Bayco Management Company

12/29/2020

10/20/2020

08/31/2020

PROTECT BUSINESS/INDIVIDUAL TAX RECORDS BEFORE DISASTER STRIKES
(Excerpt from www.BaycoUSA.biz August 2020)

As such, it's always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare:

1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance policies onto an electronic format. You can use an external hard drive, CD, or DVD to store important records. Be sure you back up your files and keep them in a safe place. If a disaster strikes your home, it may also affect a wide area. If that happens you may not be able to retrieve your records.

2. Document Valuables. Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should store them with a friend or relative who lives out of the area. The IRS has a disaster loss workbook, Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property), which can help taxpayers compile a room-by-room list of belongings.

3. Update Emergency Plans. Review your emergency plans every year. Personal and business situations change over time as do preparedness needs, so update them when your situation changes. Make sure you have a way to get severe weather information and have a plan for what to do if threatening weather approaches. In addition, when employers hire new employees or when a company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

4. Get Copies of Tax Returns or Transcripts. Use Form 4506, Request for Copy of Tax Return, to replace lost or destroyed tax returns or need information from your return. You can also file Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return. If you need assistance filling this form out, please call.

5. Check on Fiduciary Bonds. Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.
If you fall victim to a disaster, help is just a phone call away. Don't hesitate to call our offices - 248-351-1818 (ask for Sharon or Colleen) office regarding any disaster-related tax questions or issues you might have.

Note! For additional articles relating to business, taxes, general useful information subscribe to Bayco Management’s Monthly Newsletter.

07/16/2020

Good news for those small businesses in Michigan! Beginning July 15th, they can seek some financial relief for their business that may have been impacted by the Covid 19 pandemic. Further information can be found on their website (see below) or contact Sharon Souder at 248-351-1818 or [email protected] during regular business hours.
Michigan Small Business Restart Program

https://www.michiganbusiness.org/restart/

In response to the economic impact of COVID-19, the State of Michigan has allocated $100 million of CARES Act funding to implement the Michigan Small Business Restart Program to support the needs of Michigan Businesses directly impacted by COVID-19.

Grant Information
In an effort to continue to support small businesses, the Michigan Small Business Restart Program will provide funding to local economic development organizations (EDOs) who will provide grants to eligible small businesses that have been negatively impacted by COVID-19 and need working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses. The partnering EDOs are listed below and cover all 83 counties in Michigan.

Grant Eligibility

Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan. Businesses must also demonstrate the following:
• Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency
• Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses
• Demonstrates an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).

Additionally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses. The MEDC anticipates that more than 5,000 businesses across the state will benefit from this program.

Partnering Local Economic Development Organizations
Application Process

There will be a single, statewide application for the Michigan Small Business Restart Program that will open on July 15, 2020 at 9:00 a.m. and close on August 5, 2020 at 11:59 pm. Applicants can apply for up to $20,000 in grant funds. To view the application questions, click here.
Eligible Expenditures

The Michigan Small Business Restart Program will support the needs of Michigan Businesses directly impacted by COVID-19.

07/01/2020

Five week PPP extension approval by Senate

The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night, June 30 just a few hours before the application window on the program was scheduled to close.

The House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess which may affect its passage.

This action is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The PPP was launched in early April. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs.

The U.S. Small Business Administration (SBA), which oversees the program with the Treasury Department, stopped accepting loan applications at midnight Tuesday. The plan approved by the Senate on Tuesday night would extend the application period until Aug. 8.

Contact Sharon S., Tax Professional, for further information---248-351-1818

05/21/2020

Although we haven't been driving much this past couple of months, that is (hopefully) going to change in the near future. With that thought in mind, the following are the 2020 IRS standard mileage rates for your information:

IRS issues standard mileage rates for 2020

IR-2019-215, December 31, 2019

WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

· 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,

· 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and

· 14 cents per mile driven in service of charitable organizations.

The business mileage rate decreased one half of a cent for business travel driven and three cents for medical and certain moving expense from the rates for 2019. The charitable rate is set by statute and remains unchanged.

05/18/2020

Pay Protection Program Update

As of today, 32 of our Clients have reported that they have applied for the Payroll Protection Program, either phase one or two. We were happy to see that of those applying, 72% were successful and received funding. Sharon Souder, our Tax Manager worked with 12 of Bayco Clients and those Clients were able to achieve a 100 % success rate in getting funding. With monies from the program still available at this time, we would expect new of additional success in the coming weeks.

Uncertainty Looming for the Forgiveness of the PPP

Unfortunately, the Treasury Department and the SBA are releasing information pertaining to the critical ‘forgiveness’ part of these loans in bits and pieces. As of today, very few clear, formal guidelines have been issued by either agency. This creates confusion and uncertainty of the rules going forward.
In view of the non-repayment clause of this loan it is extremely important that all recipients understand the known criteria:
• All the monies you were allotted must be used as the government requires;
• A minimum of 75% of the monies must be used to pay employees for the eight week period. Failure to meet the requirement may invoke a penalty charge;
• The specified period is the 8 weeks starting on the date that the monies were deposited in their account;
• And finally, failure to meet the government’s requirements may convert the PPP monies into a loan that must be repaid and penalties may be assessed.
Bayco will continue to monitor the ongoing situation and will present the information as it becomes available. Each recipient of these funds should closely monitor how their funds are being allocated.

If you should have any questions please contact Sharon Souder (248-351-1818) at our office.

05/13/2020

Bayco is a Virtual Accounting/Bookkeeping/Tax Service firm!!

With Bayco, our business Clients never have to come to our office! Nor do we have to come to their place of business (only if they desire/need! We can be your remote accounting firm!

As a business owner, you have more important things to do than your own accounting or paying a premium to keep an in-house accountant on staff? Or is your outside accountant meeting your expectations?

Whatever approach you are presently taking, we can efficiently provide you with professional, timely, and accurate financial services. We take care of your books for you, so you can get back to the job of running your business and generating profits! Or just spending the extra time the way you want to.

Each month or quarter we'll do the following things for you...
*Reconcile your bank account
*Generate an income statement
*Generate a balance sheet
*Clean up your general ledger

These tasks form the solid foundation of your business accounting system. You can customize the package of services you receive by adding payroll, accounts receivable, accounts payable, tax preparation, or any of our other services.

For further information see our website - BaycoUSA.biz or contact Colleen at 248-351-1818

03/19/2020

SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

I've updated my blog. You can view it at

Bayco Management Company, Inc is a full service tax, accounting, bookkeeping, business valuation, and business consulting firm located in Southfield, MI

03/10/2020

IRS WARNS OF CYBERSECURITY

On a more frequent basis, the IRS is posting information on the threat of identity theft on the website. I thought this was one that everyone could benefit from by reviewing and adhering to :

Issue Number: Tax Tip 2020-30
________________________________________
Five steps taxpayers can take now to protect against identity theft

All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity.
Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a stolen Social Security number.
The IRS and its partners are constantly working to combat these types of crimes, but they can’t do it alone. Taxpayers play an important role when it comes to preventing identify theft.

Here are some tips to help taxpayers protect themselves against identity theft. Taxpayers should:

• Always use security software. This software should have firewall and anti-virus protections.
• Use strong, unique passwords. They should also consider using a password manager.
• Learn to recognize and avoid phishing emails, threatening calls and texts from thieves. These scammers pose as legitimate organizations such as banks, credit card companies, and even the IRS.
• Not click on links in unsolicited emails or messages from unknown senders. Also, people shouldn’t click on links or download attachments from emails that seem suspicious, even if they appear to be from senders they know.
• Protect personal information and that of any dependents. For example, people shouldn’t routinely carry around their Social Security cards. They should also make sure tax records are secure.

02/11/2020

Have A Financial Question?
Bayco has an Answer!

The Bayco Business Info Center webpage https://lnkd.in/e4wRhWH has complete and timely business information for your use 24/7/365. Take the time to explore what is available there & may help you in your day to day business/everyday life situations.
For example, how many times have you asked yourself the question: Would it be beneficial to pay off that loan now with one payment, or should I just continue to make the payments as usual?

Go to - https://lnkd.in/ecvyTJm to use the universally accepted extra payment calculator to determine what is the best solution for your situation.

Bayco Website Financial Calculators can be found at: https://lnkd.in/eURmzDG that you will find interesting and usable for you in the future.

What Is The Impact Of Making Extra Payments On My Debt?

Over the course of a loan amortization you will spend thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.

Bayco Management Company, Inc is a full service tax, accounting, bookkeeping, business valuation, and business consulting firm located in Southfield, MI