The Coronavirus has affected many of our lives during 2020. Many Americans have been concerned for both their health and financial situation. As the US government has given orders to prevent the spread of the virus, businesses have been forced to halt operations and individuals were obligated to follow stay-at-home orders. The US government provided [...]
Matters concerning taxes are crucial. For professional and satisfying tax consultant services, you must choose the fittest option. There are plenty of options and offers available, but you should only settle with a tax consultant in New Lenox after you are satisfied that they can deliver. Tax consultancy calls for extensive and highly specialized skills, [...]
October 16, 2020 Form 3508S is an SBA Form used to apply for the PPP loan forgiveness. Businesses can complete this form if they have received a PPP loan of $50,000 or less. Businesses that are eligible to complete Form 3508S are exempt from reductions in their loan forgiveness amounts. This is possible even if [...]
October 12, 2020 One of the common misconceptions concerning The Paycheck Protection Program (PPP) involves whether companies can use Form 3508EZ for their PPP loan forgiveness application. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. The 3508EZ form is a shorter version. Business owners believe that they are eligible [...]
Once a business has applied and received economic relief through the Paycheck Protection Program (PPP) the question may arise whether credit card statements count as utilities for the forgiveness application. The credit card statement itself is not eligible for PPP forgiveness, but the statement may provide evidence of eligible expenses. Pursuant to SBA Form 3508, [...]
September 23, 2020 Hold On! We understand that Paycheck Protection Program (“PPP”) forgiveness is the foremost topic for small business owners, but we encourage owners not to rush to apply for relief. The Small Business Administration (“SBA”), FAQ -August 4, 2020, Question #3, states that the deadline for submitting forgiveness application is 10 (ten) months [...]
This year, there are several outside factors that have affected the entire tax bureaucracy. Some of these have caused great consternation for wage earners, investors and businesses alike. We know that the filing date this year has changed, but it is also true that many people needed expected tax refunds in order to get through [...]
August 12, 2020 Our nation has been rattled with uncertainty – from mass school closings to stay-at-home orders. Long gone are the days where going to the bank or the grocery store without a mask is permitted. Infections and death tolls are on the rise, and Americans are afraid for their safety. With these uncertainties, [...]
Whether you own a business or are getting ready to start one, you may wonder whether you need to enlist the services of a certified public accountant (CPA) or when. Hiring a CPA in New Lenox IL is beneficial for various reasons and you can hire the professional on a part-time or full-time basis. Here [...]
On March 20, 2020, the IRS issued Notice 2020-18 announcing that federal income tax payments and payments due on April 15th may be deferred until July 15th. Many states are expected to follow suit with the IRS, but as of March 20, 2020, many have not, including Illinois. The AICPA is keeping track of state [...]