NYT Morning Briefing, PPP Loan Forgiveness, SBA Loans and …
Good morning again I am happy to be taking a short break after this long tax season. Blogging from Michigan where I am visiting with my family while
practicing social distancing. I am so glad the weather is cooperating as last night we were able to catch up and then eat dinner together while sitting at different locations in the backyard. Check out this beautiful MI morning as we drink our coffee separate and together.
PPP Loans and Loan Forgiveness
I am glad that we were able to pivot so quickly to working remotely and now follow a staggered work schedule. We split our focus so that Elizabeth and Monica have been working with our clients for applying for the EIDL and PPP loans and tracking and providing guidance on the forgiveness costs and headcounts. We are creating the schedules and documentation to suport the forgiveness applications and plan to start applying in mid-August. Additionally, there had been discussion about automatic forgiveness for some loans.
SBA Economic Injury Disaster Loans (EIDL)
We have been discussing the EIDL Loans that have been offered and the opportunity this money will afford you. I have created this video blog with my thoughts; please click through to read and watch if you have not already done so.
2019 Tax Returns and Extensions
A big Thank You to our clients who were able to send us your tax documents via our portal or altered drop off system and then meet with us via video chat software. It always helps to show and tell as we discuss your tax situation. We are starting up again next week, so for those of you who are on extension please do take the time to send us your missing documents so we can finalize your returns.
The Patient Protection and Affordable Cares Act
If your 2016 personal income tax return included a Health Care: Individual Shared Responsibility payment, or additional Medicare Tax and/or Net Investment Income Tax liabilities as indicated on forms 8959 and/or 8960, you might be eliaible for a refund should the United States Supreme Court, California, et al., Petitioners v. Texas, et al., No. 19-840 case overturn the Patient Protection and Affordable Care Act (“ACA”) provision. For those of you who filed timely (yes there a few) we prepared a protective claim for you to sign and file in order to hold open the statue of limitations. For those of you who like me filed extensions for that year, we will be preparing a protective claim for you to sign and file (by October 2020). No guarantees but if there is a possibility for a refund we should make sure we can apply.
It seems like a lot had happened in the last few weeks as I was “locked” inside working on tax return extensions, so I am happy to share today’s NYT morning briefing…
We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!