Hoyle, CPA, PLLC

05/28/2022

JUST 4 DAYS LEFT TO APPLY FOR UP TO $500,000
The application for the NC Grant (Phase 2 of the Business Recovery Grant Program) closes on June 1. Eligible Businesses https://www.ncdor.gov/business-recovery-grant should apply online. In summary, if your business suffered a 20% or more loss in gross receipts, you may qualify. Learn more about the program and file the online application on the NC Department of Revenue website. https://www.ncdor.gov/business-recovery-grant

Business Recovery Grant

01/03/2022

Our Firm prepared numerous 2020 returns that included an add-back for non-deductible expenses paid from PPP loan proceeds in accordance with the tax provisions existing at that time. However, on November 18, after the regular filing season and the time for filing extension returns had ended, the General Assembly retroactively amended legislation to allow for the deductibility of those expenses. And finally, on December 10, 2021, procedures were provided by the NC Department of Revenue for changing NC returns.

If we prepared your 2020 NC return that included a PPP add-back and you prefer to have the return changed now, send an email to [email protected]. On the subject line, please type “NC PPP” and in the body of your email, simply type the Taxpayer’s name as it appeared on the 2020 return. We will work on them in the order of the requests we receive. While we will work diligently to complete as many of these requests in January as possible, it is likely that some will not be finished until after April 15, 2022. One of our Team members will contact you before we proceed with making changes to your 2020 return.

06/27/2021

Good morning, you are now able to unenroll from the Child Tax Credit advance payments. The deadline to unenroll for the July payment is tomorrow June 28, 2021. Please follow the link attached to unenroll. Both you and your spouse have to unenroll separately. Please keep in mind that your child tax credit offsets your tax liability each year. If you receive advance payments your 2021 balance will be more than in the past. If you have any questions please contact our office so we can look at your individual situation.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

06/16/2021

Good afternoon, there have been some updates on the advanced child tax credit from the IRS. Please refer to the link attached. These payments will be a prepayment for the credit you would receive on the 2021 return. It appears you can opt to unenroll soon.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

04/07/2021

The Henderson Office will be open Saturday April 10th from 9-12 for tax return pickup.

03/19/2021

Restaurant Revitalization Fund: $28.6 Billion in Cash Grants to Restaurants

The Restaurant Revitalization Fund, part of the American Rescue Plan of 2021 signed into law on March 11, 2021, provides relief for an industry in need. This targeted relief is available for affiliated restaurant groups with 20 or fewer locations.

03/05/2021

The N.C. Department of Revenue Launches Application Process for Extra Credit Grants Extension

Extension only applies to families with qualifying children who did not already receive $335 grant

Raleigh, NC-- The North Carolina Department of Revenue (NCDOR) announced today that it is accepting applications for the $335 Extra Credit Grants through May 31 for eligible individuals who did not already receive the payments.

The grant program was established in last year's Coronavirus Relief Act 3.0 to assist families with virtual schooling and child-care costs during the COVID-19 pandemic. Gov. Roy Cooper recently signed Senate Bill 36 (https://urldefense.com/v3/__https://www.ncleg.gov/Sessions/2021/Bills/Senate/PDF/S36v3.pdf__;!!HYmSToo!JoFXHFaOlVe58KkmLy6OzvlZ9n5dzLajtm0qP3ebuDlEYFldARKE8t6eqwRj5RpCFQ$ ), which authorized the extension of the program through May 31. While the NCDOR sent more than 1 million checks to North Carolinians last year, some families with qualifying children missed the Oct. 15, 2020 application deadline or did not receive an automatic payment because of a tax preparation software issue external to the NCDOR.

Individuals with qualifying children who were 16 and younger at the end of 2019 who did not already receive the $335 grant may apply through the NCDOR website through May 31.

The online and printable paper applications and eligibility information are here: https://urldefense.com/v3/__https://www.ncdor.gov/extracredit__;!!HYmSToo!JoFXHFaOlVe58KkmLy6OzvlZ9n5dzLajtm0qP3ebuDlEYFldARKE8t6eqwR8VNnJ9g$

Payments will be sent by check to eligible applicants as soon as possible. Distribution information will be posted on the NCDOR.gov website as soon as it is available.

Extra Credit Grants About About Extra Credit Grant Program Extended The Extra Credit Grant program was established by law in 2020 to use funds from the Coronavirus Relief Fund to help families with qualifying children in North Carolina by providing economic support to assist with virtual schooling a...

01/08/2021

https://hoyle-cpa.com/ppp2-loans/

A second round of PPP loans is available to qualifying businesses who can demonstrate the need for more funding.