Tax Tip of the Month: Small Business Coronavirus Relief Options

As the Federal government continues to develop programs to help small business owners deal with the economic fallout of the COVID-19 pandemic, the Small Business Administration has published a page that explains all the options available, including both loans and debt relief. Click here to visit the page. Many of these programs are available to all types of businesses, including sole proprietorships. Another good resource is the COVID-19 page on the American Society of CPAs website, which you can access here . Economic Relief Payments As you have probably heard in the news, the IRS will be sending direct payments to many Americans to help them cover expenses during this difficult time. Click here for all the most up-to-date information about these payments, including eligibility requirements, timeline, etc. New Filing Deadlines The federal deadline for filing tax returns and paying income taxes has been moved back to July 15th. The deadline in Virginia has been moved back to June 1st for state returns.

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Picture of the Month Ben's grandson Jack Johnson helps dye some eggs in preparation for Easter.

Latest Firm News

For the past two weeks, one of the main things our staff has been working on is putting together all of the required documents our business clients need if they are going to apply for a loan via the Paycheck Protection Program--part of the SBA COVID-19 relief efforts. These documents have been loaded into the portal of all our small business clients, just in case you need them. Contact our office if you have any questions. Also, just a reminder that although our office is fully staffed and operating with our usual tax-season business hours, we are not holding in-person appointments at this time. Click here for a description of all the precautions we are taking to protect the health of our employees and clients.

Transfer Documents Securely With Our Free Portal System

Did you know we can set up a free online portal for our clients that you can use to send us sensitive documents in a secure manner? It is much more secure than sending documents via email, and much faster than sending printed documents through the mail. Also, you will have access to all tax returns that we have filed for you in PDF form through the portal. This system is completely free to use. All you need to do to get it set up is call our office at 434-392-8311.

Featured Video: How to Make a Face Mask at Home Normally in this section of our newsletter, we include a video from either our website or the IRS YouTube channel featuring tax-related information. However, the current tax situation has been developing so rapidly that there simply is no video content to answer the questions you probably have right now. So, instead, here is a helpful video from our Surgeon General showing you how to quickly and easily make a simple mask at home to help stop the spread of COVID-19.

Featured Resource: Coronavirus Relief Information

In the rapidly evolving situation we find ourselves in, having the most up-to-date and accurate information is important. Rather than relying on your Facebook feed or the local rumor mill for information, we recommend checking the following sources regularly to stay informed: SBA Relief Program Information IRS Pandemic Resource Page Virginia Department of Taxation Coronavirus Resource Page CDC COVID-19 Information Page

Featured Customer: La Parota Grill

La Parota Grill is a great place to get tasty, authentic Mexican cuisine in Farmville. Although they, like all other restaurants, are currently not offering sit-down service, they are still able to serve customers through carry-out and delivery options! Please call (434) 392-3999 or stop by to place a carry-out order, or visit https://www.wayfastdelivery.com/ to place an order through Wayfast Delivery.