COVID-19 Resources & Information: Read Now

September General Ledger

Office Hours Update
As we approach the unofficial end to the summer, we will be modifying our office hours accordingly. As of Tuesday, September 7, 2021, our normal business hours will be 8:30 am–4:30 pm, Monday through Friday.

• As a reminder, our office will be closed on Monday, September 6, 2021 in observance of Labor Day.

Date to Remember - September 15, 2021
• The filing of 2020 calendar year tax returns for S-Corps and Partnerships that filed valid extensions is Wednesday, September 15.
• The third estimated quarterly tax payment deadline for calendar year 2021 businesses and individuals is also on this date.

PA Telework Update
The Pennsylvania Department of Revenue announced that its prior (temporary COVID) guidance no longer applies. The following protocol is effective as of July 1, 2021:

If an employee is working remotely from his or her home in Pennsylvania, such home location must be treated as that employee’s work location for purposes of sourcing his or her compensation. Likewise, a non-resident employee who is required by his or her employer to work remotely full-time from home in another state, should treat his or her compensation as a non-Pennsylvania source income even if the employer is located in Pennsylvania. In that situation, the employer is not required to withhold personal income tax from the employee’s compensation. Every state has their own regulations and may not follow Pennsylvania’s practice. For more information, please contact us at: 215-368-5755 or info@bsccpas.com.

Second Draw PPP Loan Forgiveness Terms

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
• Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60% of the proceeds are spent on payroll costs
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. For more information, click on the following link: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness#section-header-2

The Lomax Companies
On Thursday, August 26, the 1800 block of Wharton Street in South Philadelphia was given the new name of “Walter P. Lomax, Jr. M.D. Way.” Dr. Lomax was a philanthropist and supporter of the city’s African-American community who started his medical career as a sole practitioner and expanded it to a 22 physician group. He developed Lomax Health Systems (LHS) Inc., a management company concentrating on health care; and Correctional Healthcare Solutions (CHS), which provided health services to correctional facilities around the country. He also served as chairman of the Lomax Companies. Congratulations to our friends and client, The Lomax Family for this great honor!