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PPP Reporting & Forgiveness Applications

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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.

Thanks and be safe.

Today is the Worst Day satan EVER Had; Happy Easter!

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Today is the Worst Day satan EVER Had; Happy Easter!

What satan had hoped would be the best day in his world.

Just 3 days later became the worst day satan ever had.

Our Lord Jesus Christ is Risen.

He has Risen Indeed!!!!

p.s. Remember the correct way to eat a chocolate bunny is ears 1st.

HisCPA: A 30A Santa Rosa Beach Christian CPA Firm Proudly Serving the Emerald Coast including Santa Rosa Beach, Seaside, Seagrove, Grayton Beach, Miramar, Blue Mountain, Seacrest, Inlet Beach, Rosemary Beach, Alys Beach, Watersound, Destin & Sandestin, Panama City Beach, Fort Walton, Freeport, Niceville & Panama City as an Award Winning CPA.

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Is it Time for Your GROWING Business to Work with a Virtual CFO/CPA?

IRS announces 2019 mileage rate for business miles

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For 2019 the IRS standard mileage rates for the use of a car (also vans, pickups or panel trucks) will is 58 cents per mile driven for business use (an increase of 3.5 cents from the rate for 2018).

Be sure you keep a by day log to support all your business miles.
 

Do You Know Why You are Experiencing Payroll Withholding and Quarterly Tax Payments?

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Do You Know Why You are Experiencing Payroll Withholding and Quarterly Tax Payments?

I do and you should to. During World War II, Congress introduced payroll withholding and quarterly tax payments to help fund the war. As you know World War II has been over now for some seven decades but the withholding and quarterly estimates continue for our government learned how to get quicker access to the money. This allowed taxpayers to pay in regular periodic amounts rather than all of your income taxes being paid at the end of the year which is a lot harder to come up with all that money at once.

At www.HisCPA.com we focus on planning for the future rather than reacting to the past while serving as a Virtual CFO/CPA