Our business model allows us to “stay lean” offering high standards of service in results and turnaround times alike, allowing streamlining of services from our partner John Dillard CPA, at very competitive rates. As my client, you will feel like you are more than just a number as we seek to provide service that seeks to constantly exceed your expectations. We seek to bring to your business Virtual CFO/CPA services, operational efficiencies, business wisdom and insight spanning three decades of commitment. Though we promise ten day turnaround on all of our work you will find our actual performance to be well-ahead of those seeking to offer competitive services.
“Though you may only be a client for years, we seek that you become a friend for life.” -John Dillard CPA, President of His CPA
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“Continuing to thrive in these tough economic times is essential and we bring the necessary talent to bear are the mainstream of our practice.” -John Dillard CPA, President of His CPA
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Our Clients either own or are partners in some of the best and largest law firms in Georgia.
www.HisCPA.com
#cpaforlawyers/lawfirms #atlantavirtualcfocpa
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I Have Served as a CPA/Accounting Manager of a Nuclear Consulting Firm.
Perhaps it’s a good idea to give us a call.
John Dillard CPA 770 814 9304
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Hopefully you are having a good year in spite of the Pandemic!!!!!!!!
Please be reminded to obtain Forgiveness for a PPP loan you have to request it from the bank where you received the loan from. I understand SBA is still working on some of the Forgiveness criteria and I have not heard of but one bank (a smaller regional) that has actually opened the forgiveness application process.
I bank with Wells Fargo and from last I heard they have not yet begun application process. It is my understanding that until you get a letter confirming monies are forgiven they are still owed.
If you want help with the application just let me know and send me a copy of the initial PPP loan agreement from the bank and a draft of your application and before its submission to the bank.
It remains my understanding many/most banks will require you to submit your application using their form and they will send you a link to on their web site. Be sure to stay posted with your bank/me/the news on the process.
At present it is my understanding present law will require once any PPP monies are forgiven business owners are not going to be allowed a tax deduction for the PPP monies used for covered expenses when/if they are forgiven. There has been talk in Congress on changing this but at this time best to do your 2020 tax planning on the basis of present tax law.
In readying for your PPP Loan Forgiveness Application Request it is My Understanding that:
Payroll Processing fees are not part of the covered expenses and not eligible for forgiveness.
That any EIDL Loans are to be listed on the PPP Forgiveness Application and will offset the PPP loan amount eligible to be forgiven.
I suggest after your bank is ready to process PPP applications that you print it out and prepare a draft so I might review prior to its final submission.
It is my understanding the updated requirement that salaries be 60% of the total covered expenses does not limit the forgiven amount to 60% of the loan amount as it appears to do in the PPP Forgiveness Application Issued by the SBA. My present understanding of how PPP Forgiveness Amounts will be Calculated is rather that the 60% payroll cost is a requirement of total loan amount (i.e., if your loan amount is $30,000 that your payroll costs have to be at least $18,000 ($30K times 60%) in order that the $30,000 loan amount is able to be considered for forgiveness.
Please be reminded in latest PPP law update Congress allows you to select either a reporting period of 8 or 24 weeks (if you received your loan prior to June 5,2020) that you may submit your loan anytime during this time period being sure to maximize the amount of your PPP loan eligible for forgiveness within 30 days of the end of your reporting period. For loans after June 5, 2020 your reporting period is 24 weeks.
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Should I Convert my LLC to an S Corporation for Tax Purposes?
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Attached is a link to an article detailing PPP Rule Refinements & SBA Issues New EZ Forgiveness Application.
Some of the highlights of recent changes to the PPP Program as I understand them are:
You may elect to report either under the original 8 week or an extended 24 week reporting period if you received your PPP loan prior to June 5.
Under 8 week reporting maximum salary which can be forgiven is $15,385 (100K annual salary divided by 52 weeks a year times 8 week reporting period).
Under 24 week reporting maximum salary which can be forgiven for an owner is $20,833 and for other employees $46,154 (100K annual salary divided by 52 weeks a year times 24 week reporting period). Loans June 5 or later are required to use the 24 week reporting period.
Owners Medical Insurance paid by the company is not able to forgiven.
Payroll costs (including salaries, state unemployment & portion of medical insurance paid for by company) were originally required to be 75% of total forgiveness amount. Rate is now reduced to 60% (Called the Payroll Cost Rule).
PPP loans after June 5 are no set to repay any unforgiven amounts over five years. Loans prior to that date are two years. Interest rate remains at 1%.
Business owners can apply for forgiveness anytime they are ready and if qualify under salaries and FTE safe harbors (do not have to wait until December 31 to submit your application).
You can use the EZ PPP Forgiveness Application if any of the three items below apply:
Self Employed with no employees or S Corporation with yourself as sole employee.
You had employees but did not reduce salaries/wages during the covered period by more than 25% and did not reduce the number of hours worked by employees.
You had employees but did not reduce salaries/wages during the covered period by more than 25% and due to sheltering in place not able to operate at same level of business that existed before February 15, 2020.
Be safe!
https://www.entrepreneur.com/amphtml/352104
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