Small Business Owners – Comprehensive Guide

Small business owners, please take a look at the following documents:

This is information we have as of 3-31-2020

The Small Business Owner’s Guide to the CARES Act is a helpful resource to know your options. click here:The Small Business Owners’ Guide to the CARES Act

The ADP COVID-19 FAQs is an extremely comprehensive guide to an employer’s responsibilities and options under the new laws. click here:ADP COVID-19 FAQ

The US Chamber of Commerce Small Business Guide to Emergency Loans is also a great resource to the loans available. click here:Small Business Loans COVID – 19 Guide & Checklist

Certain employers are now required to post the Families First Coronavirus Response Act Notice.  Here is a link to the notice: https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf

Here is more information about the notice: https://www.dol.gov/agencies/whd/pandemic/ffcra-poster-questions

US Chamber of Commerce Guide to Emergency Loans for Small Business

Confused about some of the options for small business people?

Please take a look at this helpful guide from the US Chamber of Commerce.

Details from the CARES act are still coming out, and we will post information here as it becomes available.

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

Guidance from the DOL about Unemployment

Many small business people are wondering about unemployment under the Families First Coronavirus Response Act (FFCRA) – the DOL has published 37 Q&As that address these questions.

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Updated & User Friendly SBA assistance

The SBA has updated its website and created a user friendly site outlining all of the loan programs available to small businesses as emergency loans.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

IRS PAYMENT DEADLINE EXTENDED

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

 This payment relief includes:

 Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

 Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.

The IRS established a special webpage on IRS.gov/coronavirus to include the above tax-related information. This page will be updated as more information is available.

GA DEPARTMENT OF LABOR NEWS

The Georgia Department of Labor (GDOL) has adopted an emergency Rule 300-2-4-0.5 Partial Claims, effective March 16, 2020. The rule mandates all Georgia employers to file partial claims online on behalf of their employees for any week during which an employee (full-time/part-time) works less than full-time due to a partial or total company shutdown caused by the COVID-19 public health emergency. Any employer found to be in violation of this rule will be required to reimburse GDOL for the full amount of unemployment insurance benefits paid to the employee. Download the How Employers File Partial Claims Desk-Aid found on the GDOL Alert Page and follow the step-by-step instructions.

Filing partial claims results in your employees receiving unemployment insurance (UI) benefit payments faster, usually within 48 hours for claims filed electronically. Employees for whom you file a partial claim are NOT required to report to a Georgia Department of Labor career center, register for employment services, or look for other work.

Please continue to monitor our website at gdol.ga.gov for any updates to these guidelines.

COVID-19 VIRUS UPDATE

Hello!  

Like you, we’re closely monitoring developments related to the COVID-19 virus, particularly the guidance offered by local, state, and federal health officials.  The health and safety of our clients and our employees remain our top priority.  With that said, we’d like to make you aware of a few items:

  1. While there has been significant discussion by the President and Congress regarding extending the April 15th deadline, that is not official yet.  We are proceeding as normal with an April 15th deadline.  If this changes, we will send out another alert to our clients.
  2. Our office is currently open.  Our employees have the ability to work from home, and more than likely, some of them will need to in the coming days. However, we are not requiring them to do so at this time.
  3. If you have an in-office appointment with us, we would strongly recommend that you consider having your appointment by phone instead.  We have the ability to receive support documents remotely or by mail.  Please call our office for details.

Whether we are in our office or working remotely, we have the ability to continue to provide responsive, high-level service to you, our valued clients.

Rest assured that the Loggins, Kern & McCombs team is prepared to support our clients during this challenging time.  Thank you for your trust in us.

Miranda Kern

Gina McCombs

Brandy Hatfield

Kimberly Fourman

Partners, Loggins Kern and McCombs PC  

 

TAXES CAN BE CONFUSING

We understand that taxes can be confusing to many people, and it especially doesn’t help when the law changes! It’s inevitable that taxpayers will go check the internet for answers to tax questions – and there is lots of good information out there!  However, there are a few things that we would recommend as you go to Google.  First is to check the date of the article you are reading.  There are tax law changes all the time, and even an article that is just a year old could be out of date.  Second, would be to check with a tax professional before making a decision regarding your taxes if you are unsure.  Our clients are always free to get in touch with us to follow up about things that may be unclear. We feel that well informed taxpayers make the best decisions.  Happy tax season!

QUICKBOOKS DESKTOP CLASSS

Upcoming Class:

Thursday February 20th 2020

4:00 p.m. to 8:30 p.m.

With a 30 minute dinner break

     Cost:  $200

Sandwich Dinner is Included

For more information or to register,

call Pam Burnett at 770-478-7424

Class depends on # of registrants  

1099’s are for Landlords too!

1099s are for Landlords too!

Under the new tax law, small business owners can get up to a 20% deduction on their net business income. The great news is that this also includes landlords with rental properties! But, the catch is that you have to treat your rental like it’s a business. You need to have a separate bank account, keep separate records for your rental, and you need to issue 1099s from your rental property. 1099s are required to be issued to any non-corporate entity (or attorney) that you pay $600 or more in the year for rent or for services by cash or by check. Make sure that you get a W-9 from your vendors so that you can properly complete the 1099 in January! As always, please give our office a call if you have further questions. If you are not a client, we can setup an initial one hour consultation to see how we can help!