In this September 2021 issue, you will find the following articles:
- Andy Sexe, Valley Agencies
- April Nelson, WBD
- Amanda K. Linehan, CPA, MBT, Guinn, Vinopal, & Zahradka, LLP


Do you have the correct Cyber Coverage in place for your business?

Many business owners think they do, or may not think about this coverage at all, but consider this. When traditional property and liability policies were first set up, they were designed to explicitly cover only those exposures. But because of technological advances a new risk has come to the forefront, Cyber-attacks. It affects every business, large or small and ranges from ransomware attacks to social engineering.
As companies have grown faster than ever before, accelerated by the need to have more and more technology in the wake of the COVID-19 pandemic, mainly remote workers, they have left themselves ever more exposed to cyber threats which in turn have increased in both severity and frequency. Added to that, because cyber is a relatively new risk there’s a shortage of accurate loss data, meaning it’s difficult for insurers to assess and price for.
Because cyber risk can quickly spread to all parts of the business and it’s continually changing, it makes it hard to pin down a definition of what constitutes specific cyber events such as cyber terrorism, cyber war and even ransomware. The issue has been made even worse by a host of new data protection laws which puts more pressure on both insurers and policyholders to strictly adhere to these new requirements.
Cyber risk has implications across the board and when a client suffers an event, whether that be a ransomware attack or business email compromise, often their policy isn’t geared up to deal with the potential losses they will incur and there’s a disconnect between what their policy covers them for and the appropriate coverage they would need.
Despite the introduction of specific cyber policies to cover this risk, many insureds still expect to be covered by their property and liability policies, but they are not. This is known as silent cyber or non-affirmative cyber where potential cyber related events or losses are not expressly covered or excluded within traditional policies and leave the business owner with an unexpected coverage gap.
Many businesses haven’t purchased cyber insurance because they don’t understand what they would be covered for under it. Another problem is they don’t know how such a policy would apply to their exposure or situation. This is where a conversation with your agent is crucial.
The most comprehensive solution for the business owner is a standalone cyber policy that covers most foreseeable cyber related risks, which can be obtained by an independent agent.
Andy Sexe

Awesome Program – SBA 504 Loan – Gets Even Better with New Refinance Rules

The SBA 504 Loan can be a difference maker for many small businesses. Partnering with a local bank, like First State Bank and Trust, WBD can help you access this program to lock up to 40% of your owner occupied commercial real-estate or equipment in a 25 year fixed rate loan for under three percent! Did I mention most projects only require ten percent down too? That’s right, lower, long-term, fixed-rates and less money down!
Now to make the program even more helpful, some of the rules have been changed to allow us to provide even more assistance in refinancing existing debt. As you plan, perhaps it is time to take advantage of low rates to lower your monthly payments and tap into the equity of your property.
Key Improved Refinance Information:
  • Now available to refinance SBA 7(a) loans and other government debt
  • Up to 90% financing for refinance only projects
  • Up to 85% financing for “cash out” refinance
  • Can use the equity in your property to cover borrower contribution
  • Original loan (85%) must have been used to purchase qualified property or equipment
  • Loan must have been in place for 6 months
  • Appraisal required within last 12 months

Interested? Reach out to me so I can help make it as easy as possible. WBD can work with any local lender and handles all the paperwork for both you and your banker. With rates this low the time has never been better to take advantage of the 504 program. For more information you can also access the Refinance page on our website -, or download our 504 Refi sheet.
I look forward to talking to you about how I can help you succeed!
April Nelson
Vice President and Loan Officer

5 Reasons to Plan Early for 2021 Taxes

There have been more federal and state tax law changes in the last 18 months than there has been in some entire prior decades. While tax planning with a professional is always important to reduce income taxes payable, save for retirement, and manage cash flow, the 2021 tax year is especially important. There is the potential for Congressional action that may change income tax rates at the last minute, or even retroactively. While it is impossible to plan for what Congress might do, here are five reasons why you shouldn’t wait until November or December to do your tax planning for 2021.

1. The supply chain for many goods is still disrupted due to the pandemic.
Tax planning discussions often lead to a decision about making a large purchase (either before the end of the year or waiting until the New Year - think a new vehicle, equipment, or bulk supplies). This year, that may be especially difficult since the production times on equipment and vehicles can be out several weeks due to labor and supply shortages. You can’t wait until December to order that truck you have been thinking about. If you do, you might not be able to get that equipment placed in service prior to December 31st.

2. Federal and state grants received may have tax ramifications.
Many businesses received some sort of federal or state grants in the last year. You have probably heard many of the acronyms: PPP, ERTC, MSLP, EIDL, and many more. Some of these grants are taxable, some are not. Some are taxed by the federal government; some are taxed by only certain states. No matter which grants you received, you should confirm with your tax professional how these will be treated. You may need to set a portion of the grant aside to cover the taxes on it.

3. Advance child tax credit payments received may need to be paid back.
If your business is a pass-through entity (S corporation, LLC, or partnership), the net taxable income of your business will affect your personal tax return, too. The federal Child Tax Credit was expanded for the 2021 income tax year. You may have received an advance monthly payment in your personal bank account on the 15th of each month, starting in July 2021. If your 2021 taxable income is higher than your 2020 income, you may need to pay a portion of these “advance payments” back on your 2021 tax return.

4. Charitable contributions have higher limits for 2021 only.
The CARES Act allows individuals to deduct charitable contributions made via cash or check in 2021 up to 100% of Adjusted Gross Income. If charitable giving is part of your overall plan, 2021 could be a great year to make contributions to qualified public charities or a donor advised fund (subject to a lower AGI deduction limit). For those that might not want to contribute up to 100% of your income, there is a charitable deduction available of up to $300 (single) or $600 (married filing joint) for cash contributions made in 2021, even if you don’t itemize deductions.

5. Tax rates may be higher in 2022.
President Biden’s proposed tax plan includes an increase of the top marginal rate from 37% to 39.6%. Capital gain rates may be increased as well. If you have been considering converting a portion of your traditional IRA to a Roth IRA, 2021 may be the year to do that. Unlike a traditional IRA, the Roth IRA does not have a required minimum distribution requirement when you reach age 72. The distributions from the Roth IRA are not taxed when you take a withdrawal in retirement. When planning for a Roth conversion, work with your tax advisor to see where you are at in your tax bracket prior to the conversion. You may be able to do a conversion without getting bumped into the next tax bracket. The Roth conversion strategy may be especially beneficial if your 2021 was significantly reduced due to the pandemic.

No matter what your individual tax situation is, it is important to set some time aside in September or October to get together with your tax advisors and plan for taxes due next spring. Connecting your accountant with your financial advisor, attorney, and business strategic team allows your advisors to share information and work together to provide the best advice for you and your business.

GVZ is happy to consult with you and your business to put together a tax strategy. You can contact Amanda Linehan at or 715-425-7521.

Amanda K. Linehan, CPA, MBT
Tax Manager


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