Leone, McDonnell & Roberts, PA | eNewsletter | Summer 2021
Thank you for your continued partnership! Remember, beyond the busy tax season, we continue to tax plan, as well as perform audits, prepare reviewed and compiled financial statements, assist with bookkeeping services, prepare payroll returns, assist with strategic planning and budgeting and more. Reach out if we can be of service!
Where's My Refund?
Are you one of countless U.S. taxpayers wondering where your 2020 refund is?

We feel your pain.

COVID-19 is in the rear-view mirror for many. Unfortunately, the Department of Treasury, more specifically the Internal Revenue Service, is struggling to get back on track and is and will remain impacted for many more months. In a normal year, refunds were generally processed within 2-4 weeks of filing. However, 2021 is not normal, but then again, neither was 2020.

Many have waited too long for their refunds and can’t understand why they are taking so long, but keep in mind the IRS stated in the early fall of 2020 that it had well over 10 million unopened returns to process. Coupled with added stimulus payments, changes in tax laws, and working restrictions, and you have a perfect storm for delays.

Historically, taxpayers have been able to use the IRS’s site, “Where’s my Refund,” to find out the status of their refund, but this year many taxpayers continue receiving only an update claiming their return is “in process.” At a time where some are financially struggling, this doesn’t provide any comfort nor any answers of when they will receive their money.

In some instances, we have contacted the IRS only to experience long wait times and to confirm that their return is “in process.” The fact is, there are multiple answers as to why your refund is taking this long. The reasons provided by the IRS are COVID-19, higher-than-normal fraudulent activity, 2019 and 2020 paper filing backlog, computer upgrades, or changes in tax law. The real question is which reason (or reasons) are true? Unfortunately, this is unknown to both the professionals and the IRS.

What can you do? Normally, we are here to help our clients expedite questions and answers to the IRS, but these are new times, and just as you’re helpless, we are too. Our message to our clients is to be patient. Hopefully, the IRS will speed up its activities of processing refunds. In certain instances, you can request a hardship. However, this likely will not be processed timely as the IRS is experiencing an official log jam.
What is the Employee Retention Credit?
The Employee Retention Credit (ERC) is a refundable tax credit designed to provide financial relief and help businesses who were able to keep employees on payroll during the pandemic. Eligibility and parameters are different for 2020 and 2021.

Who is eligible?
  • A business that experienced a full or partial shut down due to a government order (federal, state, city, county) because of COVID-19
OR
  • In 2020, a business whose revenue significantly decreased by at least 50% in gross receipts from a quarter in 2020 as compared to the same quarter in 2019
  • In 2021, a business whose revenue significantly decreased by at least 20% in gross receipts when comparing quarters from 2021 to 2019

The eligible credit is up to $5,000 per eligible employee during 2020 and $14,000 per employee during 2021.

Please reach out to see if your business is eligible, and to learn more.
Meet Our Summer Interns!
We are pleased to welcome summer interns - Griffin Hill, Hannah Cloutier and Rebecca Howe. Our summer interns are trained in tax and audit engagement, gaining valuable experience in the industry, the profession and how we foster client relationships. They are afforded the opportunity to develop time management, communication and project management skills, while being fully immersed in the culture at the firm, learning the value of teamwork.

Learn more about each of them here: www.lmrpa.com/news-welcome-summer-interns-2021
Welcome to LMR!
We are pleased to welcome Sydney Carlisle as Staff Accountant in our Wolfeboro office. Sydney joined us in January as a busy season intern and has transitioned to a full-time member of our team.

This past May, Sydney graduated summa cum laude from the University of New Hampshire where she earned a BS in Business Administration with dual options in Accounting and Entrepreneurial Studies. Sydney will perform general accounting duties in the areas of audit and tax while continuing to study for the CPA exam.

“We are excited to have such exceptional young talent joining our firm,” said Managing Partner Evan Stowell. “Her drive, focus and enthusiasm will be a tremendous asset to our clients and our team."
EXPLORE OUR BLOG FOR NEWS, INSIGHTS AND PERSPECTIVES!
For other interesting and informative articles written by the experts here at Leone, McDonnell & Roberts, PA, please visit our blog often!

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NH vs. MA Supreme Court Tax Case

Contributed by: Robert Franger, Staff Accountant - We all know that COVID-19 stirred up a wide range of professional circumstances none of us could have anticipated before the global pandemic. For New Hampshire residents sheltering in place while...

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www.lmrpa.com
Effective Nonprofit Board Leadership Roundtable
Take the Fear Out of Finances While Staying Focused on the Mission
Date: August 4, 2021 5-6:30pm
Presenter: Angela Zakon, CPA (Leone, McDonnell & Roberts Supervisor)
Registration Information: To register and receive the link to the session, contact Teri Bordenave at 443.249.3268 or bordenave.teri@gmail.com

Effective Board leadership is essential to sustaining successful, viable, and vibrant nonprofit businesses. The Nonprofit Board Chair Roundtable offers an opportunity to strengthen governance leadership skills and knowledge, to develop a peer learning network, and to provide support for these key volunteer leaders.

The Roundtable, which has been meeting since the spring of 2010, was initiated and is facilitated by Teri Bordenave of The Thalia Group LLC. Since that time, Teri has continued to offer her services to this effort pro bono. Teri has more than 25 years experience in the
nonprofit sector as a CEO, Trustee, and governance consultant. Topics for these lively
sessions are driven by Roundtable participants.
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