Quantcast
Jump to content


[Podcast] Cares Act & Payroll Protection Program Update with Hunt Demarest, CPA[THA 196]

carmcapriotto
 Share

Recommended Posts

carmcapriotto Grand Master

carmcapriotto

Posted
Posted

https://youtu.be/kytE32lNCPw

Hunt Demarest, CPA Paar-Melis. Hunt is Accredited in Business Valuation and a licensed Certified Public Accountant that has been with the firm since 2006. He specializes in business taxes, valuations, and does consult work with our clients all across the country. When he’s not in the office, Hunt enjoys spending time with his family, golfing, working on and racing his cars. Look for Hunt's other episodes HERE.

Key Talking Points:

  • We are not providing any legal advice. Please check with your banker or accountant.
  • For the forgiveness, the SBA says that OCT 31 is the expiration date for applying for forgiveness. That is wrong. You have 10 months after the end of the 24 week PPP period to do this.If you got your PPP back in May 2020 you have until June of 2021.
  • Clients are starting to process this and within hours banks are accepting. However, the SBA has to accept it.
  • Hunt believes the SBA may just rubber-stamp the forgiveness. Not sure but he believes if the bank is OK with forgiveness so will the SBA but not certain.
  • Submit honestly to your bank
  • Almost every shop has used their PPP load in just payroll alone.You’ll need to submit your payroll report for the 24 week period, that will account for 100% of your loan
  • There are two different forms to useShort-form 3508S, should take you a few minutes to complete
  • EZ Form may take you 10 - 15 minutes
  • Don’t overthink this
  • Tax implicationsThis money is going to be taxable in one-way shape or form
  • Rules keep changing with the government
  • It is not classified as income until it is forgiven
  • He does not recommend moving your forgiveness application until next year as he feels taxes will go up no matter who wins the election.
  • Many things to consider. You must consult your accountant
  • Be careful on deciding what you will do with an EIDL loan you may have. It needs to be paid back. 
  • You must consult your accountant to be compliant on these loans and the tax implications
  • There is no interest associated with the EIDL grant
  • Be sure you have been in contact with your bank and find out their suggestion to get your forgiveness. Your accountant and tax advisor are also key to getting the CARES ACT and PPP put behind you.

Resources:

Facebook   Twitter   Linked In   Email

Mobile Listening APP's HERE

Join the Ecosystem - Subscribe to the INSIDER NEWSLETTER HERE.

Buy Carm a Cup of Coffee 

Shop-Ware-Call-To-Action-Graphic-v3.png

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com

Shop-Market-Pros-Sponsor-Graphic-2.png

This episode is brought to you buy Shop Marketing Pros. Your guides are Kim and Brian Walker with a rich history as shop owners and industry veterans. When someone searches for a shop, who are they finding? Your competitors? It should be you! The good people over at Shop Marketing Pros know how to drive website traffic and make Google work for you! www.shopmarketingpros.com

Click to go to the Podcast on Remarkable Results Radio

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Available Subscriptions

    See all Subscription Plans

  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's Blog
         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

  • Similar Topics

    • carmcapriotto
      Stop Eating Our Young: The Importance of Mentoring [THA 431]
      By carmcapriotto
      Thanks to our Partners, NAPA TRACS, and Today's Class Mike Coley and George Arrants from the ASE Education Foundation address the ongoing technician shortage in the automotive industry. They highlight the importance of education, mentoring, and industry involvement in developing career-ready talent. Coley discusses how ASE certification improves retention and productivity, while Arrants emphasizes the value technicians place on a positive shop culture and proper equipment. The episode urges shop owners to actively support schools, nurture entry-level talent, and create environments that promote long-term career development.
      Mike Coley and George Arrants, ASE Education Foundation: https://www.aseeducationfoundation.org/ Show Notes:
      Watch Full Video Episode Technician Shortage Discussion (00:00:00) Always Be Recruiting (00:03:43) Hiring Challenges (00:05:07) Importance of Career Path (00:06:17) Understanding Technician Turnover (00:09:11) Evaluating Technicians (00:14:11) Engaging with Schools (00:15:27) Importance of Brand Recognition (00:16:30) Career Fair Engagement (00:18:41) Understanding Young Workers' Needs (00:22:00) Role of ASE in Education (00:23:42) Aligning Education with Industry Needs (00:26:54) Impact of Accreditation (00:29:03) Elevating Student Expectations (00:33:17) Industry Accountability (00:34:14) Success Stories in Education (00:36:24) Turnover and Technician Shortage (00:38:12) Benefits of ASE Certification (00:38:25)
      Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on X: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • carmcapriotto
      Don't Mess With Sales Tax! [E168] - Business By The Numbers
      By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Text Paar Melis @ 301-307-5413
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • carmcapriotto
      Tax Season Recap and Tips [E167] - Business By The Numbers
      By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      April 15th is behind us — but your tax strategy shouldn’t stop there. In this episode, Hunt Demarest, CPA at Paar Melis, shares exactly what auto repair shop owners need to be doing based on how their tax season wrapped up. Whether you filed early, waited until the last minute, or punted with an extension, Hunt helps you take the right steps now to avoid penalties, reduce next year’s bill, and keep your shop’s finances dialed in.
       In this episode, you’ll learn:
      Why filing an extension isn’t always a problem — but failing to plan ahead is The costly myth about tax extensions that trips up even seasoned shop owners What to do now if you owed a big tax bill or got a refund The IRS’s rules on estimated taxes and why ignoring them leads to penalties Smart financial habits every shop owner should adopt after tax season ends
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Text Paar Melis @ 301-307-5413
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • Changing The Industry
      Bonus Episode - Creating Chaos Through Impulsive Business Decisions With Tannar and Kassiady Markham
      By Changing The Industry
      Bonus Episode - Creating Chaos Through Impulsive Business Decisions With Tannar and Kassiady Markham
    • carmcapriotto
      From Brain Fog to Better Sleep: Transforming Health for Business Owners [RR 1036]
      By carmcapriotto
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network Mauro Stara from 6packceo.com shares powerful strategies for staying strong, sharp, and energized as a business owner. He breaks down common myths about health and highlights the importance of a personalized approach to well-being. Key areas of focus include the essential roles of sleep, nutrition, and stress management in promoting longevity and a high-quality life.
      Mauro offers practical tips for optimizing sleep by aligning with your circadian rhythm, managing light exposure, timing meals strategically, and maintaining proper electrolyte balance. He encourages listeners to treat their health like they would their car, prioritizing regular care and attention to ensure a longer, more energized life.
      Show Notes Watch Full Video Episode The Institute of Automotive Business Excellence: https://www.wearetheinstitute.com/ Overview of Dr. Jessica Kriegel (00:00:00) Three-Step Change Equation (00:02:47) Accountability in Business (00:03:31) Results Pyramid Explanation (00:04:11) Beliefs and Experiences (00:05:09) Defining Workplace Culture (00:06:50) Hospital Story for Illustration (00:12:02) Transformative Change Through Storytelling (00:14:09) Culture of Caring (00:15:09) Storytelling in Meetings (00:15:58) Generational Dynamics (00:17:51) Technology Adoption Across Generations (00:20:37) Connecting with Dr. Kriegel (00:22:23)
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/         Click to go to the Podcast on Remarkable Results Radio


  •
    Joe Marconi

    Five Proven Tips to Improve Your Bottom Line

    By Joe Marconi, in Selling Automotive Repair,

    0 comments 1,575 views
    Joe Marconi

    Isn’t It Time We Rethink What a Master Level Technician Is?

    By Joe Marconi, in Automotive Industry,

    1 comment 1 1,754 views
    Joe Marconi

    Marketing Strategies To Attract and Retain Your Ideal Customers

    By Joe Marconi, in Automotive Marketing,

    0 comments 791 views

  • Our Sponsors



Main Sections

More Sections

Discussion Forums

×
×
  • Create New...