by Karla Dennis | Apr 21, 2020 | Blog
As of Tuesday, April 21st, The Senate has approved the $480 million package, here is what small businesses need to know: Due to the previous small-business loan programming exhausting all its funds, lawmakers are currently working on another provision to restart the loan program. However, experts say that small business owners will need to move fast in order to get the loan if they qualify. However, according to CNN the new provision just approved by the Senate will include: “$310 billion authorized for the Paycheck Protection Program, $60 billion will be set aside for smaller lending facilities, including “community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion.” read...
by Karla Dennis | Apr 21, 2020 | Blog
As COVID-19 halts business, travel, and the economy, Congress has had to find ways to support different industries being impacted. One of the most important, of course, is the Small Business industry. The $350 billion small-business relief program has unfortunately run out of funds, and now Congress is trying to find an agreement on how to move forward. Congress passed the Paycheck Protection Program last month as part of the CARES ACT. However, It was quickly overwhelmed with applicants trying to sustain their business. Now, the question remains of when the next part of the provision will be passed. Democrats have been debating the new addition and want to expand certain aspects of the money. Pelosi adding that they want to emphasize accessibility specifically for “about $120 billion more for small businesses in there geared to our underbanked communities, women- and minority-owned businesses, Native American, rural America, veterans, small business and the rest.” read...
by Karla Dennis | Apr 16, 2020 | Blog
For Those Who Don’t File Taxes A Tax Resolution Services Is Likely Waiting In Your Future If you are in need of some form of Tax Resolution services it is important to know what your options are from the beginning. Far too often people with tax problems choose to simply avoid them which can make the problem even worse. There are several options out there for people who need Tax Resolution services. In order to get back on their feet and settle any remaining debts. First and foremost it is important you are paying your taxes. Even if they are late it is always better to get your taxes submitted and hopefully paid as soon as possible. It becomes difficult to settle with the IRS the longer your tax filing is outstanding. In fact, if you do not file your taxes than the IRS could possibly do it for you. This could mean missing out on several valuable write-offs and deductions. This can really change your income outlook for the coming year. File taxes as soon as possible is important regardless if you have one year or ten years of tax documents. Those who wait may be subject to the collection tactics of the IRS for the foreseeable future. No one wants to deal with constant phone calls, and letters simply because they have not filed their taxes. There is a big difference between not filing and not paying your taxes. Not paying your taxes can make you a risk to the IRS to never do so. It is much easier to reach a deal on taxes owed if you...
by Karla Dennis | Apr 9, 2020 | Blog
What you need to know about changes to retirement and 529 plans The new budget bill passed by Congress on December 20, 2019, impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a shortlist of the major changes that may affect you. Retirement plan changes: The rule that restricted deposits to an IRA after the age of 70 and ½ has been repealed. Under the new bill, starting in 2020, any person of any age can make a deposit to an IRA with earned income (e.g., wages or self-employment).The mandatory age to begin distributions has changed from 70 and ½ to 72.Recipients of stipends and fellowships can now use these funds to make IRA contributions.Up to $5,000 can be withdrawn without penalty for the birth or legal adoption of a child up to one year after birth or adoption. Withdrawals are taxable; however, if redeposited within 60 days, funds will not be taxed.If an IRA is inherited from someone who passed in 2020 (other than a spouse and a few other exceptions), funds must now be distributed within 10 years.Long-term part-time workers will be able to join their company’s 401k plan. Except in the case of collectively bargained plans, the law now requires employers to maintain a 401k plan to offer one to any employee who worked more than 1,000 hours in one year or 500 hours over 3 consecutive years. Small business owners can receive a tax credit for starting a retirement plan—up to $5,000. College saving (529) plan changes: Withdrawals...
by Karla Dennis | Apr 2, 2020 | Blog, Taxes
If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file early. Here are a few top reasons why you should… Reduce your stress. When you wait until the last minute, it can spike stress levels. The dread of the impending tax deadline, the worry of compliance—it all adds up to tax season anxiety. Make this the year you file early and cut back on the stress of the season.Reduce the risk of identity theft. Once your return is filed with the IRS, personal information (such as SSNs) is locked and cannot be used again by anyone. Filing your taxes early really can help reduce or eliminate the risk of identity theft.Expedite your refund. If you believe you are due a refund this year, the sooner you file the sooner you’ll receive your refund. And who doesn’t want that?!Additional time to identify other potential tax savings. When you supply our team with all your documentation early, it offers extra time to prepare your return and identify any additional savings. Filing earlier also affords you more time to gather your documentation and search for any additional paperwork needed. More time to pay your tax bill. If you owe the IRS money, filing early gives you more time to save in order to pay your tax bill by the individual tax return deadline. read...
