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What’s happening now in the tax world?

Lately there seems to be changes minute by minute - we are doing our best to keep our clients informed and this is one resource we are adding for that purpose.  Please check in periodically to see what's new.

Monday, August 3, 2020

Whew - Tax Season is FINALLY in the rear view mirror (except for some extensions). I hope everyone is staying healthy but finding ways to enjoy the summer as close to normal as possible. Now that we are thru the final crunch - I wanted...

Tuesday, June 30, 2020

Applications are now being taken for the COVID-19 Pa Small Business Grants you can apply thru the link on this page:https://pabusinessgrants.com/ Frequently Asked Questions are located at:https://pabusinessgrants.com/faq/ Please let us...

Thursday, June 25, 2020

As of Friday June 26, 2020 Bucks & Montgomery Counties are FINALLY entering the Green phase of re-opening! Big shout out to all of my business clients and friends who have been anxiously awaiting this opportunity to once again make a...

Wednesday, June 17, 2020

SBA has published a revised application for the PPP loan forgiveness. https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses This will be helpful for planning for payroll purposes going forward - please let us...

Tuesday, June 16, 2020

PA is offering Grants to businesses affected by COVID thru the Department of Community and Economic Development https://dced.pa.gov/programs/covid-19-relief-statewide-small-business-assistance/ Also - as of June 15th - Small businesses...

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Saturday, June 6, 2020

President Trump signed the Paycheck Protection Program Flexibility Act of 2020. This extends the 8 week period to 24 weeks for companies to meet the forgiveness requirements. It also lowers the % needed to be allocated to payroll to...

Thursday, June 4, 2020

PPP changes are moving forward - the Senate Unanimously passed the House relief Bill known as the Paycheck Protection Flexibility Act. It now just needs to be signed by President Trump which is anticipated anytime. This will extend the...

Saturday, May 30, 2020

IRS is now sending Debit cards (in lieu of checks) for the Economic Impact Payment. I've heard from several people in the past 2 days that the debit card is hitting our area and is confusing. It appears to be junk mail (credit card...

Friday, May 29, 2020

No news - We are all very frustrated that the changes to the PPP forgiveness terms have still not been extended. The house of representatives did pass H.R. 7010 on Thurs May 28th which would extend the forgiveness period from 8 weeks...

Saturday, May 23, 2020

Wishing everyone a very happy Memorial Day weekend! As you celebrate with your family (hopefully) - please remember those that have given their lives to protect this great land of ours. I am grateful for all the Freedom's that have...

Tuesday, May 19, 2020

For all my Bucks County Business clients and friends - please see the newly release Grant being offered. http://buckscounty.org/docs/default-source/coronavirus/bucksbacktoworkgrant.pdf?sfvrsn=c1308ef_0 Hurry while supplies last!...

Sunday, May 17, 2020

Late Friday the SBA released the application for forgiveness... You can find a PDF of it at this link:https://www.sba...

Tuesday, May 12, 2020

For all of our Montgomery County Small Business clients - please check this out - the funds ran out quickly last time around - so if you are interested - make haste! https://www.montcopa...

Friday, May 8, 2020

Another week has gone by with very little guidance on how these loans will be forgiven. The AICPA (American Institute of Certified Public Accountants as well as ABA (American Bankers Association) are both advocating for clear guidance...

Monday, May 4, 2020

The guidance on the forgiveness piece of the PPP loan is painfully slow coming although today we did see a couple questions answered. Please see the FAQ's from the Treasury https://home.treasury...

Tuesday, April 28, 2020

Great news - Clients are reporting that they have received the funds from their banks for the Payroll Protection Plan Loans (PPP). Now the next phase - figuring out what to do with funds. The regulations are clear in purpose - these...

Wednesday, April 22, 2020

PPP Loans have started to be disbursed to those who were fortunate enough to get their applications processed before the system ran out of funding. There are still unanswered questions re: how to qualify for forgiveness on these loans...

Sunday, April 19, 2020

As anticipated - the new system that rolled out yesterday is not running smoothly. t's a brand new system so understandable there will be glitches - add to that the overload of folks trying to get in - its yet another perfect storm.

Saturday, April 18, 2020

The site for PUA applications is up and running - although I've already heard reports of issues - so don't be surprised - there will be glitches so keep trying. https://pua.benefits.uc.pa.gov/vosnet/Default.aspx Please let us know if...

Thursday, April 16, 2020

The CARES Act recently enacted has given taxpayers a pass on the Required Minimum Distribution Rules (RMD's) for 2020. If you would like to skip taking your RMD this year - you can do so without penalty. This will give your assets time...

Thursday, April 16, 2020

Thinking about an early Retirement distribution this year? If you are struggling financially due to the current Pandemic - you may be eyeing up your retirement assets as a resource.

Wednesday, April 15, 2020

Pandemic Unemployment Assistance (PUA) is how self-employed individuals should be able to get unemployment benefits not otherwise available thru the normal Pa Unemployment system. They are not taking applications yet - but this link...

Wednesday, April 15, 2020

The IRS site is now up and running - https://www.irs.gov/coronavirus/get-my-payment If your last filed return (2018 if 2019 has not been filed yet) did not call for a direct deposit of a refund - you will need to enter that information...

Tuesday, April 14, 2020

Please check these links periodically as they are changing: IRS - Web App for entering your direct deposit info https://www.irs.gov/coronavirus/economic-impact-payments Self-employed unemployment benefit information: https://www.uc.pa...