Hello Spring

We are back! We made it through April 15. But it was an April Fool’s joke on CPAs because it was only one deadline (estimates due) so we are still working away (like little beavers building a dam that keeps being washed out) to our next deadline May 17.

SBA Offering Additional COVID Relief Funds


Yes, there is more money available if you qualify. Here are the requirements for the new Targeted EIDL Advance:


  • You must have less than 300 employees.
  • You must have suffered an economic loss greater than 30% demonstrated by any 8-week period beginning on March 2, 2020 or later, compared to the prior year.
  • You must be located in a low-income community. The SBA has a mapping tool to help you determine if your business address is located in a qualifying low-income community. 


Eligible practices can receive up to $10,000 in tax-free grant assistance. If you have already received an EIDL grant, the maximum you can receive from both programs is $10,000.


For more details, you can call 800-659-2955.


The SBA is also accepting new COVID EIDL loan applications through their portal. These loans are designed for qualified small businesses and must be used for salaries, healthcare benefits, rent, utilities, debt service payments and other operating expenses that were difficult to meet during the pandemic.


Loans started being approved April 6, 2021. The maximum loan has increased to $500,000, has a fixed interest rate of 3.75% with a 30-year maturity date. There are no prepayment penalties or fees. The loan does require it be secured.  

Data Theft Impacting Smaller Offices


Our IT consultant sent us an email about a significant increase in targeted spearphishing and business email compromise attacks against medical/dental providers. Please be aware that we are all at risk and ask your staff to be ever vigilant against fake email and text requests from the ever-busy Cybercriminal Masterminds.


A little tidbit for you. Our office takes weekly training and quizzes on security tips to keep our office and homes safer from cybercriminal attack and scams. We each receive a score and have an ongoing total score to show how we did over the year. Those of us who are high achievers (ALL of us!) enjoy seeing how our Employee Secure Score is rated each weekly quiz.     

PPP Forgiveness for #1


If you do not qualify for ERC (you have been notified by us if you requested us to review it), go ahead and make your bank happy and get that loan forgiven. You do not have to wait any longer!


NC PPP Addback for Expenses


If you live in NC, legislation (in committee) that allows you to take a full deduction for the PPP expense had not been approved at this time. Just to remind you, SC and GA are onboard.


Patience is a Virtue!

 

Please, please, please be patient with us for the next three weeks. We are working long hours getting tax returns or extensions done by May 17th. Another month extension would have helped us, but the IRS wasn’t interested in being our BFF. If we extend your tax returns, it is for very good reasons, please don’t panic. Audits do NOT go up for returns on extension. 


We will be working diligently after May 17th to finish any extended returns but at a slightly slower pace. We do not want to push your returns out to the October deadline any more than you want to file them in October. Rest assured we hate working long hours in September and October. 

As always, we appreciate you and hope you enjoying the beautiful weather. Thank you for understanding and being patient with us as we navigate these tough tax days!