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Greetings NACOC Families,
Welcome to amazing April, the month named after the Greek goddess, Aphrodite. It’s a month of new aspirations, dreams and commitments. It’s a month of Diamonds and Daisies. April is known as a Financial Awareness month, and also a month of Mathematics & Statisticians.
Most importantly, April is known as a TAX month; a month to munch crunchy numbers and make plans for the future.
Since this is a tax-special issue, we have decided to share an inspiring story of a tax expert Smriti Karki, the founder and CEO of Smriti CPA LLC, who has been providing a full service CPA in Irving, TX with more than 15 years of tax and accounting experience and serving our community diligently.
When did you start your own practice?
I have been in the accounting field since 2004. I started my own accounting practice in 2012.
What drove you to start your own practice?
At the back of my mind, I always knew I wanted to start my own accounting practice. There was not just when one thing triggered to take this step but multiple factors pushed me in this direction. Number one, I had worked under a CPA for over 6 years and had already gathered the necessary skills to serve clients independently. Additionally, my daughter was just two years at that time and I needed work flexibility. At the same time the CPA firm that I was working with was in the process of being merged with another accounting firm.
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One thing you wished to know10 years ago?
I wish I knew 10 years ago that everything falls in place when the right time comes, then I would have worried less, been in the present moment and enjoyed the 10 years younger phase of my life even more.
Tips to the readers:
Remember the tax deadlines: May 17, 2021
Victims of February's winter storms in Texas, Oklahoma and Louisiana can wait until June 15, 2021
Fun thing :
Being an accountant, I work almost around the clock. When I take a break on a certain weekend, I drive 2 or 3 hours (starting at 5am in the morning) to hike for a few hours, and drive back the same day. I enjoy challenges, new activities and pushing my limits. I like nature, adventure, and travel.
Favorite quote:
“Never let success get to your head and never let failure get to your heart” - unknown
Thank-you Smriti CPA, LLC for your service to the community and aspiring budding entrepreneurs to follow their dreams! We wish you the best!
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Nepalese American Chamber of Commerce
The Nepalese American Chamber of Commerce is an independent, not-for-profit US Corporation devoted to create, protect, promote and enhance economic opportunities & prosperity to Nepalese Business community in the USA.
It was established in 2014 to advance and promote the economic environment for business, and to advocate responsive government and quality education, while preserving unique characteristics of Nepalese-American communities.
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Happy Birthday amazing ones! You must be Aries or a Taurus.Your birthstone is Diamond, a symbol of light, brilliance & intellectual knowledge. You make wonderful friends & value friendships, sometimes over family. Your flower is Daisy.
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Fun Facts about Tax:
- Even Einstein Didn’t Understand Taxes. Albert Einstein found taxes more inscrutable than theoretical physics.He once said, "The hardest thing in the world to understand is the income tax."
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Do you know 7 states don’t have income Tax. Our Texas is one of them. Others are Alaska, Florida, Nevada, South Dakota, Washington, and Wyoming.
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Collectively Americans paid $5.2 trillion in federal, state, and local taxes last year. All winners of more than $5,000 in a lottery are subject to a 25% federal withholding tax, but state withholding taxes vary. In some states, such as California and Delaware, the withholding rate is zero. In Maryland, the withholding rate is 8.75% for residents and 7.5% for non-residents.
- The IRS pays people to provide information on someone who did not pay taxes. The whistleblower can get up to 30% of what the IRS collects in back taxes, penalties, and interest.
- England and Russia Taxed Facial Hair
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Taxes Make Witches Burning Mad: Fortunetellers, astrologers, and witches were added to Romania's labor code in 2011, meaning they have to pay income tax and contribute to the country's social programs. Some witches cast curses on the government in response, although others felt it legitimized their work.
- Some states apply sales tax to children's diapers because they are considered clothing. The same tax does not apply to adult diapers
- Beards are back in vogue, but there were times when having a beard was costly.
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The Romans Taxed Urine: In Roman times, urine and the ammonia within it were collected for uses such as tanning and laundering. Emperor Vespasian imposed a tax on the buyers of urine from public urinals. Today words for "urinal" in French, Italian, and Romanian are derived from the emperor's name.
- U.K. Citizens With Color TVs Pay More Tax: The cost is 150.50 pounds for a color TV and 50.50 pounds for a black-and-white TV. The blind pay half as much.
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As Benjamin Franklin said, "In this world nothing can be said to be certain, except death and taxes." Although he's often credited with the idea, that line comes from a 1789 letter, and similar quotes date to 1716 and 1724.
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Restaurant Revitalization Fund: FAQs
One of the programs to be established through the recent $1.9 trillion stimulus bill is the Restaurants Revitalization Fund (RRF). The RRF is a grant program targeting the restaurant industry in order to help businesses get up and running as the country reopens. Congress is pushing the SBA to start accepting applications and disbursing the funds within weeks. This will be a big lift considering the requirements that need to be checked and a similar program enacted in December, Shuttered Venues Fund, has yet to start taking applications.
Administered by the SBA
SBA has yet to issue rules or any other guidance regarding the application procedure for RRF grants, except that applicants will have to make a good faith certification to the SBA that the uncertainty of current economic conditions makes the applicant’s grant request necessary to support its ongoing operations
Eligibility criteria:
- restaurants, food trucks, bars and brewpubs, among other establishments
- do not own or operate more than 20 units
- not publicly traded companies
- multi-brand operators, the 20-unit cap applies across brands
Borrower Certifications
- Uncertainty of current economic conditions makes necessary the grant request to support the ongoing operations
- The entity has not applied for nor received a “Shuttered Venue Operators” grant
Use of funds
- used to cover payroll costs, rent payments, utilities, maintenance expenses, supplies, F&B expenses within the normal scope of business practice, covered supplier costs, operational expenses, paid sick leave, outdoor seating construction, personal protective equipment (PPE), cleaning materials and other expenses the SBA deems essential
Eligible expenses are those incurred from February 15, 2020 to December 31, 2021, or a date determined by the SBA.
Grant Amount
- up to $10 million
- max $5 million per physical location
- Cannot exceed the “pandemic-related” revenue loss of the applicant
- Pandemic-related revenue losses for business are reduced by any amounts received from Paycheck Protection Program (PPP) First Draw and Second Draw loans in 2020 and/or 2021
Program Funds: $28.6B ($5B reserved for restaurants with 2019 annual revenue less than $500K)
- During Initial 21-days of the Program the SBA must prioritize grants to eligible applicants that are small businesses owned and controlled by women, veterans and the socially and economically disadvantaged
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8 Habits of Healthy People |
Set Goals
A healthy lifestyle includes accomplishing new things, and goals are a great way to track and celebrate those accomplishments.Just make sure that they’re SMART—specific, measurable, attainable, realistic, and time-based.
Eat Breakfast
Start your day the healthy way! Eating breakfast can jumpstart your metabolism in the morning, and it’s a great way to boost your energy levels and develop more focus, thus making for a more productive day.
Plan Meals
When you’re in a bind, reaching for the takeout menu is an easy option and doing so once every so often is okay! But planning your meals out can help limit how frequently you opt for unhealthier meals.
Practice Moderation
All too often, people set out with the plan to develop healthier eating habits and fall into harmful diet fads and trends that restrict certain foods. Instead, practice moderation—enjoy practical amounts of your favorite foods from time to time while still incorporating healthy proteins, fruits and vegetables, and grains into your diet to stay balanced and on course.
Drink Lots of Water
How much water do you drink in a day? While experts’ suggestions vary, about 8 glasses of water is a good rule of thumb.
Get Enough Sleep
We focus on our daytime habits to help form a healthier lifestyle, but your sleep is a major part of your health as well. Getting at least 7 hours of sleep helps create a more productive day, supports healthy growth and development, and boosts your immune system.
Train Muscles
When we think about getting and staying healthy, many often think they should be participating in high-intensity activities like running and other forms of cardio.
Surround Yourself With Other Healthy People
One of the easiest ways to develop healthier habits is to surround yourself with others who have them. Find a workout buddy, someone you can swap recipes with, or a friend who you love to chat with about what you’re each doing to stay healthy! Being able to share and your habits and learn from others will help you in your healthier lifestyle.
Reference: Excerpt from Perkspot.feb18.21 issue.
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What is Shuttered Venue Operators Grant?
The SBA’s Shuttered Venue Operators Grant Program (SVO) may be an alternative for Borrowers in the entertainment industry to consider. However, the SBA has not yet begun accepting applications for the SVO Grant Program nor has the SBA issued detailed guidance on eligibility for the program, so there are lot of unknowns. The following live venue operators or promoters may be eligible for the SVO Grant Program:
· Theatrical producers
· Live performing arts organization operators
· Relevant museum operators, zoos and aquariums who meet specific criteria
· Motion picture theatre operators
· Talent representatives, and
· Each business entity owned by an eligible entity that also meets the eligibility requirements
Borrowers cannot participate in both the 2021 PPP Loan programs and the SVO Grant Program and will have to choose. Borrowers that may be eligible to apply for a SVO Grant should determine which program is most advantageous to them given its circumstances by reviewing the information available on the SBA’s website. There are key differences between the SVO Grant Program and the PPP Loan Programs with respect to the terms and conditions for eligibility, when the program will be open to a particular Borrower, the maximum loan or grant amount available to a Borrower, the permitted use funds, and potentially, the risk that the Borrower might be required to repay the loan or grant.
Clients who may be eligible for this alternative relief option should contact their CPA and/or attorney guidance on the most advantageous option for their company based upon the business’s needs and eligibility.
Shuttered Venue Operators Grant (SVOG): Revenue-based with a $10mn CAP
(There are several rules and eligibility criteria and specific restrictions/prohibited activities. SBA Rules and regulations apply)
NOTE: Application launch/opening date - April 8, 2021
Other requirements of note:
1. It must have been in operation as of February 29, 2020
2. Venue or promoter who received a PPP loan on or after December 27, 2020 will have the SVOG reduced by the PPP loan amount
Grant amount:
Grant amounts will reflect either of the following instances:
1. For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million,
whichever is less.
2. For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you
were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
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SBA Emerging Leaders Program
Get the knowledge, know-how and networks to advance your business. Enroll in the Emerging Leaders Program to unlock your growth potential. Seize the time to work on your business, not just in it! Apply today! Fill out the application form below if you are interested in learning more about the Emerging Leaders Initiative. https://interise.org/sbaemergingleaders/
2021-22 Program Timeline
· Application Opens: March 1st, 2021
· Applications Due: April 30th, 2021
· Applicant Interviews: May 2021
Notification of Acceptance: July 2021
“Some people want it to happen, some wish it would happen, others make it happen.” – Michael Jordan
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Our Sponsors
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Nepalese American Chamber of Commerce
2016 W. Grauwyler Rd, Irving, TX, 75061
Phone: (972)-399-9605
NewsLetter Editor: Shilu.G.N
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