Somerset CPAs and advisors will present three workshops that focus on financial statements, incentive compensation and Paycheck Protection Program (PPP) loan forgiveness tax implications at the 2020 RVDA Convention/Expo.
Scheduled for Nov. 9-20, virtual attendees can view “What You Need to Do that Your CPA Hasn’t Told You – Financial Statements for Non-Accounting Execs” presented by speaker Steve Blake. Blake will discuss the reasons to maintain books, how to maintain books and how to use the books to make your business more successful. Properly maintained books could lead to better floorplan interest rates, better terms on debt, lower taxes, more successful pay plans, and a higher return when transitioning out of your dealership. Dealers will learn how to appropriately record what they are already doing to improve cash flow. Other learning objectives include reconciling books and accruing non-cash activity.
A second session, “Utilizing Incentive Compensation as an Alignment and Retention Tool” will be covered by Howard Cox of Somerset. Cox will introduce a financial model to align the interests of all stakeholders. To do this, he recommends generating an incentive pool that is motivating for identifying high performers, creating a target return on investment to shareholders and protecting the sustainability of the overall enterprise by recognizing the requirement for a strong balance sheet. Cox also utilizes deferred compensation within the overall incentive pool to supplement current cash incentives and create the desired “golden handcuffs” to promote key employee retention.
“PPP Loans: Will You Owe Taxes? What You Need to Know” will be presented by Jane Saxon, who leads the Somerset Dealership Team, beginning at 11 a.m. EST Nov. 16. The session will provide an update on Paycheck Protection Program loan forgiveness guidelines and share recommendations to maximize forgiveness, while minimizing risk of rejection or partial forgiveness by the Small Business Administration (SBA). Additionally, Saxon will discuss the tax implications of forgiveness in 2020 versus 2021 along-side record profits in the RV industry. She will also discuss expected tax law changes and share considerations and strategies to be considered before the end of 2020.
A catalog of on-demand sessions, Vendor Training +Plus workshops and all virtual booths will be available to access anytime from the beginning of the show through Jan. 31, 2021.
