Tax Tip of the Month: What you need to know about the PPP reform law

Good news--a bill that changes some of the rules regarding loans for small businesses through the Paycheck Protection Program has passed both houses of Congress and was signed into law. The bill gives businesses more time to spend the money as well as more discretion into how it is spent. Here are some of the highlights: The law extends the deadline for spending the money to 24 weeks from eight weeks. It reduces the share of funding that must be directed toward payroll costs to 60% from 75%. It also pushes back a June 30 deadline to rehire laid-off workers. You can read the full text of the new law here . More economic relief info : Click here to visit the SBA COVID-19 relief website and here to visit the American Society of CPAs pandemic relief information page. Federal Filing Deadlines Reminder The federal deadline for filing tax returns and paying income taxes has been moved back to July 15th. In addition, Q1 and Q2 estimated tax payments are now both due on July 15th for those who make estimated payments throughout the year. If you are a business owner who uses our firm for accounting services and would like a revised number to use for estimated tax payments due to lower-than-expected income, contact our office.

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Picture of the Month Ben recently hiked up to the top of Cold Mountain in Amherst County, an elevation of 4200 ft. What a beautiful view of our great state!

Latest Firm News

Our office is once again open to in-person appointments; however per current Virginia regulations all people entering the office must wear a face mask.  We still encourage clients to use their online portal to send and receive documents whenever possible to minimize in-person interaction. Phone appointments are still available (as they always have been) to those who would rather not visit the office in person.  While our staff is still helping clients prepare their tax returns ahead of the delayed filing deadline of July 15th, we are also making sure that the bookkeeping for all our business clients is kept as current as possible to make sure they have all the documentation they might need related to qualify for PPP loan forgiveness (if they received money through that program).

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. We have had many positive comments from clients who recently set up their portal for the first time when our office was closed to in-person visits due to the pandemic. One frequent refrain is that people wish they hadn't waited so long to set up the portal because of how much easier it makes everything!

Featured Video: Top Small Business Accounting Mistakes Good accounting and bookkeeping has always been important for small businesses, but now it is more critical than ever for businesses who received loans through the PPP program. In order to get forgiveness of those loans, business will need to have good records as to how the money was spent. Watch the video below to hear Ben talk about some common mistakes businesses make related to bookkeeping.

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 FTC Information about scams related to COVID-19

Featured Customer: Car N Go

Visit Car N Go for our large selection of vehicles, competitive guaranteed financing and a sales team that's eager to assist. Come by and allow us to show you what central Virginia has been raving about for over 10 years! Our personalized sales experience to our clients is what makes us your home town auto experts.