February 2021
3 Tips for a Successful Audit
by Pat Deming, Partner
Well, it is that time of year again, and if you are not already deep in audit requests, you will be soon.

As you get ready, it is always good practice to evaluate how to improve the audit process as well as your overall experience and that of your staff. Kernutt Stokes Partner Pat Deming shares three tips key to having a successful audit each year.
The Small Business Administration Announces Changes to PPP Process
Have you applied for one of the new PPP loans only to have your application held up in the approval process by the US Small Business Administration (SBA)? If so, you're not alone and the SBA is taking steps to decrease these delays.

In this recent article from Journal of Accountancy, changes to the approval process are outlined, which are intended to get funds to applicants sooner while also ensuring that the integrity of the PPP program remains.
Apply for Oregon's Landlord Compensation Fund
With Oregon House Bill 4401, the State of Oregon has allocated $150 million to the Landlord Compensation Fund. This new relief fund allows qualifying residential landlords to apply for financial reimbursement as a result of financially troubled tenants.
The application includes several landlord qualifications, including but not limited to:
  1. Tenants provided specific documentation to the landlord, including a "Declaration of Hardship."
  2. The number of units in the landlord's portfolio.
  3. The percentage of rents collected by the landlord.
The applicants will be scored under a point system with the highest points awarded to landlords with 1-4 units and those with a high percentage of back rents.
For approved applications, the fund is expected to pay the landlord up to 80% of back rents.
Commercial landlords and their rental properties are not eligible.
From the Kernutt Stokes Blog
CARES Act Tax Credit Now Available to Qualifying Employers
by Matthew Diment, Senior Manager
The year-end stimulus package passed in late December now allows businesses that received a Payroll Protection Program loan to claim Employee Retention Tax Credits (ERTC). Additionally, it extended the ERTC into the first two quarters of 2021 and made the credit more favorable and easier to qualify for.

Senior Manager Matthew Diment explains which employers are eligible for the credit and what you need to know in this post from the KS Blog.
KS Announcements
Kernutt Stokes Receives Top Workplace Honor

Kernutt Stokes has been named a Best Company to Work For in Oregon by Oregon Business magazine. Companies on the list are based on the publication’s annual survey for which employees rate their satisfaction in various categories. The complete list, including placements for each company, will be revealed in the March issue of the magazine.
Giving Back to the Community

Last year marked the 75th anniversary for Kernutt Stokes. To recognize this milestone, the firm recently announced plans to donate $75,000 back to the community, including scholarships to the University of Oregon, Oregon State University, Idaho State University, and OSCPA, contributions to local nonprofit organizations, and matching employee donations. 
Local Updates
New Senior Manager in Bend
Gunnar Haugen has joined Kernutt Stokes as a senior tax manager in our Bend office. He has experience in tax planning and compliance for private and public companies, with a particular focus on acquisitions, dispositions, and restructurings of US companies with international operations and foreign companies with operations and real estate investments in the US. 

Join us in welcoming Gunnar to Kernutt Stokes!
New Corvallis Office
We are excited to announce that later this spring, our Corvallis office will move into a new location at the intersection of NW Walnut Boulevard and NW Kings Boulevard. The new office will be twice the size of our current location, allowing plenty of room for our growing team.

We anticipate opening the new office in May. Stay tuned for more details and what you need to know in the coming weeks.
Service Spotlight: Software Solutions
Is your current accounting solution a stumbling block to growing your company?
Sage Intacct’s core financials automates critical processes and reduces the need for spreadsheets. It provides greater visibility with real-time data to analyze business performance. Easily tailor our cloud financial system to your business by configuring workflows, customizing screens, and adding user defined fields without costly coding or scripting. Sage Intacct cloud financials is a modern accounting solution that will increase productivity, make faster decisions, and drive your business forward. With Sage Intacct, you can rest assured that you are investing in a solution that can grow as your organization grows.

View a short demonstration on how Sage Intacct can help your organization.

If you would like additional information on the leading cloud solution, feel free to contact our software solutions department at 541-284-2687 or email sagesales@kernuttstokes.com.
In Case You Missed It
Oregon Commercial Activities Tax (CAT)

We have created a summary of some of the key provisions of the Commercial Activities Tax (CAT tax), including subsequent administrative guidance issued through the date of this document. 
Meet Kernutt Stokes
Due to COVID-19, meeting prospective and new clients looks a bit different this year. Meetings are held via video conference, and while we look forward to when we can meet in person again, we created a video to provide an overview of Kernutt Stokes.
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