Jones and Kolb

06/03/2023

Great fun — Jones and Kolb Family Day at Zoo Atlanta

06/06/2022

05/05/2022

Happy Mother's Day!

09/14/2020

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Thursday, October 15
• If a calendar-year C corporation that filed an automatic six-month extension:
o File a 2019 income tax return (Form 1120) and pay any tax, interest and penalties due.
o Make contributions for 2019 to certain employer-sponsored retirement plans.

Monday, November 2
• Report income tax withholding and F**A taxes for third quarter 2020 (Form 941) and pay any tax due. (See exception below under “November 10.”)

Tuesday, November 10
• Report income tax withholding and F**A taxes for third quarter 2020 (Form 941), if you deposited on time (and in full) all of the associated taxes due.

Tuesday, December 15
• If a calendar-year C corporation, pay the fourth installment of 2020 estimated income taxes.

Thursday, December 31
• Establish a retirement plan for 2020 (generally other than a SIMPLE, a Safe-Harbor 401(k) or a SEP).

08/11/2020

What does the executive action deferring payroll taxes mean for employers and employees?

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the action directs U.S. Treasury Secretary Steven Mnuchin to “explore avenues, including legislation, to eliminate the obligation to pay the taxes.”

The exact impact on employers and employees isn’t yet known. There are many open questions, including President Trump’s legal ability to implement the deferral. Some experts believe there may be legal challenges to this executive action.

Deferral details
The payroll tax deferral will be available for “any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000.”

The deferral will be calculated on a pretax basis or the equivalent amount with respect to other pay periods. Plus, the amounts will be deferred without any penalties, interest, additional amount or addition to the tax.

Stay tuned for additional guidance
No doubt there is much to flesh out about this payroll tax deferral. Secretary Mnuchin has been instructed to provide additional guidance and employers can’t act on the deferral until that happens. It’s also possible Congress could take action. We’ll be monitoring developments and their implications, so turn to us for the latest information.
© 2020

07/13/2020

There’s a new IRS form for business taxpayers who pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. (Prior to 2020, Form 1099-MISC was filed to report payments of at least $600 in a calendar year for services performed in a business by someone who isn’t treated as an employee.) Generally, payers must file Form 1099-NEC by Jan. 31. For 2020 tax returns, the due date will be Feb. 1, 2021, because Jan. 31 is a Sunday. There’s no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions.

06/15/2020

Partial PPP loan forgiveness remains if 60% threshold not met.

Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.

04/01/2020

Out of an abundance of caution and at the request of the CDC, Governor Kemp and Mayor Bottoms, we are encouraging our associates to work remotely. Please rest assured that we remain ready to serve you. We are available via email, phone call or social media. You may use the secure portal on our website to upload your documents. We remain focused on serving our clients while we navigate through these unprecedented times together. Thank you for your patience and trust.

04/01/2020

Small Biz Funding Application Available

The United States Department of Treasury has released the Payroll Protection Program Application Form for the SBA 7(a) Loan Program. As expected, the application and documentation requirements are simple and streamlined as opposed to traditional SBA lending.

The Payroll Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs, including benefits. Additionally, the funds can be used for debt service, rents and utilities. The Program authorizes up to $349 billion in loans for small businesses to keep their employees on payroll during the COVID-19 pandemic.

Borrowers can see an outline of the terms of the Payroll Protection Program on the Information Sheet released by the United States Department of Treasury. A few of the highlights of the program are as follows:
• Loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
• Small businesses with 500 or fewer employees, including nonprofit 501 c(3) organizations, are eligible.
• Lenders can file applications for small businesses and sole proprietorships starting April 3rd.
• Lenders can file applications for independent contractors and self-employed individuals starting April 10th.
• You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
• Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
While the loan can be applied for through June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap. Borrowers should start working with lenders and their CPAs now in order to have everything ready to file once the application filing window opens (April 3rd or 10th, as described above).

03/31/2020

https://www.joneskolb.com/firm-news-1/covid-19-stimulus-package-offers-relief-to-affected-individual-taxpayers?fbclid=IwAR2aOHHGzGMlvEv5uZomQIWxTPIRDro57FA5CKJ6vl86dbbBNw5Nn_58EgA

During these uncertain times, it pays to know what relief is available under the CARES Act for you and your family.

03/31/2020

The CARES Act includes several tax-related provisions to help businesses survive the coronavirus (COVID-19) pandemic.

The CARES Act includes several tax-related provisions to help businesses survive the coronavirus (CoVID-19) pandemic.