MCM

02/10/2021

Please start getting your documents ready and either email or drop them by our office. We look forward to helping you navigate these topics and others this tax season!

From tax professionals to do-it-yourself software, all eyes will be on Line 30 of IRS Form 1040.

01/31/2021

It’s officially that time of year!

The Internal Revenue Service said it wants to remind taxpayers about the Earned Income Tax Credit. Friday is EITC awareness day.

11/19/2020

This a little crazy folks and these CPAs don’t think the back and forth with PPP is over.

The IRS just released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 to clarify the rules for deducting expenses paid with PPP funds. Here’s what you need to know.

07/11/2020

Make sure you speak to your CPA to help you maximize your PPP loan forgiveness!

The legislation calls for creation of a simple online calculator to help small-business owners fill out complex loan forgiveness forms.

07/04/2020

Let us know if you need assistance with PPP Loan forgiveness. We have relationships with several of the local banks and can help you navigate.

Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.

06/19/2020

Additional information on CARES tax relief from the IRS.

Many businesses affected by COVID-19 qualify for tax relief. Business owners can take advantage of the:
• Credits for paid sick and family leave
• Employee Retention Credit
• Deferral of employment tax deposits and payments through Dec. 31, 2020

To learn more about these credits and if you qualify to claim them, click here: https://go.usa.gov/xwZye

06/06/2020

There are several non-PPP benefits of the CARES act that are directly relevant to our clients. Don’t forget to consider the tax advantages as you continue to operate in a very difficult time.

Under the CARES Act, businesses are encouraged to keep employees on their payroll with the Employee Retention Credit. It also helps to make sure workers aren't forced to choose between their paychecks and the public health measures needed to combat the coronavirus. Eligible employers can claim this credit for wages paid after March 12, 2020, and before January 1, 2021.

To learn more about this valuable credit, click here: https://www.irs.gov/newsroom/new-employee-retention-credit-helps-employers-keep-employees-on-payroll

06/06/2020

Big changes signed into law for PPP. The revisions have changed the rules around loan forgiveness considerably. Please give us a call to discuss a change to your strategy in using the funds effectively.

The new Paycheck Protection Program Flexibility Act (PPPFA) attempts to address many concerns around the PPP loan program aimed at providing COVID-19 relief.

04/24/2020

Congress has amended the CARES bill to include an additional $310 billion in PPP funding. Please reach out if you’re having trouble securing a loan. We have several clients who have received approvals.

Senate Republicans and Democrats reached a deal on Tuesday to approve a bill that provides an additional $484 billion of coronavirus-relief funding, including an additional $310 billion for the government-backed Paycheck Protection Program (“PPP”).

04/13/2020

PPP loan tracker.

Some good information for business owners. Also, consider contributing as we start hopefully seeing PPP loan traction in the area.

Where is my loan? Status of Loan Payments.Data as of 2:00pm 4/13/2020 collected from 4,030+ small businesses reporting up to $1,500,000,000+ in loan applications across 50 states.A resource aiding small businesses with a list of institutions to submit their PPP loan applications with and a small bus...

04/13/2020

We know the world is turned upside down and we appreciate our clients following our return pick-up/drop-off procedures.

We hope everyone is staying safe.