The SBA published 2 Interim Final Rules on Paycheck Protection Program (PPP) Loan Forgiveness on Friday, May 22. While there will most likely be updates and additional clarification, they help us to understand how loan forgiveness will work. Both Rules Are Effective Immediately The rules both state the importance of this guidance being issued immediately. …
The SBA Addresses Loan Forgiveness When Laid Off Employees Refuse to Come Back to Work
Many employers that fought very hard to obtain Payroll Protection Program (PPP) funds because obtaining these funds was not an easy process. Some of you are finding that when you offer to rehire laid-off employees, some employees are turning down your rehire offers. The largest issue is that many workers are bringing in more money …
The SBA Addresses Loan Forgiveness When Laid Off Employees Refuse to Come Back to WorkRead More
Five Reasons Why You Might Not Have Received Your Stimulus Money Yet
Here are five reasons why you might not have received your money yet: 1. You didn’t get a federal tax refund in 2018 or 2019 Even if you filed your 2018 or 2019 taxes electronically, that doesn’t mean the IRS can direct-deposit the money into your bank account. You must have also received a refund …
Five Reasons Why You Might Not Have Received Your Stimulus Money YetRead More
COVID-19 – Tax Return Filing & Payment Relief
Does the deadline postponement apply to return filing and payments? Yes. Both the filing and payment deadlines have been automatically postponed from April 15, 2020, to July 15, 2020, for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties will begin to accrue after July 15. Do taxpayers need to file any additional …
Paid Sick Leave: Who Gets It During the Coronavirus Outbreak
President Trump signed an emergency relief act into law on March 18. The law contains new paid sick leave provisions for businesses with fewer than 500 employees. The Families First Coronavirus Response Act contains significant paid sick leave provisions for employees of small businesses that have been impacted by the coronavirus (COVID-19) outbreak. There are many questions …
Paid Sick Leave: Who Gets It During the Coronavirus OutbreakRead More
Ohio Issues “Stay at Home Order”
Ohio Issues “Stay at Home Order” Closing All Non-Essential Business – A.L. Schmidt CPA is Designated as an Essential Business and Will Continue to Operate March 23, 2020 On Sunday, March 22, 2020, Dr. Amy Action, Director of the Ohio Department of Health issued a “Stay at Home Order” effective 11:59 p.m. on March 23, …
How to Postpone or Cancel IRS Direct Debits
Due to the economic impact, the Coronavirus (COVID-19) has on small business owners, Treasury Secretary Steven Mnuchin has announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15. If you have already scheduled a direct debit for your tax payment, follow the instructions below to …
Gathering tax documents before meeting with us to prepare your tax return makes filing go smoother
As you are getting ready to file your taxes, one of the first things we ask you to do is to gather your supporting documentation. This avoids delays with our filing your return and if you are due a refund, it helps us process your return so you can receive your refund faster. It’s important …