Dickinson & McDonald CPAs

04/03/2020

Although most banks will not accept applications till next week, final lender and borrower guidance for the Payroll Protection Program is now issued. Loans up to 2 1/2 times normal monthly wages. The loans will be forgiven if payroll levels are maintained. Go to Treasury.Gov for more information. We highly recommend businesses apply to keep workers employed for the next 60 days and hopefully beyond.

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03/31/2020

03/31/2020

To Our Clients & Friends,

We are living in a crazy time period and many small businesses are suffering. Congress has recently passed several laws to provide economic relief.

Since we do not know when this pandemic will end, our advice to all of our clients is to take advantage of any relief available.

While some laws are still being written, other laws are in place and money is available through both state and federal governments. The loans have favorable terms and some may not have to be paid back if spent on expenses such as wages, rent, mortgages, debt, etc.

STATE OF FLORIDA

This is the website address for the Florida loan program. Interest free for 12 months, 12% after 1 year.

https://floridadisasterloan.org/

FEDERAL PROGRAMS

Go to the link below and read, very good summary of new Federal laws.

https://www.icemiller.com/ice-on-fire-insights/publications/covid-19-summary-of-federal-loan-programs

Link to online application for up to $10,000 advance on SBA Paycheck Protection Program Loan (every qualifying business should apply, takes about 45 minutes to apply)

https://covid19relief.sba.gov/ #/

After applying for the advance, small businesses should work with their bank to apply for the SBA Paycheck Protection Program Loan. Both the advance and larger loan may not have to be repaid if spent on the expenses noted above.

It is our understanding most banks will be participating in the Federal SBA programs (CARES Act).

EMPLOYEE LAYOFFS AND PAID TIME OFF FEDERAL TAX CREDITS

There are changes to employment laws including paid time off provisions to avoid layoffs. These wage payments will be offset with payroll tax return credits and or refunds upon filing the next payroll tax return. See links below.

https://www.msn.com/en-us/money/personalfinance/who-qualifies-for-paid-leave-under-the-new-coronavirus-law/ar-BB11oZHL

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

We will give you updates as we are made aware.

Dickinson & McDonald, PA
201 S. Florida Avenue
PO Box 1626 - DeLand, FL 32721
(386) 734-3978 (386) 469-0046 (fax)
DickinsonCPA.com

Dickinson & McDonald. PA is a full service tax, accounting and business consulting firm located in DeLand, FL

05/14/2017

Happy Mother's Day! Historical fact for which we are 50% pretty sure is accurate - the very first documented accountant was a Mom. So hats off to her and all Moms both past and present. Job well done.

02/16/2017

Making refunds Great Again! Call for your appointment today.

01/19/2016

It's officially tax season. Most business income tax returns are due March 15th and individuals are due April 15th.

08/31/2015

Our own Greg Wilder CPA getting an early morning workout in

05/17/2015

02/01/2015

Our own Mr Wilder fighting and clawing his way to the finish line...they picked him up later with a shovel

01/31/2015