#COVID-19 PPP Loan Forgiveness and Furloughed Employees Part 3 of 3

You want them back but you really shouldn’t call or text. Give the furloughed employee a written Offer of Recall that documents:

Return to work date.
Terms of employment – Position, Supervisor, Responsibilities/Job description, Salary/hourly rate, Hours, and whether Exempt/Non-exempt status.
Benefits status – Address seniority, benefits, accrued paid time off, and any other employer-provided benefit.
New safety procedures – Remote work should be undertaken when possible. Address the safe work environment-sanitation/disinfecting, social distancing, reduced customer capacity, staggered shifts, industry specific requirements, etc. We recommend referring to the State’s Phase in effect at time of recall offer.
Deadline to respond.
Reassurance – Warm and fuzzy words.
We recommend including a statement that refusal to return to work may result in the individual being ineligible for continued unemployment compensation.

Be sure to document the recalled employee’s acceptance or rejection of the recall offer: Date, time, method of communication, and reason for rejection. Save the email when sent to and received from the employee.

If both the employer and the furloughed employee had a reasonable expectation of the employee being recalled it may not be necessary to complete new hire paperwork such as W-4, I-9, drug testing consent, background checks, etc. Be sure to check with your human resources department and payroll provider.

Keep in mind that employees who return from furlough can become eligible (potentially immediately) for paid leaves under the Families First Coronavirus Response Act and other similar state statutes.

SBA PPP Loan Forgiveness.

Employers seeking loan forgiveness for payroll costs must recall/rehire furloughed employees no later than June 30, 2020 to receive unreduced loan forgiveness for layoffs occurring prior to April 26. BUT, furloughed employees may not come back for various reasons. Retired. Moved. Sick or caring for someone sick. Better employment elsewhere. Or, you may not want them back. And that’s okay.

When you apply for forgiveness from your lender, they will be looking at numbers not names, numbers not job titles. How many head count during the eight-week period? How many head count during your chosen covered period? You don’t necessarily have to bring the same person back. A full-time employee is the same head count as two-part time employees. A permanent hire is the same headcount as a temp to hire. A sales rep is the same headcount as a staff accountant.

Be on the lookout for our SBA PPP Loan Forgiveness – Emphasis on Payroll and the Math Of It. Part 2 of 3. Guidance from the Treasury Department and the SBA is expected possibly today or tomorrow (May 14 or 15, 2020). There will more than likely be Congressional changes as well in the recent House-introduced HEROES Act.

And if all else fails, the SBA has provided guidance that laid-off employees can be excluded from loan forgiveness reduction calculations if the employees turn down a written offer to be rehired. The offer AND the refusal must be documented, preferably in writing. These laid off employees should be aware that refusal of reemployment may result in ineligibility for continued state and pandemic unemployment compensation.

Also, loan forgiveness is not all or nothing. It is proportional with the unforgiven balance remaining a loan with repayment terms of two-years with a six-month deferral and 1% interest.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 Employer Payroll Tax Deferral UPDTD Part 2 of 3.

“Section 2302 of the CARES Act provides that the payment and deposit of the employer’s share of the social security portion of FICA tax and the employer’s share of the social security portion of RRTA tax for deposits that are due to be made during the period beginning on March 27, 2020, and ending before January 1, 2021, is not due before December 31, 2021 (for the first 50 percent of the liability), and December 31, 2022 (for the remaining 50 percent of the liability).”

Blahblahblah! What this means. NONE of the matching 6.2% for Social Security/FICA and (RRTA) that employers would normally deposit/pay between March 27 and December 31, 2020 has to be deposited/paid in 2020. It does have to be deposited/paid eventually. Self-employed folks can defer 50% of their 12.4% social security tax ONLY, NOT 50% of “self-employment tax” which includes the 2.9% Medicare portion. And you don’t have to be impacted by COVID-19.

The 6.2% amount not paid becomes, in essence, an interest free loan with these repayment terms: 50% must be paid/deposited by December 31, 2021 and the remaining 50% paid/deposited by December 31, 2022. The employer still has to timely pay/deposit the matching Medicare 1.45% along with the Social Security, Medicare and federal income tax withheld from employees.

Eligible with SBA PPP – Yes. If you were one of the lucky ones to have gotten an SBA PPP loan – congratulations. You can also take advantage of the employer payroll tax deferral for additional cash flow maximization – until your lender tells you the PPP loan is forgiven. At that point, you will become ineligible for further employer payroll tax deferral. What’s already deferred, stays deferred with the same repayment terms. Keep in mind, that in the case of the PPP loan not being forgiven, it becomes a loan with these repayment terms: Due in 2-years with a 6-month payment deferral, 1% interest rate, no prepayment fees, no prepayment penalties.

Eligible with SBA EIDL – Yes.

Eligible with Paid Sick/Family Leave Credit/FFCRA credits – Yes.

Eligible with Employee Retention Credit – Yes.

We recommend each pay period that you record the unpaid/undeposited amount as a debit to expense and a credit to long-term liability. If a third-party agent, such as ourselves, or a PEO prepares your payroll and payroll reports and prepares or submits tax deposits on your behalf, IMMEDIATELY get a hold of them and let them know whether or not you want defer the employer payroll tax. Conversely, IMMEDIATELY get a hold of them should you wish to discontinue the employer payroll tax deferral.

If you need to cancel a previously scheduled EFTPS payment, call 800.555.4477. EFTPS can cancel and reschedule payments. All you have to do is suffer through high call volume and an unusually long wait time and then provide your name and Tax ID number, the exact amount of the payment, and the date of the payment.
We have noted no revision to the EFTPS website regarding the Employer Payroll Tax Deferral. Include ONLY the employees’ withheld 6.2% on the social security line.

The Form 941 for 2020, Employer’s QUARTERLY Federal Tax Return was revised April 29, 2020 to accommodate payroll tax relief provided by congressional legislation in response to COVID-19. Enter employee withheld 6.2% on line 13a and the deferred 6.2% on line 13b.

It will be important to maintain a system of periodic reconciliation of Form 941, line 13b totals to the balance sheet long-term liability account.

Part 1 of 3 – Employee Retention Payroll Credit. Part 3 of 3 – Recalling Furloughed Employees.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 Employee Retention Tax Credit (ERTC) Part 1 of 3.

The ERTC is encouragement, for employers to keep paying employees, in the form of a refundable credit equal to 50% of up to $10,000 of qualified wages for a maximum $5,000 credit – per employee. The credit is taken against the employer’s share of social security (6.2%). Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit.

Eligible.

1. Government Order. Business is fully or partially suspended by government order due to COVID-19 during any 2020 calendar quarter (EVEN IF only one location/entity of more than one location/entity is suspended); OR,
2. Significant Decline in Gross Receipts. 50% less gross receipts than same quarter in 2019. AND eligibility lasts until the quarter AFTER the quarter gross receipts reach 80% of same quarter in 2019.

Not eligible.

1. SBA PPP loan recipients, household employers, and government employers.
2. If self-employed, your wages (self-employment income) is not eligible. Wages paid to your employees are eligible.

Can I take the ERTC if I have (or am taking) …?

SBA PPP Loan – No.
SBA EIDL – Yes.
Paid Sick/Family Leave Credit/FFCRA credits – Yes, BUT NOT for the same wages.
Employer Payroll Tax Deferral – Yes.
Work Opportunity Tax Credit – No.

What are qualified wages?

Qualified wages include both wages and each employer-paid group health care coverage plan including HDHPs, HRAs, and health FSAs. Employer paid health care coverage does NOT include amounts included in employee gross income, HSAs, Archer MSAs, or QSEHRA.

The amount of qualified wages depends upon:

Less than 100 average FTEs in 2019. Wages paid are qualified whether employees provided services or not.

More than 100 average FTEs in 2019. Wages paid are qualified ONLY if employees did NOT provide services. Amounts paid for previously accrued vacation or sick days or holidays are not qualified wages. Wages paid to employees who went from working at the workplace to working from home are NOT qualified wages. All health plan expenses paid on behalf of furloughed employees ARE qualified wages.

FTE – Any employee, who in any month in 2019 worked at least 30 hours a week.
Average FTEs – Add up all the FTEs in every month in 2019 and divide by 12.

How do I claim the Employee Retention Tax Credit?

For immediate cash flow, you can reduce employer tax deposits/payments $5,000 for every $10,000 qualified wages. Remember, you can only reduce the employer 6.2% portion of FICA/Social Security. We have noted no revision to the EFTPS website regarding the ERTC. Include ONLY the employees’ withheld 6.2% on the social security line.

The credit is then claimed and tallied up on the Form 941 for 2020, Employer’s QUARTERLY Federal Tax Return (quarters 2, 3, and 4) as revised April 2020. Of course, there is a little worksheet (Form 941, Worksheet 1) to be completed to figure out what is non-refundable and what is refundable. Remember, the credit can be applied against ONLY the employer 6.2% portion of FICA/Social Security.

If you have more ERTC than 6.2% FICA for the quarter, you can get the remaining ERTC by filing Form 7200, Advance Payment of Employer Credits Due To COVID-19, as revised March 2020.

We recommend each pay period that you record the unpaid/undeposited amount as a debit to expense and a credit to Other Income. If a third-party agent, such as ourselves, or a PEO prepares your payroll and payroll reports and prepares or submits tax deposits on your behalf, IMMEDIATELY get a hold of them and let them know whether or not you want to take advantage of the ERTC. Conversely, IMMEDIATELY get a hold of them should you wish to discontinue taking advantage of the ERTC.

If you need to cancel a previously scheduled EFTPS payment, call 800.555.4477. EFTPS can cancel and reschedule payments. All you have to do is suffer through high call volume and an unusually long wait time and then provide your name and Tax ID number, the exact amount of the payment, and the date of the payment.
It will be important to maintain a system of periodic reconciliation of Form 941 lines 11c and 13d totals to the Other Income account.

For further cash flow maximization, use the Employer Payroll Tax Deferral to defer, if any, the remaining amounts of employer portion 6.2% FICA/Social Security.

Part 2 of 3 – Employer Payroll Tax Deferral – Updated. Part 3 of 3 – Recalling Furloughed Employees.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

Posted in Business, Business Taxes, Covid-19, General Interest, IRS, Payroll, Taxes | Tagged , , , , , , , | Comments Off on #COVID-19 Employee Retention Tax Credit (ERTC) Part 1 of 3.

#COVID-19 Employer Payroll Tax Deferral

“Section 2302 of the CARES Act provides that the payment and deposit of the employer’s share of the social security portion of FICA tax and the employer’s share of the social security portion of RRTA tax for deposits that are due to be made during the period beginning on March 27, 2020, and ending before January 1, 2021, is not due before December 31, 2021 (for the first 50 percent of the liability), and December 31, 2022 (for the remaining 50 percent of the liability).”

Blahblahblah! What this means. NONE of the matching 6.2% for Social Security/FICA and (RRTA) that employers would normally deposit/pay between March 27 and December 31, 2020 has to be deposited/paid in 2020. It does have to be deposited/paid eventually. Self-employed folks can defer 50% of their 12.4% social security tax ONLY, NOT 50% of “self-employment tax” which includes the 2.9% Medicare portion.

The 6.2% amount not paid becomes, in essence, an interest free loan with these repayment terms: 50% must be paid/deposited by December 31, 2021 and the remaining 50% paid/deposited by December 31, 2022. The employer still has to timely pay/deposit the matching Medicare 1.45% along with the Social Security, Medicare and federal income tax withheld from employees.

If you were one of the lucky ones to have gotten an SBA PPP loan – congratulations. You can also take advantage of the employer payroll tax deferral for additional cash flow maximization – until your lender tells you the PPP loan is forgiven. At that point, you will become ineligible for further employer payroll tax deferral. What’s already deferred, stays deferred with the same repayment terms. Keep in mind, that in the case of the PPP loan not being forgiven, it becomes a loan with these repayment terms: Due in 2-years with a 6-month payment deferral, 1% interest rate, no prepayment fees, no prepayment penalties.

We recommend each pay period that you record the unpaid/undeposited amount as a debit to expense and a credit to long-term liability. If a third-party agent, such as ourselves, or a PEO prepares your payroll and payroll reports and prepares or submits tax deposits on your behalf, IMMEDIATELY get a hold of them and let them know whether or not you want defer the employer payroll tax. Conversely, IMMEDIATELY get a hold of them should you wish to discontinue the employer payroll tax deferral.

We have noted no revision to the EFTPS website regarding the Employer Payroll Tax Deferral. Include ONLY the employees’ withheld 6.2% on the social security line.

The Form 941 for 2020, Employer’s QUARTERLY Federal Tax Return was revised April 29, 2020 to accommodate payroll tax relief provided by congressional legislation in response to COVID-19. Enter employee withheld 6.2% on line 13a and the deferred 6.2% on line 13b.

It will be important to maintain a system of periodic reconciliation of the line 13b totals to the balance sheet long-term liability account.

If you need to cancel a previously scheduled EFTPS payment, call 800.555.4477. EFTPS can cancel and reschedule payments. All you have to do is suffer through high call volume and an unusually long wait time and then provide your name and Tax ID number, the exact amount of the payment, and the date of the payment.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 City of Gulfport – Gateway Grant-BUSINESS

City of Gulfport – Gateway Grant

OPENS WEDNESDAY May 6, 2020
FIRST-COME, FIRST-SERVE

Stroll down any Main Street, USA. Stores with closed signs. Empty storefront parking spaces. Idle exercise equipment. Uncoiffed dogs out walking. Styrofoam to go containers have taken the place of plates. Beach Boulevard and elsewhere across Gulfport is no different.

The Gulfport Gateway Grant Program is a Gulfport, FL program that is providing 40 $1,000 utility bill credits and 20 $500 utility bill credits to local businesses. This $50,000 comes from the unrestricted General Fund Balance.

Eligible BUSINESS Applicants

• Must be physically located within the municipal boundaries of the City of Gulfport
• Must be independently operated
• Must be a brick and mortar location
• Employ between 3-50 full-time equivalent employees (February 2020) Eligible for a $1,000 Credit OR
• Employ between 1-2 full-time equivalent employees (February 2020) Eligible for a $500 Credit
• Suffered a loss of revenue due to COVID-19
• Must have a current City of Gulfport business tax license
• In operation during February 2020 and had employees for whom it paid salaries and payroll taxes
• Must have NO outstanding code enforcements or utility liens in the City of Gulfport.
• Can NOT be a nonprofit.

We interpret from the city’s published application guidance that a business owner is limited to applying for one business ONLY.

APPLY HERE

Submitting Your Application.

By email: Cparker@mygulfport.us OR
By mail: City of Gulfport, ATTN: Gulfport Gateway Grant, 2401 53d St S, Gulfport, FL 33707-5161

We strongly encourage small businesses and residents of other cities and towns to see if a similar program is available.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 DISCLAIMER: Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Information we publish may not be updated after initial publication/dissemination. Please keep this in mind as we get through this together.

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COVID-19 IRS’ People First Initiative – Tax Relief for Not the Everyday Stuff

The IRS People First Initiative aims to ease payment guidelines and postpone compliance and enforcement actions for an initial period of April 1, 2020 through July 15, 2020.

Automated Liens and Levies. Suspended.

Earned Income Credit & Wage Verification. Taxpayers have until July 15, 2020, to respond to the IRS to verify that they qualify for the Earned Income Tax Credit or to verify their income. IRS will not be denying these credits for a failure to provide requested information.

Field, Office & Correspondence Audits. More than likely, no new field, office or correspondence examinations will be started and the IRS will continue to work refunding claims where possible. One exception-The IRS may start a new examination just to preserve the statute of limitations.

General Requests for Information. In addition to compliance activities and examinations, taxpayers are encouraged to respond to any other IRS correspondence requesting additional information during this time if possible.

In-Person Meetings. None, but examiners will be working remotely. Taxpayers are encouraged to respond to any requests for information they already have received – or may receive – on all examination activity during this period if they can do so.

Installment Agreements.

Existing Installment Agreements. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, including a Direct Deposit Installment Agreement, may suspend payments – No payments due! Installment Agreements will not be defaulted on. Interest continues to accrue on unpaid balances.

New Installment Agreements. Taxpayers unable to fully pay their federal taxes can resolve outstanding liabilities by entering into a monthly payment agreement with the IRS. Call the IRS at 800-829-1040 (Good luck) or file a request online.

Non-Filers. If you have not filed a return for tax years before 2019, you should get to filing. Especially if you could get a refund and are in a county or state that’s not all the way opened – what else is there to do? July 15, 2020 is the absolute last day to file an original 2016 tax return to claim a refund. If the 2016 return was extended, the deadline is October 15, 2020.

More than 1 million households that haven’t filed tax returns during the last three years are actually owed refunds averaging $600.

Offers in Compromise (OIC).

Pending OIC applications – Taxpayers have until July 15, 2020 to provide requested additional information to support a pending OIC. In addition, any pending OIC request before July 15, 2020, will not be closed without the taxpayer’s consent.

OIC Payments – Taxpayers can suspend all payments on accepted OICs until July 15, 2020. Interest continues to accrue on unpaid balances.

Delinquent Return Filings – The IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020.

New OIC Applications – Taxpayers facing a liability that exceeds their net worth can resolve outstanding tax liabilities through “Fresh Start.”

Private Debt Collection. None to be initiated.

Not that answering phones was ever an IRS strong suit – IRS live telephone assistance is currently unavailable due to COVID-19. We recommend not even bothering to call and instead do what you can online.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.  Please keep all this in mind as we get through this together.

Posted in Business, Business Taxes, Covid-19, Individual, Individual Taxes, IRS, Tax Planning, Taxes | Tagged , , , , , | Comments Off on COVID-19 IRS’ People First Initiative – Tax Relief for Not the Everyday Stuff

#COVID-19 #GivingTuesdayNow

Today is the day to give! To give what you can and be a part of this global day of giving in response to COVID-19. Today is in addition to the regularly scheduled December 1st, 2020 #GivingTuesday. Perhaps we can all give a little now and then. Your chosen not for profit may also have the support of a generous benefactor who will match your #GivingTuesdayNow donation.

What can we give? We can give time – and that can be in person, remotely, or virtually. We can give goods and supplies. We can give a thank you to those who help others. We can give help to our neighbors – by shopping or doing an errand or walking their dog. We can give kindness. And we can give cash. Cash donations this year will get you up to a $300 above the line deduction on your 2020 tax return – no need to itemize.

Your favorite non-profits are suffering budget shortfalls as fundraisers are cancelled because of COVID-19 social distancing, thrift shops and stores have been closed because of being COVID-19 non-essential. But the need for help is still there and increasing. Face masks and social distancing can’t stop #GivingTuesdayNow.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

Posted in Business, Business Taxes, Covid-19, General Interest, Individual, Individual Taxes, Taxes | Tagged , , , , | Comments Off on #COVID-19 #GivingTuesdayNow

#COVID-19 Hillsborough County – Rapid Response Recovery Program (R3)

Opened Monday 4/27/2020 AND Closed Wednesday 4/29/2020

The Hillsborough County Board of County Commissioners is aiming to deploy its $256M from the CARES Act. $15M was allocated to the county’s social services department to augment existing programs for INDIVIDUALS. 30,000 applications were received.

Should there be additional funding in the future, prepare now:

Who is eligible for R3 Assistance through Social Services?
Any resident in Hillsborough County, including those residing in Tampa, Plant City, and Temple Terrace, who has seen a reduction in or loss of wages resulting from layoff or lessening of hours due to COVID-19, but who wouldn’t have qualified for assistance prior to the pandemic, is eligible to apply.

What does the assistance pay for?
• Past-due utility bills (water and electric)
• Rent/mortgage payment (contingent on lender or landlord acceptance)
Please note the assistance can only be used to pay past-due utility bills and/or rent/mortgage payment in the name of the person applying for assistance. For example, if the electric bill is in your spouse’s name, your spouse must be the one to apply for R3 assistance.

What documents do I need to apply for assistance?
You will need to provide proof of economic hardship and Hillsborough County residency.
You will need the following paperwork when applying:
• Valid Photo ID
• Past-due bill in applicant’s name
• Valid lease agreement/mortgage statement in applicant’s name
• Letter from employer regarding reduction in or loss of wage
• Last pay stub
• Bank statement or document to verify liquid assets (asset limit applies)
Proof of Hillsborough County residency. Examples include:
• Valid driver’s license with current address
• Hillsborough County voter registration card
• Vehicle registration with a Hillsborough County address
• Current public-school enrollment in Hillsborough County
• Utility bill
• Lease agreement/Mortgage statement

If I’m approved for assistance, how long will it take to pay my bill?
Every request is unique and will depend on the bill and organization that needs to be paid. Your Eligibility Specialist will be able to provide you more details during your consultation. Following your registration, you will receive a link via email to upload your required documents. From the date of registration, you will have five (5) days to provide the documents. Your initial consultation with your Eligibility Specialist may occur three to five days after submittal of your documents.

We strongly encourage small businesses and residents of other counties to call or go online to see if a similar program is available. We also encourage you to follow your city or town and county on social media for COVID-19 developments.

COVID-19 HELP

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Information we publish may not be updated after initial publication/dissemination. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 Florida Tax Relief – Corporate Income & Franchise Returns AND Payments

Monday, April 27, 2020 the Florida Department of Revenue issued Order of Emergency # 20-52-DOR-003 (Corporate Income Tax).

For entities with a fiscal year ending December 31, 2019:
• The May 1, 2020, due date for Florida Corporate Income & Franchise tax returns is extended to August 3, 2020.
• The May 1, 2020, due date for Florida Corporate Income & Franchise tax payments is extended to June 1, 2020.
• The deadline to submit a request for extension of time to file the return is also extended to June 1, 2020. If request is accepted, the extended due date for filing is November 2, 2020.

For entities with a fiscal year ending January 31, 2020:
• The June 1, 2020, due date for Florida Corporate Income & Franchise tax returns is extended to August 3, 2020.
• The June 1, 2020, due date for Florida Corporate Income & Franchise tax payments AND to submit a request for extension of time to file remains June 1, 2020. If request is accepted, the extended due date for filing is December 1, 2020.

For entities with a fiscal year ending February 29, 2020:
• The July 1, 2020, due date for Florida Corporate Income & Franchise tax returns is extended to August 3, 2020.
• The July 1, 2020, due date for Florida Corporate Income & Franchise tax payments AND to submit a request for extension of time to file remains July 1, 2020. If request is accepted, the extended due date for filing is January 1, 2021.

If you have Florida tax questions resulting from COVID-19 you can reach out to DOR here: COVID19TAXHELP@floridarevenue.com.

Remember – Federal Forms 1120 are due July 15, 2020. Federal tax forms and payments covered by the relief include: Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, U.S. Corporation Income Tax Return, and other forms in the 1120 series.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind. Information we publish may not be updated after initial publication/dissemination.

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UPDATED 04/30/2020 – COVID-19 City of Saint Petersburg – Fighting Chance Fund

City of Saint Petersburg – Fighting Chance Fund

REOPENS THURSDAY, APRIL 30, 2020
FIRST-COME, FIRST-SERVE

Stroll down any Main Street, USA. Stores with closed signs. Empty storefront parking spaces. Idle exercise equipment. Uncoiffed dogs out walking. Styrofoam to go containers have taken the place of plates. Central Avenue and elsewhere across The Burg is no different.

The Fighting Chance Fund is a St Pete program that is providing 6.8 million dollars-worth of emergency grants to businesses and individuals in specific industries. The grants are $5,000 to negatively affected locally-owned and independently-operated St Pete businesses and $500 to negatively affected individuals. Grants DO NOT get paid back.

Defined impacted eligible industries (Specific Industries)

Restaurant (includes full-service, limited-service, and café establishments);
Bar;
Retail (physical brick-and-mortar establishment selling merchandise); and,
Personal Services:
Hair, beauty, and other personal services (salons, barbers, massage parlors, tattoo, spas, etc.);
Personal care services (child, disabled, & elderly care services, funeral services, etc.);
Laundry services (dry cleaning, laundromats, garment repairs and alterations, etc.);
Cleaning services;
Pet care services;
Personal and household goods repairs & maintenance;
Fitness centers and gyms;
Event spaces & services; and,
Travel agencies and tour operators.

Impacted Business

Impacted small business eligibility:

Locally owned (at least 50% locally owned by residents of St. Pete) and independently operated;
Business must occupy a commercial physical establishment (brick and mortar) located in the City of St. Petersburg – Home-based businesses are presently ineligible;
Must be operating within the specific industries;
Must have been operational for at least six months;
Have 25 employees or fewer, including those under a PEO;
Affirm a loss of revenue due to COVID-19;
Must be able to demonstrate working capital for business operations as of February 29, 2020;
Individual businesses that operate within a co-working space and individual business owners leasing space from another business are now eligible to apply.

Small business applications must include:

Copy of state business license issued by the Florida Division of Corporations;

Sole Proprietors – 2018 OR 2019 Schedule C;
C-Corps – 2018 OR 2019 Form 1120, U.S. Corporation Income Tax Return;
S-Corps, LLCs – 2018 OR 2019 Form 1120S, U.S. Income Tax Return for an S Corporation; and,
Partnerships – 2018 OR 2019 Form 1065, U.S. Return of Partnership Income.

If registered as a business for less than a year – provide a balance sheet or an income statement.

Current St. Petersburg Business Tax Receipt;
Copy of Driver’s License OR state ID;
Full employee list (as of January 31, 2020 and March 31, 2020); and,
Copy of most recent St. Petersburg Utility Bill statement OR current General Liability Insurance Policy.

Small business use of funds:

Commercial Lease payments (March, April, May 2020);
Commercial Mortgage payments (March, April, May 2020);
Employee Salary and Benefits and funding existing Payroll;
Other Sales, General, and Administrative expenses (SGA) deemed critical for business operations;
Utilities; and,
New equipment needed to assist the business to a temporary digital transition (e.g. webcams for virtual trainings, software licensing for videoconferencing, etc.)

Impacted Individual

Impacted individual eligibility:

Currently or formerly an employee at a locally owned and independently operated small business physically located in the city of St. Petersburg with 25 or less employees;
A resident of St. Pete;
Terminated, furloughed or experienced a salary reduction of at least 50%; and,
Must be/have been an employee of an eligible business-Industry AND Location.

Individual applications must include:
Copy of Driver’s License, state-issued ID, Student ID (with photo), voter registration, or passport OR any other acceptable form of identity IAW Form I-9, Employment Eligibility Verification;
Copy of most recent pay stub prior to March 17, 2020 and most recent pay (if applicable) OR bank statement from March; and,
Termination Letter (if available).
We also think copy of an unemployment claim wouldn’t hurt.

DONATE HERE
https://pinellascf.org/giving/fighting-chance/

APPLY HERE-BUSINESS https://stpetersburgfl.viewpointcloud.com/categories/1083/record-types/6433

APPLY HERE-INDIVIDUAL https://stpetersburgfl.viewpointcloud.com/categories/1083/record-types/6432

For additional information: email: info@stpetegreenhouse.com and include Fighting Chance in the subject line.

We strongly encourage small businesses and residents of other cities and towns to see if a similar program is available.

We are here to guide you through this process and anything else to help you get through COVID-19. Email info@accpas.com. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.
COVID-19 DISCLAIMER:
During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.
Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together. Information we publish may not be updated after initial publication/dissemination.

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