I wanted to take a minute to address our clients. First I want to say thank you for the support through the years and especially this difficult tax season. I want to thank our new clients for being so understanding through this strange time. Also, I want to thank all the other essential workers for all of their hard work. Just as you can't see everything we are doing, we can't see everything they are going through. This year, I think we can all say has been unlike any other. The idea for … [Read more...]
Social Security Recipients and Economic Impact Payment
The IRS has announced that a social security recipients will not be required to file a tax return to receive the stimulus payment. The payments will automatically be sent to recipients based on their social security records. The IRS will be using your SSA-1099 or your RRB-1099 to generate your $1,200 economic impact payment. These payments will be in the form of a direct deposit or paper check, depending on how you receive your normal benefits. The Wassman CPA Services website … [Read more...]
Employee Retention Credit
This was talked about in the news but now we have more specifics on how the IRS is going to help businesses through payroll tax credits. To qualify your business must be fully or partially suspended by a government order due to COVID-19. Also, the employer’s gross receipts must be below 50% of the comparable quarter in 2019. If you qualify and your income goes up you will no longer qualify once your receipts go above 80% of a comparable quarter in 2019. The credit is 50% of … [Read more...]
SBA Loans and Additional Relief through SBA Options
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...]
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 and Accounting Services
With this post I wanted to take a step back and give you an idea of why I started my own practice, what my goals are, and what tax and accounting services I am offering. When I started college it was always my intent to own my own accounting practice, but at 18 I didn't realize — until I started working in the accounting field — just how much knowledge and experience was needed in order to get to this point. I have worked in both public and private accounting since earning my degree. I passed … [Read more...]
