Jeffrey Berger CPA PA

04/29/2020

EIDL updates - I’m on an SBA webinar now. They are now saying ***5 weeks*** to process, encouraging people not to call for updates, forgivable loan advance is given first then next steps with what to do for loan will come by email then 3-5 days funded.

New Applications *might open* up again on Friday. You will be behind the 4.5 million applications they currently have.

Eventually your local office may be able to check your status but not yet.

“Please do not resubmit and please do not apply to multiple banks for PPP because the etran system will see your multiple applications and can kick you to the back of the line.”

“650 score for a normal SBA loan. For EIDL 600. for PPP typically going off payroll but at banks discretion to pull credit or ask for financial information.”

“Ppp if you’ve been on unemployment you can not use it for backpay. If not on unemployment can use it for backpay.”

“Banks are participating voluntarily, recommending people go to fin techs to get it done - kabbage.”

“EIDL only forgivable piece is the advance up to $10k and it is not taxable. Loans up to 30 year period at 3.75 %, first payment 12 months later, small loan payments.”

04/28/2020

https://www.kron4.com/news/national/irs-tells-employees-to-return-to-work-make-own-masks/?fbclid=IwAR3Jr49SoKQItArkKpRkbc1PE14VRAqLF5cfle2zfjFnxLpEKS24YSH5JGE

Most Internal Revenue Service (IRS) employees have been working from home, but starting this week thousands will head back to their offices.

04/25/2020

https://www.cnbc.com/2020/04/23/irs-stimulus-website-raises-more-questions-than-answers.html

Millions of stimulus payments have been sent or are on their way to Americans. However, many people are still having problems finding out the status of their payments. One IRS web tool, in particular, has caused some confusion.

04/24/2020

https://www.cpapracticeadvisor.com/tax-compliance/news/21134114/what-taxpayers-can-do-to-speed-up-coronavirus-stimulus-payments?utm_source=CPA+Tax+%26+Compliance&utm_medium=email&utm_campaign=CCSN200417002&o_eid=7222C2740201J0B&rdx.ident%5Bpull%5D=omeda%7C7222C2740201J0B

The last few weeks have been extraordinarily challenging for most Americans, as many of us have been cloistered in our homes, told to shelter in place, and been urged to refrain from gathering with family or friends.

04/24/2020

Economists say the layoffs could send the unemployment rate as high as 20%, which would be the worst level since the Great Depression. But there are many more filings for jobless aid to come, including millions of independent contractors, gig workers and the self-employed.

04/23/2020

https://www.cpapracticeadvisor.com/tax-compliance/news/21133905/tax-scammers-are-still-in-business-warns-irs?utm_source=CPA+Tax+%26+Compliance&utm_medium=email&utm_campaign=CCSN200417002&o_eid=7222C2740201J0B&rdx.ident%5Bpull%5D=omeda%7C7222C2740201J0B

The IRS, state tax agencies and the nation’s tax industry continue to see an upswing in data thefts from tax professionals as cybercriminals try to take advantage of COVID-19 and Economic Impact Payments to create new scams.

04/22/2020

https://www.cpapracticeadvisor.com/tax-compliance/news/21134152/ssi-recipients-will-receive-automatic-coronavirus-stimulus-check-no-action-needed-says-irs?utm_source=CPA+Tax+%26+Compliance&utm_medium=email&utm_campaign=CCSN200417002&o_eid=7222C2740201J0B&rdx.ident%5Bpull%5D=omeda%7C7222C2740201J0B

SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.

04/21/2020

https://www.cpapracticeadvisor.com/tax-compliance/news/21134519/va-benefits-recipients-will-receive-coronavirus-stimulus-payments-no-action-required?utm_source=CPA+Tax+%26+Compliance&utm_medium=email&utm_campaign=CCSN200417002&o_eid=7222C2740201J0B&rdx.ident%5Bpull%5D=omeda%7C7222C2740201J0B

Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.

04/21/2020

https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

The Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related....

04/15/2020

The Treasury has begun sending $1,200 relief payments to people economically affected by the coronavirus. The IRS set up a website for those who haven't already supplied their bank information.

04/15/2020

https://floridapolitics.com/archives/328192-federal-unemployment-checks-going-out-governor-said?fbclid=IwAR3_6hineDMdfJ3pjFa5D42MBJ3my0QBE0aLNL3yaDAoGROe66VLN1opNlk

04/14/2020

IRS launches tool to help non-filers register for Economic Impact Payments:
To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don't have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.

"People who don't have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible," said IRS Commissioner Chuck Rettig. "The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people."

Economic Impact Payments will be distributed automatically to most people starting next week. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.