Torrey Pines Advisors & Accountants LLP

06/24/2020

Taxes are due in about THREE WEEKS. (July 15th, 2020)

Is that you?

There have been so many distractions these past few months that it's easy to see how it could have been set aside. And perhaps not even unwisely.

But now, well ... it's go time.

06/23/2020

There is a new "Main Street Lending Program" that was built into the CARES Act. THIS IS A LOAN. It functions similarly to the EIDL, but a shorter term (4-5 years), and a slightly lower rate (around 3%). A good rundown from USA TODAY is here. There is a minimum loan amount of $250K ... so this is not for startups, and targeted mainly to mid-sized companies. If this is you, let's talk before you enter into it.

The Fed's Main Street Lending Program drew a strong response from banks after launching last week. But critics say it should encourage riskier loans.

06/22/2020

In some states, 2020 estimated tax payments are (were) due BEFORE July 15th. While both Q1 and Q2 FEDERAL estimated tax payments are now due July 15th, not all states followed suit. This article lists these tax deadlines for all 50 states, for your reference.

Some of you may be discovering that you are now delinquent on these payments. We can help with that, so give us a call if you need help.

To prevent confusion and to ensure taxpayers receive the full benefit of the extended federal deadline, states should consider extending first- and second-quarter estimated tax payment due dates to July 15 or later.

06/19/2020

In honor of Father's Day this weekend, let's recognize those in our lives giving us the "dadvice" (and dad jokes) that we usually need. Happy Father's Day to all the dads (natural or adopted)!

06/18/2020

Be aware of these scams in circulation right now.

One such example: Don't fall prey to scams offering a quicker way to get your stimulus check. There are no shortcuts.

The IRS is warning taxpayers about COVID-19 related scams - some of which have been circulating for months.

06/17/2020

Q&A Tuesday: What questions can we answer for you today?

06/16/2020

If your business is still needing a cash infusion because of COVID shutdowns, the SBA just re-opened the EIDL (Economic Injury Disaster Loan) to non-agricultural businesses. These are generous terms of 30 years at 3.75%. It is a LOAN (non-forgivable), but this is a great way to pay off IRS debt (if you have it), and you can use it for a variety of purposes (though NOT owner draws).

The Small Business Administration is reopening its Economic Injury Disaster Loan and EIDL advance grant portal to a broader array of eligible small businesses and nonprofits affected by the coronavirus pandemic, beginning Monday.

06/15/2020

30 days until 2019 taxes are due. The delayed tax deadline is almost upon us. Have you filed yet?

06/12/2020

"Trouble shared is trouble halved." - Lee Iacocca

We LOVE that we get to help your load be lighter, especially in today's financial climate. Let us know how we can help.

06/11/2020

You might not have realized it, because of all the recent news about the new PPP Flexibility Act, but there are still funds available for business owners who want to apply for the PPP loan. The deadline to apply for the second round of funding is June 30.

The Small Business Administration and the Treasury Department clarified the application deadline in addition to the extent of loan forgiveness companies can expect under the new PPP.

06/10/2020

Hooked on the infinite scroll?

Do yourself a favor and build yourself SOME system of controlled media and technology intake. Emphasis on the word "system".

Don't allow the cycle of negativity to control your mind.

For many, online “doomscrolling” has become an irresistible urge, in part because we’re stuck at home, spending too much time on our screens, and in p...