Rhodes-Murphy Tax Service

07/01/2020

Did you know that one of the few acceptable debt consolidation uses of the Economic Injury Disaster Loan (EIDL) is to pay off IRS debt? If you owe back taxes, this might be a VERY simple way to get out from under it.

Here is where you apply. It only recently re-opened to non-agricultural businesses, so don't miss your chance while you can, if you need it.

06/30/2020

The SBA is expected to release business and nonprofit NAMES, addresses, North American Industry Classification System (NAICS) codes, ZIP codes, business type, demographic data, not-for-profit information, jobs supported, and loan amount ranges of every business that received a PPP loan over $150K. Be prepared for this, as it is expected to come this week.

"This is far from the full transparency that American taxpayers deserve," Rep. Clyburn said in a statement.

06/29/2020

A plethora of tax deadlines are approaching on July 15th:

- 2019 taxes
- 1st quarter estimated taxes
- 2nd quarter estimated taxes
- IRA contributions to be counted on 2019 taxes
- Final day to max out contributions for your 2019 HSA
- Last day to claim any refund money from an unfiled 2016 return
- Most states' tax deadlines also fall on the 15th (but not all)

06/26/2020

“When the storm has passed, put your energy into rebuilding your life, don’t waste time looking back.” -Leon Brown

06/25/2020

IRS offices have begun opening ... but the process is going to be slow. Save yourself long wait times and frustration, and let us help.

The Internal Revenue Service (IRS) continues to make strides in getting back to normal.

06/24/2020

Taxes are due in about THREE WEEKS. (July 15th, 2020)

Is that you?

There have been so many distractions these past few months that it's easy to see how it could have been set aside. And perhaps not even unwisely.

But now, well ... it's go time.

06/23/2020

There is a new "Main Street Lending Program" that was built into the CARES Act. THIS IS A LOAN. It functions similarly to the EIDL, but a shorter term (4-5 years), and a slightly lower rate (around 3%). A good rundown from USA TODAY is here. There is a minimum loan amount of $250K ... so this is not for startups, and targeted mainly to mid-sized companies. If this is you, let's talk before you enter into it.

The Fed's Main Street Lending Program drew a strong response from banks after launching last week. But critics say it should encourage riskier loans.

06/22/2020

In some states, 2020 estimated tax payments are (were) due BEFORE July 15th. While both Q1 and Q2 FEDERAL estimated tax payments are now due July 15th, not all states followed suit. This article lists these tax deadlines for all 50 states, for your reference.

Some of you may be discovering that you are now delinquent on these payments. We can help with that, so give us a call if you need help.

To prevent confusion and to ensure taxpayers receive the full benefit of the extended federal deadline, states should consider extending first- and second-quarter estimated tax payment due dates to July 15 or later.

06/19/2020

In honor of Father's Day this weekend, let's recognize those in our lives giving us the "dadvice" (and dad jokes) that we usually need. Happy Father's Day to all the dads (natural or adopted)!

06/18/2020

Be aware of these scams in circulation right now.

One such example: Don't fall prey to scams offering a quicker way to get your stimulus check. There are no shortcuts.

The IRS is warning taxpayers about COVID-19 related scams - some of which have been circulating for months.

06/17/2020

Q&A Tuesday: What questions can we answer for you today?

06/16/2020

If your business is still needing a cash infusion because of COVID shutdowns, the SBA just re-opened the EIDL (Economic Injury Disaster Loan) to non-agricultural businesses. These are generous terms of 30 years at 3.75%. It is a LOAN (non-forgivable), but this is a great way to pay off IRS debt (if you have it), and you can use it for a variety of purposes (though NOT owner draws).

The Small Business Administration is reopening its Economic Injury Disaster Loan and EIDL advance grant portal to a broader array of eligible small businesses and nonprofits affected by the coronavirus pandemic, beginning Monday.