We encourage our clients who would benefit from a Paycheck Protection Program (PPP) loan to take advantage of it. […] Read more
Here is a recap of the qualifiers and a helpful flow chart with useful links for more information about getting your Economic Impact Payment (EIP). The IRS also warns tax filers to beware of phishing scams related to your EIP. […] Read more
Late last week the federal government extended the due date for the 2020 second quarter estimated tax payment from June 15 to July 15. This means that individual tax returns, as well as individual first quarter and second quarter estimated tax payments are now all due on July 15.
Additionally, trusts, estates, corporations, and other non-corporate tax filers with filing or payment due dates between April 1 and before July 15 are now also extended to July 15.
When paying individual taxes and estimates, taxpayers have the option to send the IRS a check, or payments also can be made electronically through […] Read more
At Nichols & Company, we know many of you are assisting elderly parents or grandparents right now. In an effort to support you, we wanted to share that the IRS has launched a new tool to assist non-filers in registering their current information for their Economic Impact Payment.
The new tool, created in conjunction with FreeFile Alliance, is designed for those who were not required to file a 2018 or 2019 tax return. The Non-Filers: Enter Payment Info tool allows these non-filers to supply the IRS with their current address, number of dependents and direct deposit information.
Distribution of Economic Impact Payments to […] Read more
If you’ve tried contacting the IRS recently, you might have noticed a few things have changed. Here are a few highlights you may wish to be aware of:
1) 70,000+ IRS workers are trying to work remotely. This has resulted in the closure of most local offices, leaving no one to answer the phones for a few weeks. Even the Practitioner Priority Service line and local Taxpayer Assistance Centers are closed for the time being.
2) If you were on a payment plan (ex: for back taxes), your payments are temporarily suspended until July 15th. However if you are interested in establishing a […] Read more
To help ease the financial effects of the COVID-19 pandemic, the federal government is planning to send stimulus checks to all taxpayers in the coming weeks.
For your planning purposes, we wanted to share with you their guidelines for determining eligibility. It is important to note that children 17 and older who are claimed by their parents or elderly adults claimed as dependents on a tax return are not eligible for the $500 payments.
Individuals with an adjusted gross income (AGI) up to $75,000 or married couples filing jointly with an AGI up to $150,000 will receive the full payment of […] Read more
There are a couple additional loan options for small business owners who are struggling right now: the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
The PPP offers applicants funds in the form of loans that can be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. (Expenses must be equal to loan amount for forgiveness.). Loan payments are also deferred for six months. All small businesses with 500 or fewer employees are eligible.
An EIDL loan can provide a small business an advance of up to $10,000 (which may not need to be repaid) and […] Read more
2019 Personal tax returns do not need to be filed until 7/15/20.
2019 taxes due, as well as 1st quarter estimated tax payments, are not due until 7/15/20.
NOTE: 2nd quarter estimated tax payments are still currently due on 6/15/20!
2019 IRA & HSA payments can be made as late as 7/15/20.
The IRS has added a special coronavirus page to its site if you need more information: https://www.irs.gov/coronavirus
For those in Ohio, the Ohio legislature will be meeting today to consider changing the Ohio tax filing date. It currently remains at 4/15/20.
For more CPA “insider information,” you are welcome to check out this article from WesternCPE.com.
[…] Read more
The US Small Business Administration (SBA) will work with borrowers directly. (UPDATE: Please click here for the SBA’s Disaster Assistance Loan Application.) The state of Ohio has to declare an emergency (they anticipate that to happen this week) before businesses can apply. Businesses requesting $25,000 or below will not have to pledge collateral. Requests over $25,000 will require collateral. All requests will be underwritten by the SBA but we do not yet know what the criteria will be.
Please see links at the bottom of this post for additional information.
All federal agencies are working together to protect public health, including the […] Read more
Dear Valued Clients,
By now, I am sure that all of us are keenly aware of the spread of the Coronavirus (COVID-19) and the devastating effects it can have. We are committed to high-quality customer service with low-touch, best practices for the remainder of the tax season. If you have already picked up your completed tax returns, there is no reason to read further. We appreciate your promptness and your business.
If you need to get us your tax return information:
We are here to serve you and we urge you to provide us your tax documents in one of three […] Read more