I’ve been asked a lot about loan options and relief for business through the SBA program. I am no expert on your banking options. After reading some of these options you need to reach out to your banker for what options will work for you. I’m only writing this to give you an idea of what is available for you to follow up with your trusted bank. Paycheck Protection Program This loan program provides loan forgiveness for retaining employees. SBA will forgive loans if all … [Read more...]
Scams Related to Economic Impact Payments
As with any new change, there are individuals in the world who will try to cheat others who are in need of these economic impact payments. Please be aware of this, so you don’t fall victim to one any scams. Based on history we know that criminals use times when people are in need or are vulnerable to trick you into giving them information or access to your finances for their benefit. Tips to help you avoid these scams: The IRS is NOT going to call you. If you get a call from somebody … [Read more...]
Economic Impact Payments (Stimulus Payments)
The IRS has posted more information about the stimulus payments. While the IRS website still says "Stimulus payment checks: No Information available yet, no sign-up needed" there is a brief update of how it will work in the format of question and answer. What you need to know: ELIGIBILITY: You are eligible to receive the payment if you are single with gross income under $75,000 or married with gross income under $150,000. If under these amount you will receive $1,200 per person. If over … [Read more...]
Stimulus and Business Relief Update
I thought I would write this post to give you an update about what we know so far about both the stimulus money and some relief available to businesses. The stimulus bill did pass for the stimulus money and it will be based on tax returns either the 2018 or 2019 if filed. There is a max earnings amount and a phase out on earnings that will determine the amount of funds received.That being said, the IRS is who handles these payments and it has not posted anything regarding the specifics; so … [Read more...]
Latest News: Changes to Installment Agreements and Collections
The latest from the IRS was posted the afternoon of March 25, 2020. This is related to relief for taxpayers under installment agreements or anybody receiving notices for liens and levies. The IRS is suspending payments due between April 1 to July 15 for existing installment agreements. Taxpayers unable to pay the amounts in their installment agreements can defer their payments without being in default. However, based on federal law, interest will still continue to accrued. If you owe … [Read more...]
Estimated Tax Payments Delayed
We have been getting questions about estimated tax payments and when those should be paid. First let me explain the purpose for estimated tax payments and how they should be calculated. Estimates are used to pay your taxes in evenly throughout the year if you do not have income that has federal or state taxes withheld. For the purpose of this post we will discuss federal only. The payments are used to avoid penalties. If you pay taxes late you can incur interest and penalties from the … [Read more...]
Missouri Tax Deadline
Missouri Department of Revenue updated the filing deadline and due dates to match the IRS deadline of July 15, 2020. In a press release Saturday Governor Parsons announced that Missouri would mirror the federal guidance issued by the Internal Revenue Service and provide special filing and payment relief to individuals and corporations. The relief comes in the way of a filing deadline change and payment deadline change to July 15, 2020 without any extension being filed. In addition the … [Read more...]
Small Business Disaster Loan Assistance
There is help for small businesses that are affected by the Coronavirus. Many small businesses have had to close or provide limited services due to the need for social distancing. The US Small Business Administration has an option for these small business to borrow money to help with this. The loans can be maximum $2 million with an interest rate not to exceed 4 percent. While this is a small business loan you apply for this loan online. This is not done through a bank. To register and … [Read more...]
Update About Our Services
We wanted to give you an update about what Wassman CPA Services is doing for the health and safety of our employees and clients in response to all this is happening with COVID-19. This filing season is unlike anything we have experienced. Our office interacts daily with several clients, which puts us and the clients at risk. Considering the news of how quickly the virus can spread and the push for social distancing, we are eliminating our face-to-face interactions through the end of … [Read more...]
Tax Filing Date Change
On March 20 the Internal Revenue Services posted that the tax filing deadline has now been delayed and now matches the tax payment deadline of July 15, 2020. No extension is required to be filed on April 15 for taxpayers. You can find more information at https://www.irs.gov/pub/irs-drop/n-20-18.pdf . Also additional relief was issued for businesses to be able to recover costs associated with providing Coronavirus-related leave for employees. The IRS states "Reimbursement will be quick and … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- …
- 7
- Next Page »
