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CLARITY ON THE RECOVERY REBATE CREDITS ON YOUR 2020 TAX RETURN

February 24, 2021

Many are unclear how the Stimulus payments will effect on your 2020 tax return so we wanted to summarize a few important reminders. Frequently Asked Questions about the Stimulus Payments Recap of the Stimulus payments a. First Stimulus payment amount was $1200 Single Taxpayer ($2400 Married Filing Jointly, MFJ) plus $500 per qualifying child. b…. View Article

To PPP or not to PPP? That is the question.

January 19, 2021

What you need to know about this Economic Aid Act:     January 11: Opening for those who have not received PPP loan yet (smaller community banks will get priority) January 19: Opening up for second draw borrowers March 31: Deadline to apply, unless exhausted funds prior to deadline   Eligibility:   An applicant is… View Article

PPP Loan Forgiveness Update

October 9, 2020

The Small Business Administration (SBA) and US Treasury  has finally released the simplified PPP loan forgiveness application for those who received $50,000 or less. Please see the article and form link below. https://www.journalofaccountancy.com/news/2020/oct/ppp-forgiveness-simplified-for-loans-50000-less.html Form 3508S https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf

Beyond the Money-Tip of the Week!

July 15, 2020

SSA.GOV – Advance Designation If you become unable to manage, or direct others to manage, your benefits in the future, you will have peace of mind knowing that someone you trust may be appointed to manage the benefits for you. It is optional, and you can update or withdraw your advance designation at any time. … View Article

Updated: CLIENT SBA EIDL (ECONOMIC INJURY DISASTER LOAN) ADVANCE & FORGIVENESS GUIDE

June 24, 2020

Great news! After the first round of funding; an additional $10 billion was allotted through the CARES Act to pay SBA EIDL applicants an advance on their loans. The application portal has re-opened, and will be availableuntil December 30, 2020. Who Qualifies for EIDL loans? The EIDL was designed to help during times of economic… View Article

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