Quantum Consulting and Accounting Resources, LLC

08/16/2021

It’s time for a friendly reminder from our office! The extended due date for Partnership (Form 1065), S-Corp (Form 1120-S), and Corporate (Form 1120) returns is quickly approaching. Partnership and S- Corp returns with valid extensions are due September 15, 2021 and Corporate returns are due October 15, 2021. Please don’t drag your feet scheduling an appointment or gathering the necessary information for your accountant or CPA.

Penalties for late filing can be steep! The Form 1065 and 1120-S penalty is $210 for each month or part of a month (for a maximum of 12 months) the failure to file continues, multiplied by the total number of persons who were partners/shareholders in the entity during any part of the tax year for which the return is due. Form 1120 penalties are 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. The minimum penalty for a return that is more than 60 days late is the smaller of the tax due or $435. As you can see, the penalties add up quickly.

Feel free to call our office for help filing your return at 276-694-3806 or email Susan at [email protected]. We can also assist you with any bookkeeping that may need catching up for 2020 in order to prepare your return.

07/19/2021

Have you already received the advanced child tax credit payment? Payments were directly deposited or mailed out on July 15. Taxpayers with a qualifying child between the ages of 6 through 17 are eligible to receive $3,000 per child and $3,600 if under the age of 5 at the end of 2021. There are phase-out limitations for taxpayers with Adjusted Gross Income over $150,000 for married filing joint returns and $75,000 for single filers. The advanced credit is calculated as one-half of your estimated eligible 2021 credit divided into monthly payments(6).

Confused as to how this will affect your 2021 return or refund? The advance payment will reduce the amount of the child tax credit that you can claim on your 2021 return. Because you are receiving approximately one-half of the credit in “advance”, you will not be able to claim the full credit amount on your return. You could receive a smaller refund or owe tax due to the advance payments.

In the event you would like assistance in determining how this will affect your return or if you would like to opt out of receiving these advance payments, please give our office a call at 276-694-3806 or email Susan at [email protected]. Susan and Beth are here and available to help!

Frequently asked questions about the Advance Child Tax Credit Payments in 2021 — Topic A: General Information

01/26/2021

https://www.journalofaccountancy.com/news/2021/jan/ppp-loan-forgiveness-updated-applications-and-rules.html

Updated guidance from the Small Business Administration is available for recipients of Paycheck Protection Program loans of $150,000 or less. The guidance states that a one-page application for forgiveness will be available soon. If you are a business owner who received a loan over $150,000 and would like to have the balance forgiven, contact our office for help at 276-694-3806. We have successfully applied and received approval for forgiveness of $1 million in loan balances on behalf of our clients.

We can also help with all bookkeeping, payroll, and tax needs.

The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.

01/21/2021

Meet the newest addition to our team, Beth Roberson! Beth and her great smile will be greeting you when you visit our office. She will be working on administrative, bookkeeping, and accounting services. Beth has many years of previous experience in the accounting field. We are so happy to have her with us! Come in and say "Hi!"

12/17/2020

Did your business receive a Paycheck Protection Program (PPP) loan? Did you know you can apply to have the repayment of the loan forgiven? Quantum Consulting and Accounting Resources can provide assistance with the calculations necessary to complete the PPP Loan Forgiveness Application. Don’t let this opportunity pass because you are too busy or overwhelmed by the technical guidance issued by the Small Business Administration. Feel confident in signing the representations and certifications on the application because you have included the correct information! We have staff who are knowledgeable on the application requirements and calculations and will be happy to help you! Contact Susan Heath, CPA for more information at [email protected].

08/19/2020

TAX TIPS! IRS Tax Tip 2020-100 - Now is a good time for people to begin thinking about next year's tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again.

Here are some suggestions to help taxpayers keep good records:

Tax Tip 2020-100, August 11, 2020

08/18/2020

DON'T WAIT UNTIL THE LAST MINUTE! Final deadline to file corporate tax returns for the year 2019 if an extension was requested is September 15, 2020. The final extended deadline to file individual tax returns for the year 2019 is October 15, 2020. If you need assistance with bookkeeping or tax return preparation, we are here help.

08/17/2020

As a reminder to all the Truck Drivers in our community, do not forget to timely file your Form 2290, Heavy Highway Vehicle Use Tax Return. The deadline to file Form 2290 and pay the tax is August 31, 2020. If you are unsure whether you need to pay the Heavy Highway Tax, the IRS has an interactive tool you can use (see the link below) or feel free to stop by our office on Main Street in Stuart for assistance.

Determine if you're required to pay highway use tax on a highway motor vehicle used on any public highway in the United States.

03/24/2020

If you have been unable to reach us by phone, feel free to email us! We are currently working from our homes and will check email and phone messages frequently. Thank you for your understanding in this matter.

[email protected]

03/20/2020

"We are moving Tax Day from April 15 to July 15," Secretary Steven Mnuchin tweeted. "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
He said he was acting at President Donald Trump's direction.
The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15.

Now, the deadline will be extended into the summer.
Mnuchin said Americans with refunds should still file now.
"I encourage all taxpayers who may have tax refunds to file now to get your money," he wrote.

March 18, 2020 - The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.

02/19/2020

Another service we provide! 😊