PPP Loan Forgiveness

The SBA recently released the Paycheck Protection Program (PPP) Loan Forgiveness Application along with some key clarifications in completing the application process. The Forgiveness application is intended for small business owners whom received a PPP loan as part of the CARES Act.

The PPP Forgiveness application is comprised of 11 lines used to calculate the amount of forgiveness a small business owner is eligible for.  All or part of the PPP loan may be forgiven as long as the small business used the funds for payroll, business mortgage interest, rent or utilities.

The newly-released application essentially asks for the payroll and qualifying non-payroll costs that the business spent over the eight-week period since receiving PPP funds. The amount of forgiveness may be reduced depending on whether a business reduced pay for their employees greater than 25 percent, or if the business owner failed to bring back the same number of full-time employees.

The final step in the application process is verification that the business owner allocated at least 75 percent of the PPP funds for payroll costs, and the remaining 25 percent for mortgage interest, rent or utilities.

To learn more about completing the Paycheck Protection Program Loan Forgiveness application, please contact us.

COVID-19 Update 3/20/2020

Hello Everyone,

Today it was announced that the tax filing date has been moved to July 15th.

We are still working as normal to get your returns done. With the new tax filing date, we want to ensure everyone that if you owe we will be communicating with you to find the right solution for you. Refunds will be done the same way they have been in the past. For the safety of our staff, we have the majority of our office working remotely. Please note emailing your accountant may be the easiest form of communication as we continue to work through this pandemic.  We also aim to have someone in the office every day for any phone calls – if for any reason – you have a problem connecting with someone in the office please email patriciav@weissthompson.com. We are honored to be able to continue to be here for everyone in such a difficult time.

Please stay safe and stay healthy.

 

Thank you,

Weiss & Thompson

 

COVID-19 Update

Hello Everyone,

We wanted to reach out in such a chaotic time and let everyone know that we are still working to get your returns done.  Your safety and health are extremely important to us so we have decided to discuss all issues over the phone, and we are asking everyone to please utilize our slot to drop off documents as well as our online portal for your documents. If you do not have access to the portal, or are having trouble logging in please us know.

We would also like to use this opportunity to inform all of you about what we know. As of now,  the tax filing due date is still April 15th. However, the payments that are owed are now due July 15th. We will keep everyone updated as new information comes in.

Please give us a call or email us directly with any questions or concerns.

Thank you for your understanding.

Stay safe and stay healthy

– Weiss & Thompson

Required Retirement Plan Distributions – Upcoming April 1 deadline stands

In most cases, taxpayers who turned 70½ during 2019 must start receiving required minimum distributions (RMD) from individual retirement accounts (IRAs) and workplace retirement plans by April 1.

The April 1 deadline applies to owners of traditional IRAs, but not Roth IRAs. Normally, it also applies to retired participants in various workplace retirement plans including 401(k), 403(b) and 457 plans. The special April 1 deadline only applies to the required distribution for the first year. Additionally, for this year and all subsequent years, the RMD must be made by Dec. 31.

If the taxpayer doesn’t take any distributions, or if the distributions are not large enough, there may be a 50% tax on the amount not withdrawn.

Just a reminder, that with the new SECURE Act, the age requirement for RMDs got bumped up from 70½ to 72. So, if you reach age 70½ in 2020, you don’t have to take an RMD until you reach age 72.