Hargrave, Freeman & Leto, P.C. - Certified Public Accountants

08/15/2024

04/15/2020

Important IRS Notice:

We have received information form the Internal Revenue Service, that until further notice, they will not be processing any “paper” return filed or correspondence.

04/02/2020

Hargrave, Freeman & Leto, P.C.

Good morning Friends,

If you own a Small Business you should consider applying for the “Payroll Protections Program” loan. It is imperative that you act quickly. This program will start taking application through an approved SBA lender Friday, April 3, 2020. The loan is based on 2.5 times your average monthly payroll. For most businesses this will be your 2019 payroll information. There are special rules for businesses that were not in business for the full year in 2019 or started a new business after January 1, 2020 and before January 31, 2020. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments and covered utilities. Based on information available at this time, the loan forgiveness will be the costs incurred for items listed above for the eight-week period beginning the date of the loan application (only 25% can be for non-payroll costs). The sample application available at www.sba.gov is a basic 2-page application you can find the application at the following link:

https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf

I would have the following information available to take to my banker (has to be a qualified SBA lender):

1. Copies of your 2019 Form W-3
2. Copies of ALL your 2019 W-2’s.
3. Copies of all quarterly payroll tax returns for 1st thru 4th
Quarters 2019.
4. Copy of your most recent business Federal and State
Income tax return filed.

If you have any question please feel free to contact us at 770-898-8630. We are her to assist you in this time of need.

Please remain safe,
Lee Freeman

Certified Public Accountant

We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.

03/30/2020

Hargrave, Freeman & Leto, P.C.

Dear Friends,

As you are aware, President Trump signed into law emergency assistance and health care response for individuals, families, and businesses affected by the 2020 Coronavirus pandemic. The bill has set aside $350 billion dollars for qualified small businesses.

The Small Business Administration has a streamed line loan process for eligible small businesses. The application can be found at the following link https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources -header-0.

As part of the loan process there is a $10,000.00 emergency cash grant that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue loss.

Sole proprietors and independent contractors will have access to this also.

There is also a “Paycheck Protection Program Loan Guarantee” that will be made available as part of this bill. Here is a link to an article by Forbes that outlines the “Payroll Protection Program Loan Guarantee process and the “Economic Injury Disaster Loan process.

https://www.forbes.com/sites/brianthompson1/2020/03/29/getting-cash-for-your-small-business-through-the-cares-act/ .

The SBA Link is as follows: https://www.sba.gov/funding-programs/loans/paycheck-protection-program

If you have any questions or need assistance please feel free to contact us. Please keep in mind that this is an ever-evolving process and we will keep you abreast of the changes as they come available.

Please remain safe,
Lee

Your small business need cash right now? The government has stepped up to help. I cover the main two ways your business can get cash now that the CARES Act is law. We’ll also discuss the steps you need to take to make sure you can get your money as efficiently as possible.

01/25/2018

Tax Tip 2017-87, December 5, 2017

01/23/2018

IR-2018-8, Jan. 17, 2018 – The Internal Revenue Service, state tax agencies and the tax industry today urged all employers to educate their payroll personnel about a Form W-2 phishing scam that made victims of hundreds of organizations and thousands of employees last year.

01/22/2018

01/18/2018

Thank you to Ginger and her family for the awesome Hargrave, Freeman & Leto Snowman! We hope everyone has enjoyed the snow and stayed safe.

12/15/2017

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

11/01/2017

IR-2017-183, Oct. 31, 2017 —The IRS today reminded people, including those in disaster areas, who want to file a 2016 tax return electronically to do so by Saturday, Nov. 18, 2017.