Business, Entertainment, Free News Articles, Holistic and Spiritual, Product Launches

Veteran Launches Meditational / Spiritual Podcast in Wake of Mother’s Death

LOS ANGELES, Calif. -- Local veteran, Phillip Polite ("Phil"), bares his soul and sparks intrigue and thought from his listeners with his new Podcast, "PhilaNomics." Phil is an Air Force and Army PTSD combat veteran who has endured plenty of struggles already in his young life. Through his own self-discovery, he has felt inspired to help others heal. Phil has spent years researching metaphysics and is inspired by Alan Watts. He brings unique perspectives to the conversation through his life journey of living overseas and being a black man.

"I feel compelled to start my conversation, a spiritual journey worthy of a movie in itself. There is healing in exploring what keeps me up at night. Healing I hope transcends to my listeners," says Phil, creator of the PhilaNomics podcast.

Phil chose the owl to represent the podcast and PhilaNomics because the owl symbolizes a catalyst to him. He studies spirit animals and guides. Author, Elena Harris identifies the owl sprit animal as emblematic of wisdom, deep connection intuitive knowledge. That the owl sees in the dark and helps one see beyond veils of deception and illusions. PhilaNomics helps Phil and listeners start their self-exploration and discover their truths.

During episode one, Phil intimately shares his final days with his mother in the hospital. As Phil sat there, watching his mother breathe her last breath, he was consumed with this presence of responsibility. Phil recalls, "One of the last things she said was, she wanted me to express ideas. Maybe my story. Thoughts. Grief. Pain. Will help someone?" PhilaNomics is free flowing conversation.

Join the journey now: https://open.spotify.com/show/3ln94Bmps2adJiR8tgfOZ6

*IMAGE link for media: https://www.Send2Press.com/300dpi/21-0326s2p-PhilaNomics-logo-300dpi.jpg

Related link: https://open.spotify.com/show/3ln94Bmps2adJiR8tgfOZ6

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Funding and Investment

The Mortgage Collaborative’s Emerging Technology Fund Announces Investment in Maxwell

SAN DIEGO, Calif. -- The Mortgage Collaborative, the nation's largest independent cooperative network in the mortgage industry, announced today the first investment of its recently launched TMC Emerging Technology Fund LP ("TMC Fund"). The venture capital program is funded by a self-selected segment of TMC members to capture opportunities driven by the rapid pace of technological change in the mortgage sector.

The investment is a participation in Maxwell's Series B Preferred Share financing which was led by Fin Venture Capital and TTV Capital. TMC's Executive Chairman, Jim Park, remarked that TMC was fortunate to be invited into this over-subscribed round because of Maxwell's recognition of the potential strategic value TMC's Emerging Tech Fund could bring to Maxwell, in addition to its financial investment.

"More than the financial investment, we're looking forward to the strategic value the TMC Emerging Tech Fund's limited partners will add to Maxwell as the mortgage industry evolves," said John Paasonen, Co-founder and CEO of Maxwell. "Their investment has brought forward-looking mortgage companies around the table who will accelerate the impact our solutions will have in the market."

There are several TMC Lender Members that are finding new ways to participate in the 'Power of the Network' through TMC's Tech Fund, including Owen Lee, Co-owner of Success Mortgage Partners. "What I find so unique about being a limited partner in TMC's Emerging Tech Fund, is the opportunity to control my own investment dollars," said Lee. "Maybe more importantly, since the future-state of the mortgage industry will include more technology and not less, this role helps me stay educated and prepared as a business operator for what is coming next in our industry."

The Fund Manager of the TMC Fund, Sandy Selman from Asia West Inc., commented: "This transaction is a terrific foundational investment for the TMC Fund because of the demonstrated commercial success of Maxwell, the high caliber of their management team, and the quality and breadth of the syndicate. It puts us on the map and creates the strategic context for our deal pipeline well into 2021. We look forward to working with the Maxwell team to help them realize their commercial goals."

TMC's Emerging Technology Fund is actively looking at investment opportunities that will result in higher profitability and business process improvements for TMC members.

About The Mortgage Collaborative

Based in San Diego, Calif., The Mortgage Collaborative was founded in 2013 by four notable industry leaders and is the nations' largest independent mortgage cooperative network. TMC is singularly focused on creating an environment of collaboration and innovation for small to mid-size mortgage lenders throughout the country to reduce cost, increase profitability, and better serve the dynamic and changing consumer base in America. For more information, visit www.mortgagecollaborative.com.

Related link: https://www.mortgagecollaborative.com

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Product Launches, Software

IObit Launches iFun Screen Recorder: Make Screen Recordings Simple and Free

SAN FRANCISCO, Calif. -- IObit today launched iFun Screen Recorder, a free tool to record Windows screens without a time limit or watermark. Users may experience common inconveniences while using screen recorders, such as complicated interface, obvious watermark on videos, or very short recording time. iFun Screen Recorder solved all the problems and simplified video recording. It brings the screen recording to the next level whenever users need to record video calls, make YouTube tutorials, or capture game highlights.

iFun Screen Recorder records any parts of screens with the webcam, speaker, and microphone on. It supports high-quality video by selecting 4096x2160 (HD) video size, 60 FPS, and the custom bitrate. Gamers can use the tool to capture 2D/3D games in high quality. It optimizes recording by using a hardware-accelerated H.264 encoder.

Users can save the video in common file formats of MP4, AVI, FLV, GIF, etc., and save the audio in formats of MP3, AAC, AC3, etc. It supports cutting and trimming the video and posts the video to YouTube, Facebook, Vimeo, Instagram, Google Drive, and Dropbox with one click.

"IObit is dedicated to providing free, simple, and reliable tools. Users need an efficient and user-friendly video recorder, so we launched the product," said Bing Wang, the IObit Product Director. "I believe iFun Screen Recorder will help users be productive and have an enjoyable moment while recording videos."

Learn more: https://recorder.iobit.com/

About IObit

Founded in 2004, IObit develops system utilities and security software for superior PC performance. It is a recognized industry leader with more than 100 awards, 500 million downloads, and 10 million active users worldwide. For more information, visit https://www.iobit.com/.

Media Contact:
IObit
Nicole Qin, (415) 813-2995
PR Manager
press@iobit.com

Related link: https://www.iobit.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Awards and Honors, Business, Free News Articles, NonProfit and Charities, Restaurant, Hotel and Hospitality

SuiteAmerica Named Move For Hunger 2020 Corporate Housing Company Of The Year

EL DORADO HILLS, Calif. -- During the 2020 CHPA Tower of Excellence Awards, SuiteAmerica was named Move For Hunger's 2020 Corporate Housing Company of the Year. SuiteAmerica considers it a great honor and is deeply humbled to be able to provide for those in need.

SuiteAmerica's Move For Hunger Coordinator, Michael James, says, "We are so proud and honored to have received this award again from Move for Hunger! While 2020 caused us to not be able to do typical in-person food drives, our team was still able to come together virtually and exceeded our fundraising goal during Hunger Action Month."

SuiteAmerica has been partnered with Move For Hunger since Move For Hunger started in 2014. Move For Hunger is a nonprofit dedicated to reducing food waste and fighting hunger. Their goal is to eliminate food waste during the relocation process. The Move For Hunger team will pick up any unopened, nonperishable food items and deliver them to a local food pantry.

Over 50 million Americans face hunger every day, including one in four children. The COVID-19 Pandemic has only worsened food insecurity in the United States. In 2020, over 3.7 million pounds of food were donated to food banks, making 2020 Move For Hunger's most impactful year to date.

"SuiteAmerica would also like to send a big thank you to all of our fellow corporate housing companies that help champion Move For Hunger's mission every year. We look forward to collecting even more donations in 2021 and continuing to raise awareness about food insecurity," says James.

If you are in a place to consider donating, please visit https://moveforhunger.org/donate/covid-19.

About Move For Hunger

Move For Hunger is a (501(c)(3) national non-profit organization that has created a sustainable way to reduce food waste and fight hunger. We have mobilized the leaders of moving, relocation, and multi-family industries to provide their customers, clients, and residents with the opportunity to donate their food when they move. Members of Move For Hunger also organize community food drives, participate in awareness campaigns, and create employee engagement programs.

For more information, or to find out how you can host your own food drive, visit https://moveforhunger.org/.

Related link: https://moveforhunger.org/

This news story was published by the Neotrope® News Network - all rights reserved.

Advertising and Marketing, Business, e-Commerce, Free News Articles

Fanplayr Announces Launch in UK to Meet Global Demand for E-commerce Personalization

PALO ALTO, Calif. -- anplayr, the leader in online behavioral personalization and artificial intelligence, accelerates its global growth plans with the opening of new offices in London and Manchester and three new senior appointments in the UK. The company's rapid expansion in the UK is driven by its ability to convert online users into buyers, using real-time analysis of online behavior. With an enormous surge in e-commerce in the last year, Fanplayr is anticipating significant revenue growth in the UK, reflecting the company's success across Europe where it has already had an increase in year-over-year revenue of more than 70%.

The success of Fanplayr's advanced cookie-free personalization is also equipping companies for post-pandemic recovery and for one of the most serious challenges to online business - the end of third-party cookies set to take place in 2022.

To build this early success in the UK, Fanplayr has made three key appointments. Andy McNab leads the UK operation, becoming the company's Vice President for EMEA. McNab is an award-winning digital leader who has led teams at Microsoft, AOL, and Rocket Fuel and is now fully focused on developing Fanplayr across EMEA.

Joining McNab are Dave Hendry, Regional Sales Director, who has worked in senior positions at JOE Media and Rocket Fuel, and Jessica Biddle, Head of Customer Success, who has previously led and developed teams at MiQ and Centro.

"We are excited to welcome Andy McNab and his team to Fanplayr," said Simon Yencken, Fanplayr CEO and Co-founder. "Andy brings a wealth of knowledge and value as an experienced leader in e-commerce and Adtech. We have high expectations for the UK in terms of notable global brands, enterprise customers, and expanded revenue for Fanplayr."

In the last month alone, Fanplayr has already acquired four major UK clients and further significant deals are in the pipeline to feed the expected growth. The new UK clients range from high-end fashion retailers to hotels and global software, and also includes several trading agreements with advertising agencies. Says McNab: "UK businesses have gained millions of new customers during the pandemic and they need us to help understand and retain them. Fanplayr's patented solution is perfectly placed to transform revenues without disruption."

Expansion in the UK comes as Fanplayr completes strategic agreements with key partners in the Nordics, Dubai and Abu Dhabi that will guarantee the company's advanced capabilities, including its patented "Segmentation-as-a-Service", are available across Europe and beyond.

From its global headquarters in Palo Alto, California, Fanplayr has been leading fully integrated online personalization and AI for a decade. The company achieved 100% growth in 2019 prior to the pandemic, with consistent growth of more than 60% annually over the last several years.

About Fanplayr

Fanplayr is a global leader in e-commerce behavioral data, using machine learning and AI to enable businesses to increase conversion rates and revenue, collect more leads, and retarget visitors with personalized recommendations during and after the shopping experience. Fanplayr is headquartered in Palo Alto, California with offices in New York, Buenos Aires, Brazil, Mexico, Milan, London, Manchester, Amsterdam, Stockholm, Hamburg, Melbourne and Tokyo.

Learn more at: https://www.fanplayr.com/

Media Contact:
Lacy Talton
(252) 467-5220
ltalton@percepture.com

*PHOTO link for media: https://www.Send2Press.com/300dpi/21-0324s2p-andy-mcnab-300dpi.jpg
*Caption: Andy McNab, Vice President, EMEA, Fanplayr.

Related link: https://www.fanplayr.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Advertising and Marketing, Business, Free News Articles

XLNT Foods’ Website Gets Facelift Just in Time for National Tamale Day

LONG BEACH, Calif. -- XLNT Foods, the oldest continuously operating Mexican food brand in the United States, is no stranger in the supermarket aisle. It's been producing small batch tamales and chili con carne with the same authentic recipe since 1894, but knows its marketing could benefit from more variety. That's why it has recently refreshed its website and plans to launch an online store too.

XLNT Foods is excited about this year's National Tamale Day on March 23, which coincides with the site's new look and feel. The website now features fresh photography highlighting its products, a store locator, updated product information pages, and a blog filled with favorite customer recipes, contests and announcements. There's also a new XLNT Foods' Gear Page showcasing a variety of apparel, housewares and other accessories.

"It isn't easy trying to keep a 127-year-old company going, but we know the need to evolve is part of that mission," says Vincent Passanisi, president of XLNT Foods. "In creating the new website, we've tried to meet ever changing wants and needs, while still preserving the spirit and flavor of what has come before."

The company prides itself on recipes that have stood the test of time and attributes that to its small batch cooking. The popular beef tamale includes a signature spice blend, and is an amazing value with 55 percent savory beef filling. The newest addition to the product line is a spicy chicken tamale with a tomato-based fill of chicken, potatoes and diced jalapeños. Both items are still wrapped by hand, in Southern California not far from where the company began.

As a small-family owned and operated business, XLNT Foods' leaders hope that this is the beginning of many new things ahead and reports that the new website is designed for all platforms - desktops, tablets and mobile phones. The website embraces the new, yet still maintains its old-school vibe and values.

"We believe that personal relationships are still the most important part of business," Passanisi shares. "Good food, drink and shared experiences are the stuff of life. We want to do more for our loyal customers, who have supported our products for so many years. This is just the beginning."

Facebook: https://www.facebook.com/XLNT-Foods-Corp-119636533786.

About XLNT Foods

XLNT Foods is the oldest continuously operating Mexican food brand in the United States, and one of the oldest companies in Southern California. For more than 125 years, its produced delicious, home-style Mexican foods which include small batch tamales and Chili Con Carne.

For more information: https://www.xlntfoods.com

*PHOTO Link for Media: https://www.Send2Press.com/300dpi/21-0323s2p-xlnt-foods-300dpi.jpg

*Photo Caption: XLNT Foods - Tamales, Chili and Chili Con Carne.

Related link: https://www.xlntfoods.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Awards and Honors, Business, Free News Articles, Web Hosting and ISPs

UnitedLayer positioned as a ‘Leader’ in Cloud Infrastructure Brokerage and Orchestration Services by global analyst firm NelsonHall

SAN FRANCISCO, Calif. -- UnitedLayer, a leading American colocation services provider, announced that its Cloud Infrastructure Brokerage & Orchestration Services have been named a "Leader" in the latest NelsonHall NEAT analysis within the Cloud Orchestration Services market segment.

Established in 2001, headquartered in San Francisco, California, UnitedLayer is one of the world's leading end-to-end colocation service providers. The company has 13 data centers and offers its colocation services from 3 data center facilities in San Francisco, Las Vegas, and Los Angeles. Its key industries include BFSI, Public Sector, Retail, TMT, Logistics, and Oil & Gas, with over 250 enterprise and government customers.

The NelsonHall vendor assessment recognizes UnitedLayer's Cloud Infrastructure Brokerage & Orchestration Services as a "Leader" in the Cloud Orchestration Services market segment with capabilities including its Tier 3+ data center platform with connectivity to carriers, private clouds, and public cloud, on-demand scaling into private clouds, remote hybrid cloud management, and robust DevOps automation and managed services.

According to this research, some of UnitedLayer's additional capabilities include:

* On-demand software-defined enterprise-grade private cloud connected to its data center platform.

* It has a SaaS-based platform for comprehensive management of data centers, public & private clouds.

* Managed services capabilities, including DevOps automation and consulting & advisory services.

* Infrastructure and Database Management: including O.S. and Hypervisor patching/management, and Management of AWS, Azure, and GCP. Also, database patching and Management, including MSSQL, MySQL, Oracle, OpenStack, SAP, and Mongo.

* Container and Mesh Service Management: providing container setup and Management (k8s, Openshift, GKE, EKS, AKS), and mesh service setup and Management (istio, Anthos, AppMesh).

* Multicloud Management: through UnityOneCloud managing data centers, private clouds, AWS, Azure, GCP with unified metrics and controls, and multi-cloud connectivity.

* Managed Security: provision of security solutions to protect infra and data. Also, services include firewalls, DDOS, VPN, SSL/TLS, VLAN segmentation, restricted I.P., and ports.

* Managed compliance: providing risk analysis and compliance management with audit-ready reporting.

* SDDC design & implementation: design, implementation, performance, and security testing of S.D. data centers and private clouds.

* DevOps automation: using tools including Terraform, Ansible, and Puppet for application and infrastructure automation and providing CI/CD pipeline implementation.

* Private Cloud: controls and security of an enterprise-grade private cloud powered by VMware technologies to gain performance advantages at lower costs.

* Remote Hands: access to a team of highly trained, in-house, certified technicians that are available 24x7x365 and can monitor servers remotely through a single pane of glass known as UnityOneCloud.

* Smart Hands: exclusive onsite technical assistance and troubleshooting services along with hardware installation and decommissioning services.

"It provides a platform for on-demand scalability into private and public cloud resources, comprehensive remote management, DevOps automation capabilities, and managed services to deliver real Hybrid Cloud solutions for enterprises," said John Laherty, a Senior Research Analyst at NelsonHall.

Abhijit Phanse, CEO of UnitedLayer, added, "UnitedLayer has developed its Data Center and Hybrid Cloud platform based on the learnings over two decades of experience serving enterprise clients. This recognition as a 'Leader' in Cloud Infrastructure Brokerage & Orchestration Services demonstrates the value of UnitedLayer's end-to-end capabilities to orchestrate cloud solutions in data centers, private clouds, and public clouds, and holistically manage the underlying technology stack."

About UnitedLayer:

UnitedLayer is a major Colocation, Private Cloud, and Managed Services provider that operates data centers in 13 geographies across 5 continents. We design, build, and manage Enterprise-Grade Colocation, Private Cloud, and Public Cloud solutions that meet the high performance, security, agility, and scalability requirements to serve enterprises' unique business needs.

About NelsonHall:

NelsonHall is the leading global analyst firm dedicated to helping organizations understand the 'art of the possible' in digital operations transformation. With analysts in the U.S., U.K., and Continental Europe, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides in-depth knowledge of market dynamics and user requirements to hone their go-to-market strategies. NelsonHall's research is based on rigorous, primary research and is widely respected for the quality, depth, and insight of its analysis.

For more information: https://www.unitedlayer.com/leaders-in-cloud-infrastructure-brokerage-orchestration-services/

Media Contact:

Saurabh Bisht

Saurabh@unitedlayer.com

+91 9540400088

Related link: https://www.unitedlayer.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, e-Commerce, Free News Articles

SetSight expands its EDI Solutions with Loren Data

MARINA DEL REY, Calif. -- Loren Data Corp. (LD.com), a leader in B2B messaging platform technology, announced today that SetSight, a Minneapolis-based solutions provider for visualizations and forecasting, has expanded its long-running relationship with Loren Data's ECGrid(r) EDI Network.

"We are excited to work with the SetSight team on this new expansion," said Crystal Kuczynski, VP of Global Network Operations at Loren Data Corp. "SetSight has been growing with Loren Data for over a decade and our partnership has always been excellent. As we complete this new expansion, we look forward to our next collaboration!"

"Our SetSight solutions have been greatly enhanced by our relationship with Loren Data," said Chris Lohn, Co-Owner at SetSight. "Streamlining EDI and AS2 connections with Loren Data is a huge help to our clients and our internal team. The Loren Data team was there for us at every step during the migration of data."

About Loren Data Corp.

Founded in 1987, Loren Data Corp. is a leading B2B eCommerce technology company, providing innovative, efficient and high-value solutions for businesses to collaborate in their supply chain. With its flagship cloud and web services offerings - ECGrid(r) - Loren Data delivers a world-class, self-service, unified EDI messaging platform for eCommerce Service Providers (ECSPs) and EDI Hubs to transact business with trading partners through VANs, ECSPs, and hundreds of legacy and modern direct connections.

About SetSight

For over 20 years, SetSight has provided Software-as-a-service solutions, specializing in business intelligence applications for suppliers and manufacturer's representatives serving big box retailers in the consumer packaged goods market. SetSight is headquartered in Minneapolis, MN. Visit at www.setsight.com.

Media/Press
IR/Marketing
Office: 310-827-7400
marketing@ld.com

Related link: https://www.ld.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Alliances and Partnerships, Business, Free News Articles, Software

DocMagic and Secure Insight Form Partnership, Creating a National Database of Certified Remote Online Notarization Providers

TORRANCE, Calif. -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, automated regulatory compliance and comprehensive eMortgage services, and Secure Insight, Inc., the leading risk reporting firm for data intelligence on mortgage settlement agents, jointly announced the offering of a centralized training program on remote online notarization (RON) technology and processes. The program establishes a trusted database of notaries that have been fully trained and certified on DocMagic's industry-leading Total eClose(tm) platform.

Lenders have a growing need to tap well-qualified eNotarization professionals to work with and ensure deals close smoothly and on time. This new certification program reaches the greatest number of notaries with a working knowledge of DocMagic's Total eClose solution and is poised to significantly move the adoption needle.

"Ultimately, this partnership creates a better RON process for lenders and borrowers alike, benefiting all users involved in the eClosing process," says Dominic Iannitti, president and CEO of DocMagic. "Lenders are operating at maximum capacity right now with an influx of mortgage applications that they must ultimately close on as efficiently as possible amid heavy loan volume. Our new certification process will ensure lenders that RON eClosings will be handled quickly and efficiently by a ready supply of proficient eNotaries."

Secure Insight has an extensive national database of notaries that can now be easily accessed to locate notarial agents qualified to complete seamless, compliant eClosings using RON technology. By joining forces, DocMagic offers the technology and Secure Insight provides a unique database and individual training for notaries.

"One of the primary challenges in facilitating RON transactions is that lenders are hesitant to entrust the closing process with a notary that may be ill-equipped to effectively perform an eClose transaction," says Andrew Liput, CEO at Secure Insight. "Teaming with DocMagic allows us to identify properly licensed, experienced and trained professionals whom lenders will feel comfortable leveraging to perform the specialized functions surrounding these unique transactions."

DocMagic's Total eClose solution is an award-winning platform that has also been ranked by independent third-party studies as the leading eClosing technology in the mortgage industry. Secure Insight boasts one of the largest databases of closing professionals in the country and now adds a widespread stable of knowledgeable eNotaries, creating a powerful educational foundation that boosts digital mortgage lending competence.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant document generation, automated regulatory compliance, eSignature and comprehensive eMortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile apps, processes, and web-based systems for the production and delivery of compliant loan document packages. The company's solutions connect industry participants, promote collaboration, and data integrity to execute precision-based digital lending transactions. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit http://www.docmagic.com/.

About Secure Insight:

Secure Insight was the first company to offer a standardized risk management process and information database of fully risk-assessed mortgage closing professionals that protects consumers and lenders, reducing fraud and ensuring that federal regulatory requirements are met. Secure Insight monitors tens of thousands of attorneys, title agents escrow officers and notaries nationwide through proprietary SaaS technology and the mortgage industry's only National Settlement Agent Database. This database is accessed daily as a fraud prevention tool by state and federal banks, mortgage lenders and credit unions throughout the United States. Secure Insight was named one of the Top 50 companies to watch in the Fintech space for 2021 by the Silicon Review, and in 2020 was named one of the Top Financial Security Providers by CFO Technology Magazine. For more information about Secure Insight please visit www.secureinsight.com.

Related link: https://www.docmagic.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Restaurant, Hotel and Hospitality, Taxes and Accounting

Newly-Passed Restaurant Revitalization Fund and Restaurant Tax Relief Strategies by Ace Plus Tax Resolution

LOS ANGELES, Calif. -- James Cha, a CPA and a Certified Tax Resolution Specialist from Ace Plus Tax Resolution, underlines the newly enacted restaurant revitalization fund, recent tax challenges the restaurant industry is facing, and tax relief strategies.

Restaurant Revitalization Fund and Grants

Along with small and medium enterprises, the restaurant industry has also been severely impacted by the pandemic. However, the governments have been trying to ensure that tax reliefs are provided to help the restaurant industry. This has been effectively encapsulated in the Restaurant Revitalization Act signed on March 11. Certified Tax Resolution Specialist James from Ace Plus Tax Resolution recommends that "restaurant owners that are financially struggling must strategize and receive the full benefit of the Restaurant Revitalization Fund."

$5 billion of the fund will be available to eligible restaurants with gross receipts during 2019 of $500,000 or less.

In addition, the crux of this particular tax relief regime provides grants to restaurant applicants of up to $10 million. This is mainly to compensate them for the pandemic-related revenue loss. In this aspect, all restaurants are declared as eligible for the program, with some exceptions, like restaurants that are operated by a state or a local government or are owned by a publicly-traded company. However, it is to be noted that the grant that would be awarded to the entity is not supposed to exceed an aggregate of $10 million and should be limited to $5 million per physical location.

The grant amount will be based on the pandemic-related revenue loss. If the entity was in business for 2019, either entirely or partially, the loss is calculated as the 2020 average monthly gross receipts multiplied by 12, subtracted from 2019 average monthly gross receipts multiplied by 12. A different calculation method is to be applied if the business newly opened anytime between January 1, 2020, and the enactment date of the bill, March 11, 2021. The grant will be reduced by the 7(a) SBA loans received, including PPP loans.

Under this particular act, there are certain expenses that are eligible for restaurants. They mainly include payroll costs, paid sick leaves, mortgage, rent and utilities, maintenance, supplies, food and beverage expenses, operational expenses, and any other expenses SBA deemed essential. In the same manner, the grant is supposed to be used for expenses that fall within the covered period between February 15, 2020, and December 31, 2021.

Taxability

Restaurant Revitalization Grants that are received are not subject to income tax. In the same manner, the exclusion will not result in the denial of a deduction reduction of tax attributes or a denial of increase in basis. This implies that these businesses are not supposed to include the grant amount as a gross income in the tax return.

Tax Problems for Restaurant Owners

James denotes, "Restaurant Revitalization Grant has been a much-needed life support for the troubled industry. Followed by the pandemic, the restaurant industry was perhaps the most impacted by lockdowns, with the ongoing burden of having to remit tax payments. Payroll taxes, for one, continue to be a pressing cause of concern for the restaurant industry".

When their business struggles, restaurant owners are tempted to use these funds to cover the business expenses. The IRS takes late payroll tax payments very seriously because it wasn't the business owners' money to begin with. If the IRS thinks that if an individual was responsible for filing or paying taxes but did not, then he or she becomes liable for the unpaid taxes.

Business owners must realize that the IRS has the power to close their business, come after the owner personally by asserting Trust Fund Recovery Penalty, levy bank accounts, or seize income sources and properties in an attempt to collect back taxes. Also, their passport may be revoked or declined to issue or renew by the U.S. Department of State.

Tax Reliefs for the Restaurant Industry

In the case where the business is approached by the IRS for back taxes, the best possible course of action might be to adopt an approach to tactfully deal with the issue, without panicking.

James believes "The best course of action is to see if they qualify for any tax relief options." However, this can only be done after delinquent tax returns have been filed and all current income tax and payroll tax deposits have been paid.

Businesses or individuals can settle their taxes for substantially less than they owe through an Offer in Compromise if they qualify. Financial inability to pay is the most common reason an Offer is accepted, but it must be supported by and verified with well-prepared financial documents and statements.

Or, through an Installment Agreement, businesses or individuals may set up an affordable payment plan to pay off the back taxes. If they qualify for a "Partial Payment" Installment, they will not be paying off the full amount, as the balance left at the end of the payment term will be forgiven. Strategizing is crucial when submitting an application in order to maximize the benefit.

Also, they may be able to halt IRS collection actions by declaring a Currently Not Collectible status. To qualify for this status, they must prove they have a dire financial situation and none to very little income. The IRS will put a pause on their attempt to collect payment until the financial situation improves.

The Final Words

The current day and age are quite challenging for almost all business owners. In this regard, it is imperative for businesses to be fully aware of all the taxes that they owe, as well as the options that are available to them. There are numerous tax relief options that are put forth by the government, but business owners should seek a certified tax relief specialist to clearly understand their options and eligibility, so that they can strategize, take full advantage, and save considerable sums of money as taxpayers.

Ace Plus Tax Resolution provides permanent solutions to taxpayers with IRS and state tax problems to individuals and businesses struggling with unmanageable IRS tax problems. If you're struggling with payroll tax problems, contact their tax professionals for a free consultation.

Learn more at - https://AcePlusTaxResolution.com

James Cha is a CPA and Certified Tax Resolution Specialist(r) at Ace Plus Tax Resolution, has been representing his clients and dealing with the IRS for over 30 years. His practice is in Los Angeles, but his clients are across the nation. Contact him at (213) 600-7388 or James@AcePlusTaxResolution.com.

Watch our video about how to resolve your payroll tax problems: https://youtu.be/Xw4mjLKoWKI

Related link: https://AcePlusTaxResolution.com/

This news story was published by the Neotrope® News Network - all rights reserved.