by The MDTAXES Network | Jul 6, 2020 | COVID-19, July 2020 Newsletter
With almost $130 Billion in PPP funds still available for business owners, the Senate and House both passed bills extending the 6/30 due date to apply for this forgivable loan to 8/8. Assuming President Trump signs this bill into law, please consider applying for a...
by The MDTAXES Network | Jul 6, 2020 | COVID-19, July 2020 Newsletter
According to the IRS in: IR-2020-131, June 26, 2020 WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments...
by The MDTAXES Network | Jul 6, 2020 | COVID-19, July 2020 Newsletter
Last month the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers. The funds granted do not have to be repaid. The deadline to apply for this federal subsidy is July...
by The MDTAXES Network | Jul 6, 2020 | COVID-19, July 2020 Newsletter
As we wrote last month, practice owners with staff can take advantage of an interest-free loan in the form of a deferral of 2020 matching Social Security taxes into 2021 and 2022. Completing the quarterly payroll tax filing due 7/31 is an essential step for anyone...
by The MDTAXES Network | Jun 29, 2020 | COVID-19
The SBA made it very easy for practice owners to receive an EIDL loan of up to $150k with a fixed 3.75% interest rate over a 30-year term. And a lot of practice owners decided to accept this EIDL loan. As we posted last month at:...
by The MDTAXES Network | Jun 29, 2020 | COVID-19
If your practice had a 401k/Profit Sharing Plan in place during 2019, make sure to file a Form 5500 for your practice retirement plan by July 31st. There are no taxes due with this form. Instead, the Form 5500 is an informational filing only. SEPs and SIMPLEs are...
by The MDTAXES Network | Jun 29, 2020 | COVID-19
The rules concerning whether retirement plan contributions and health insurance premiums paid on behalf of practice owners can be included in the PPP forgiveness calculation were revised yet again. According to the SBA on Page 4 of the information available at:...
by The MDTAXES Network | Jun 29, 2020 | COVID-19
According to the SBA on Page 4 of the information available at: https://home.treasury.gov/system/files/136/PPP–IFR–Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf: A nonpayroll cost is eligible for...
by The MDTAXES Network | Jun 29, 2020 | COVID-19
Last week Laurie LaBrie presented to members of the Massachusetts Society of CPAs to get us practice owners up to speed with what business owners in Mass need to do to keep their staff safe during these challenging times. Laurie’s talk included the following very...
by The MDTAXES Network | Jun 22, 2020 | COVID-19
June 30th is the deadline for business owners to apply for a PPP loan if they haven’t already done so. Believe it or not, the SBA recently issued a revised PPP Loan Application form available at:...
