Finance Administrator

Harding Shymanski & Company, P.S.C. (www.hsccpa.com) is currently seeking a Finance Administrator.

Established in 1975, Harding Shymanski & Company, P.S.C. has offices in Evansville, Indiana and Louisville, Kentucky. Our core values of honesty and integrity, empowerment, leadership, harmony, quality and teamwork are reflected in the outstanding career opportunities that we provide our employees.

Job Duties:

  • Conduct reconciliation of all accounts on an as needed basis
  • Maintain and balance the general ledger in an accurate, complete, and up-to-date manner
  • Perform certain activities related to the accounts payable function including reviewing, coding, and processing payments
  • Perform certain account receivable functions including invoicing, deposits, collections, and revenue recognition
  • Prepare financial reports through collection, analysis, and summarization of data
  • Interpret and apply accounting policies, rules, and regulations to all work in order to ensure compliance with applicable standards
  • Preparation of budgets

Requirements:

  • Bachelor’s degree in Accounting, Finance, or related field preferred
  • 3-5 years relevant experience working in accounting and bookkeeping
  • Knowledge and understanding of GAAP
  • Strong verbal and written communication skills
  • Proficient skills in QuickBooks and Microsoft Excel
  • Experience with accounts payable, accounts receivable, payroll, and general ledger
  • High degree of accuracy and attention to detail
  • Experience in working with multiple legal entities under different legal umbrellas a plus
  • High level of confidentiality must be maintained at all times
  • Payroll experience a plus

Click here to apply:

https://easyapply.co/job/finance-administrator-5?rcid=hsc_website

Harding, Shymanski & Company, P.S.C. is an AA/ Equal Opportunity Employer

 

HSC Announces Summer Hours

Harding, Shymanski & Company, P.S.C. Offices will close at Noon local time on Fridays starting May 28th and continuing through the Labor Day holiday.

“Our employees work hard year-round, and especially this year’s busy season has been particularly challenging as we help our clients navigate the changing business landscape due to the coronavirus pandemic,” said Scott Olinger, CEO. “We offer this alternative schedule in acknowledgment of the team’s commitment to serving our clients.”

Regular Friday office hours of 8:00 a.m. to 5:00 p.m. will resume on Friday, September 10th.

 

Office Reopening

Our offices will reopen today at noon local time.

We wish everyone safe travels.

Office Closure Due to Inclement Weather

Due to local weather conditions, our offices will be closed starting at noon on Monday, February 15.  Please check our website homepage for updates on our office hours for Tuesday.

Utilizing technology, we’re able to continue working remotely despite the office closure. Our staff is available via e-mail, and we will be checking voice mail messages periodically throughout the day.

We appreciate your patience during our winter weather challenges.

Important Planning Opportunity For Companies Eligible for both PPP Loans and the Employee Retention Credit

As we continue to work with companies regarding the various stimulus programs available as a result of the Consolidated Appropriations Act (CAA) signed on December 27th, 2020, we wanted to share a planning tip for companies that qualify for both PPP loans (round 1 or round 2) and the newly expanded Employee Retention Credit program (ERC).

The CAA made important changes to the Employee Retention Credit Program that expanded the availability of this credit to many companies that were not previously eligible under the CARES Act. If your business qualifies for both PPP and ERC (see attached flow charts to evaluate your eligibility), planning may help you maximize your benefits from the programs. The following are important to consider when executing your plan:

  • Timing of when to apply for and receive PPP funding.
  • Timing of wages paid in the PPP program covered period to ensure as many wages as possible remain eligible for the Employee Retention Credit.
  • Optimizing which eligible expenses to use when applying for PPP forgiveness.

Evaluate your company’s situation and should you determine that you are eligible for both programs, carefully consider how they interact with each other to maximize your benefit. We are available to consult with you on these programs should you need assistance. Please reach out to your contact at Harding Shymanski if you need assistance.

Employee Retention Credit 2021_FINAL 1-26

Employee Retention Credit 2020_FINAL 1-26

PPP Flowchart 2021_FINAL

For additional information please contact Matt Folz mfolz@hsccpa.com, Scott Touro, stouro@hsccpa.com, Trudy Stock, tstock@hsccpa.com or Kyle Wininger, kwininger@hsccpa.com or by calling 812-464-9161.

New PPP Loan Forgiveness Forms

On January 20th, the SBA released updated PPP forgiveness forms including a new one-page form for loans under $150,000. These forms may be used for applying for forgiveness for the original PPP loans and 2nd draw PPP loans.

 

PPP Loan Forgiveness Application Form 3508S (replaces the previous under $50,000 version)

This form can be used for borrowers with loan amounts of $150,000 or less, even those borrowers with combined loans to affiliates totaling $2 million or more. Unlike the long form 3508, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508S does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review or audit processes. This requirement indicates that although the $150,000 form is easier to complete, the borrower must still perform the cumbersome forgiveness calculations unless they are under $50,000 or meet the same requirements of the 3508EZ form (did not reduce wages more than 25% and did not reduce FTE’s).

 

PPP Loan Forgiveness Application Form 3508EZ  

Borrowers can use this form to apply for forgiveness of a First or Second Draw (PPP) Loan if the Borrower’s PPP loan amount is more than $150,000 and the Borrower did not reduce annual salary or hourly wages of any employee (making less than 100,000 in 2019 on an annualized rate) by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (when excluding FTE and hours reductions allowed to be excluded under Safe Harbor 1 rules)

 

Loan Forgiveness Application Form 3508

The third form released by SBA is used for all other borrowers to apply for forgiveness, requires full forgiveness calculations and support to be submitted with the application. 

 

Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) Flowcharts

We wanted to share some information with you about the ERC (a payroll tax credit) and PPP in case you were wondering if either might apply to your business. We will be talking about this as well as other topics and items on our webinar January 12th but wanted to get a few decision flowcharts in front of you on these topics to help guide you if your business is eligible to take advantage of these programs.

Employee Retention Credit: There is a potential payroll tax credit for the first two quarters of 2021 and a potential retroactive payroll tax credit for 2020 available as well. The below decision flowcharts (one for 2020 and one for 2021) will help you determine if you might be eligible for this in either 2020 or 2021 (the rules are different for 2020 and 2021 thus the need for two different flow charts).

Employee Retention Credit 2020

Employee Retention Credit 2021

Did you obtain an original PPP Loan and use (or intend to use) all the proceeds as required? The below decision flowchart will help you determine if you might be eligible for a second draw PPP loan.

PPP Flowchart 2021_FINAL

Register here for our webinar on January 12, 2021,11:00 ET,10:00 CT.

If you have any questions on the decision flowcharts please contact Matt Folz, CPA for ERC mfolz@hsccpa.com or Scott Touro, MBA for PPP stouro@hsccpa.com

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”

“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The new guidance released includes:

For more information on PPP second draw please contact Scott Touro, MBA at stouro@hsccpa.com

A Business Guide to the December Federal Coronavirus Relief Package

On Sunday night, President Trump signed the coronavirus relief and government funding bill into law, but sent it back to Congress with a redlined version of the bill asking for changes. Everyone is uncertain whether Congress will make any or all of the his requested changes. However, below is a summary of the bill.

On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, containing one of the largest relief packages in history at more than $900 billion. This relief package provides direct payments of up to $600 to individuals, restores the Federal Pandemic Unemployment Compensation at $300 per week, provides additional funding for the Small Business Administration’s Paycheck Protection Program while allowing for certain borrowers to draw a second round of PPP funding, and includes grants for shuttered live venue operators. This bill also ensures tax deductibility for expenses paid with forgiven PPP loan money.

The 5,593-page legislation also includes an extension of several provisions of the Coronavirus Aid, Relief and Economic Security Act, including paid sick and family leave credits, the employee retention credit, the airline payroll support program, and more.

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (part of the Consolidated Appropriations Act) includes $284 billion in additional funding for the PPP, $15 billion in grants for shuttered venue operators and $20 billion in new Economic Injury Disaster Loan Assistance (EIDL) grants for eligible entities located in low-income communities. High-level details on each are included in this program overview from RSM.

If you have any questions please contact Kathy Ettensohn, CPA at kettensohn@hsccpa.com or Mike Vogel, CPA at mvogel@hsccpa.com.