L CPAs, the health and safety of our employees, our families, our clients and our community is our top priority. We have initiated some steps to help ensure we continue to be there for our employees, our clients and the community while doing our part to help slow the spread of the Coronavirus (COVID-19). Effective Monday, March 23rd, we will close our physical offices and we have moved the majority of our employees to work remotely. We are still at full capacity with effective security in place. We will continue to work to keep in contact by phone, by email and by video conferencing.
We will provide updates on our “In the News” tab of this web site and through email communications as the situation changes.
Thank you to all of our employees, families and clients as we work through the our new environment together.
Regards,
Robert Stanell, Managing Principal
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Ranked as a "Best Company to Work for in Florida"
Our employees and our community agree – CS&L is an outstanding place to work.
We have been recognized for our strong company culture and commitment to providing a great work environment for our employees. In recent years we were named “Small Business of the Year” by both the Sarasota Chamber of Commerce and the Manatee Chamber of Commerce, a “Best Place to work in Tampa Bay” by the Tampa Bay Business Journal and a “Best Company to Work for in Florida” by Florida Trend Magazine. In 2017, we were included among the Accounting MOVE Project's "Best Firms for Leadership Equity".
In addition, the firm and our staff have been featured in various publications for their expertise and commitment to the community. We pride ourselves on hiring exceptional candidates and providing an environment where our staff members can grow professionally and personally.
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Latest CS&L News
Congress Passes Additional Relief Bill for COVID-19
Consolidated Appropriations Act, 2021
Congress Passes Additional Relief Bill for COVID-19
On December 21, 2020, the House and Senate passed a $900 billion relief bill for the ongoing Covid-19 pandemic and economic stimulus. The bill is now headed to the President for his approval. The Act includes several extensions of the previous COVID-19 relief provisions that were set to expire, a second round of Paycheck Protection Program (PPP) Loans including clarification of the deductibility of related expenses, and a new round of Stimulus Payments to many Americans.
PAYCHECK PROTECTION PROGRAM (PPP) LOANS
Treatment of Business Expenses
The Act ensures the deductibility for business expenses paid for with forgiven PPP loans, superseding previous IRS guidance to the contrary. The bill clarifies that “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied by reason of the exclusion from gross income provided” under the Cares Act.
Additional PPP Loan Funding
The Act provides funding for additional PPP Loans including loans for first-time appliers and a second round of loans for businesses facing severe economic shortfalls due to the pandemic. This additional round of PPP funding includes making loans available to Not-for-Profits, including churches. Businesses may apply for a second PPP Loan provided they have 300 or fewer employees, have used or will use the full amount of their first PPP loan and can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019. The new round of PPP loans are limited to $2,000,000.
Forgiveness Application
The Act mandates a new 1-page loan forgiveness form for PPP loans that are less than $150,000.
STIMULUS PAYMENTS