Covid-19 Take Four (or is this Five?)
We are trying to answer your questions and concerns as quickly as we can. However, we do not have any guidance from the folks that are supposed to provide it (SBA, Congress, Department of Revenue, Department of Labor). Therefore, we will all have to wait and see. With that said, we would like to share some qualified answers to the questions that seem to be on most of your minds.
What Should I Know about My Personal Property Tax Return?
This is the most important part of our Eblast. So, please pay attention!
South Carolina has extended the filing of some business property tax returns (those who file with the SCDOR) to June. That extension applies to the following counties - Cherokee, Chester, Colleton, Dorchester, Greenville, Oconee, Pickens and Saluda. All remaining counties are due April 30
Georgia and North Carolina property tax returns are not extended beyond the extension already given.
Please be on the lookout for any forms you may need to sign and mail that we are sending to you
If we have not received the information to process your December 2019 financials, your business property tax returns will not be prepared on time.
What is the Status of the Third Bill (CARES)?
CARES (the third bill) has passed in the Senate. It still needs to pass the House (and they might want to change it, in which case, it would probably have to go back to the Senate). And then it has to be signed into law. Until that happens, we are just speculating like everyone else.
Can Our Spouse Receive Unemployment?
In the past, your spouse could not file for unemployment because you owned over 5% of the practice. The rules may be relaxed but we do not know. If you decide this is something you want to do, your spouse can apply and either they will accept it or turn it down.
What About the SBA Relief Loans?
As we said above, the third bill has not passed. We have read that there will be several types of SBA loans available. Clients are telling us that the SBA website has crashed (not surprising), which is why we are strongly recommending that you call your banker directly. We have had several discussions with various bankers over the past several days. They have told us that SBA loans will be processed and funded through your local banks. By avoiding applying on the SBA website and dealing directly with your banker, you should have faster approval once the loans are available and in place.
Please do not accept any SBA loans at this time
(it is okay to apply). You will need to wait and see what loan or grant (or both) best suits your needs.
As stated several times, we are waiting on the details and we do not have answers yet.
Will My Yard Win the CUAK Yard of the Pandemic Award?
Hopefully, you will be working in your yard to relieve some of this stress and anxiety. Please submit your yard pictures to us by May 31
and we will announce the winner in an Eblast. Good luck and may the best yard win (to be determined by us!).
We return to working on tax returns! Stay safe, stay sane and
COLEMAN, UREDA, ALFORD & KAUCHER, PA