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In Honor of Memorial Day
HT2 will be closed on
Monday May 25th, 2020
They are the heroes whose footsteps we all should be following. They are the heroes who are our pride. Let us thank our military personnel on Memorial Day.
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THE SBA PPP FORGIVENESS FORM
The Small Business Administration (SBA) has released its long-awaited
Paycheck Protection Program (PPP) forgiveness form
for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known
.
Special Note: Amounts paid to owners (owner-employees, a self-employed individual, or general partners), capped at the lower of:
1) $15,385 (the eight-week equivalent of $100,000 per year) for each individual; or
2) the eight-week equivalent of their applicable compensation in 2019
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IRS GRANTS MID-YEAR CHANGES TO HEALTH, DEPENDENT CARE, AND FLEX SPENDING ACCOUNTS
The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of the pandemic on their families. In response, the IRS is granting employees the ability to make midyear changes to some employer-sponsored health coverage, health flexible spending arrangements (FSAs), and dependent care assistance programs under Notice 2020-29. Normally, changes are only allowed at the beginning of the plan year or from a qualifying event like marriage, childbirth, or a drastic change in plan cost. Now, employees can make the following changes according to the notice:
READ MORE HERE
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MANAGING CASH FLOW DURING A CRISIS AND BEYOND
Your cash flow is the financial story of your business. It tells the story of your high points and low points, where the money comes in and goes out, and is the lifeline of your business in times of crisis. Proper cash flow management can mean the difference between survival and going under for small businesses especially in periods of market and economic downturn, such as the period of challenge faced currently by the ramifications of COVID-19. Here are six steps to managing your cash flow during a crisis.
READ MORE HERE
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RECEIVED YOUR HHS STIMULUS,
NOW WHAT?
As part of the CARES Act, $100 billion was appropriated to the Department of Health and Human Services (HHS) to reimburse healthcare providers for expenses and lost revenue due to the COVID-19 pandemic because many providers have suspended elective procedures and/or incurred additional costs related to the treatment and diagnosis of COVID-19 patients. Of the $100 billion appropriated, a $30 billion grant was distributed to providers who received Medicare fee for service reimbursements in 2019. This initial $30 billion was set to be distributed immediately, with payments beginning to arrive to eligible providers on
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HAVE YOU RECEIVED NOTIFICATION OF YOUR SBA EIDL?
If you received an SBA Economic Injury Disaster Loan, you should be receiving an e-mail from the SBA to create an account, which will enable you to create a portal and then will be instructed to verify identity, review details and sign closing documents. Check your your e-mail and junk e-mail as soon as possible.
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A FOND FAREWELL TO
CINDY ACORD, CPA
At the end of May 2020, we will be saying goodbye to one of our own, Cindy Acord. After almost 8 years with HT2, Cindy has decided to relocate with her family to Arizona. We will miss her infectious laugh and enormous sense of humor. It won’t be the same around the HT2 campus without her!
The HT2 team is diligently working with Cindy and her respective clients to ensure a smooth and seamless transition. We wish Cindy and her family the very best on their new adventures!
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REMINDER!!!
Although the tax filing due dates have been extended, we strongly recommend taking the opportunity to send in your tax data before
June 15, 2020
, so that we can complete the returns before the July 15, 2020 deadline. Please send your 2019 electronic tax package, including your organizer and supporting documents, as soon as possible. You may use the secure link at
www.ht2cpa.com
by logging into the Client Login to upload files and complete the organizer.
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HAMILTON THARP, LLP
HAS A DEDICATED COVID-19 RESOURCES PAGE UPDATED DAILY!
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