SME BUSINESS CONSULTANTS LLC

06/15/2022

If you make quarterly estimated tax payments, then today’s the day to get those second quarter payments in the mail or paid online. Also, any Michigan entities that elected to pay Flow Through Entity taxes should make those quarterly payments online (MTO) by today.

06/15/2021

Reminder: Second Quarter estimated tax payments are due today!

04/15/2021

The City Income Tax deadline of April 15 for Detroit was not automatically extended with the extensions granted at the State and Federal levels. There has been legislation introduced that would also extend the 2020 City Income Tax deadline, however, this legislation has not yet been passed into law. If you file income tax returns with the City of Detroit, be sure to file an extension today if you need more time.

04/15/2021

First Quarter Estimated Tax Payments are still due today (4-15-21) even though the due date for 1040 tax returns has been extended to May 17, 2021. So if you usually send in quarterly payments, don't forget to send one in today!

02/15/2021

Did you make any charitable contributions in 2020? Remember, if you take the standard deduction on your 2020 tax return, you can take a charitable contribution deduction of up to $300.

02/15/2021

Are you getting your 2020 receipts ready for reimbursement from health savings or flexible spending accounts? Remember, as of January 1, 2020, individuals may use funds in HSAs, Archer MSAs, health flexible spending accounts, and health reimbursement arrangements to purchase over-the-counter (nonprescription) medical products, including certain menstrual care products. Just remember to keep your receipts so you can show all distributed money was used for eligible medical expenses.

02/15/2021

Michigan taxpayers - be on the lookout! There were widespread fraudulent unemployment claims in 2020. If you receive a 1099-G for 2020 unemployment benefits that you did not receive, you should report the identify theft to the Michigan Unemployment Insurance Agency. The UIA will issue a corrected 1099-G once the identity theft is confirmed.

03/30/2020

https://www.washtenawsbf.com/

Funding for Businesses Impacted by COVID-19. To address the financial hardship due to the COVID-19 crisis, Ann Arbor SPARK, Washtenaw County’s Office of Community & Economic Development, WCC’s Entrepreneurship Center and SBDC have developed an emergency fund that provides working capital grants

03/27/2020

MI STATE TAX FILING/PAYMENT DEADLINE EXTENDED:
The State tax filing and payment deadline has been extended from April 15th to July 15th for the State of Michigan as of today by the Governor. The Michigan State tax return deadlines are now in line with the Federal tax deadlines that were extended last week. Any estimated tax payments normally due April 15th are also now due July 15th. City tax return and payment deadlines have also been extended. If your City tax return is usually due April 15th, the due date is now July 15th. If you City tax return is usually due April 30th, the due date is now July 31st. These deadline extensions for Cities also include City Estimated Tax payments that are normally due April 15th or April 30th.

03/27/2020

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

IR-2020-57, March 20, 2020 — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse the...

03/23/2020

03/23/2020

Due to the potential impact by the Coronavirus pandemic, Disaster relief loans may be available through the SBA for you and your small business with rates of 3.750% for small business and lower rates for not-for-profits. Loan amounts may be up to $2MM or more. These loans will be available to support working capital needs. Terms are for up to 30 years.

The first year of loan payments will automatically be deferred. The disaster loan will be based on expenses to pay for working capital needs (Payroll, accounts payable, operations, etc.). The loan will not be used to offset revenues.

Eligible borrowers will need to meet basic SBA credit lending requirements (but many typical SBA requirements will be waived),and may (or may not) need to provide collateral. The major requirement is size – either # of employees or $ amount of revenues per year. This is dependent on your industry.

Loans may be available for small businesses that may have launched in 2019.

Current financial statements, prior year financial statements, business and individual tax returns and financial projections may be required. So please have your documentation ready.

It is expected the loan process for approval will take approximately 21 days and another week or so for borrower to submit closing documentation.

If you are approved for an SBA Disaster recovery loan, you may put a hold on the proceeds to compare against other programs that may be in the pipeline (recently announced Main Street Lending program from Fed Reserve and other congressional loan programs).

Again, typical SBA loan requirements will not be enforced for the SBA disaster loan. So be sure to complete the SBA disaster loan application (not other SBA loan programs) and select Economic Injury only.

General collateral requirements may or may not be required. No real estate collateral will be required.

https://disasterloan.sba.gov/ela/Declarations/ViewDisasterDocument/3470

For more questions feel free to visit the above link or you are welcome to send us an email at [email protected].