Important announcement: Due to the rising number of COVID-19 cases in our area, our office will not be holding in-person appointments for clients during this tax season. Click here or read the COVID-19 Precautions section of this newsletter for more info.
Tax Tip of the Month: Info about 2nd round of PPP loans
The latest economic stimulus bill passed by Congress allows for certain businesses to apply for a second loan through the Paycheck Protection Program, or PPP. Here are some key details about this:
  • In order to be eligible, a business must demonstrate at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter.
  • A business can get a loan amounting to up to 2.5 times their average monthly 2019 payroll. For restaurants & hotels, this goes up to 3.5%
  • The loan will be administered by SBA, through banks, just like the first round of loans. You should contact your bank now if you think you might qualify, and ask to be on their list to be notified about loan application information.
  • The second PPP loans are eligible for forgiveness, just like first loan.

In addition to the second round of PPP loans, Congress also made one other important change. They overruled the IRS and said in the new law that if businesses who got a PPP loan had the loan forgiven, the loan will not be considered taxable income. This will also apply to the second round of PPP loans.
COVID-19 Precautions for Tax Season
Due to the rising number of COVID-19 cases in our area, our office will not be holding in-person appointments for clients during this tax season.

An online portal will be set up for all clients for the purposes of sending and receiving documents. Clients can use this online portal, the dropbox outside our office, or mail to send us their completed tax organizers and any other documents they need to send us. 

If clients want to have a meeting to discuss their tax situation, phone meetings or online meetings via Zoom will be available. Clients must submit their completed tax organizers and/or other relevant documents at least one day in advance of the meeting.

Finally, we will be setting up a system to allow clients to sign e-file forms and other forms electronically as another way to minimize physical contact.

Thank you in advance for your understanding and cooperation as we work to keep everyone as safe as possible during these difficult times.
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Picture of the Month
This month's picture is a view of Ben sitting on top of the Lord's Chair on the Appalachian Trail in Nelson County. It was a hike he did last month.
Latest Firm News
Due to the rising number of COVID-19 cases in our area, our office will not be holding in-person appointments for clients during this tax season. Click here or read the COVID-19 Precautions section of this newsletter for more info.

All of the tax organizers have now been mailed out to current clients of our firm. If you haven't received yours already, you should get it very shortly.

Our tax season hours are in effect starting this week. Our office will be open on Saturdays from 9 am to noon through April 15th (in addition to our regular hours).

Also, we are pleased to announce that CPA Sonya Carwile will once again be assisting our firm throughout the tax season.
Featured Video: Common Tax Return Mistakes
As tax season begins, we feature Ben's video in which he discusses common mistakes people make when trying to complete their own tax return. Of course when you use a CPA these mistakes are less likely to occur, but you still must provide your CPA with accurate information.
Featured Resource: IRS "Get My Payment" Tool
The IRS has re-activated the "Get My Payment" tool that it used during the first round of stimulus payments to help people track the status of their next payment.

Get My Payment will let you confirm:
  • That we sent your second Economic Impact payment, also known as a stimulus payment.
  • That we sent your first payment. Some people received their first Economic Impact Payment in partial payments. If you received partial payments, the application will show only the most recent.
  • Your payment type: direct deposit or mail.

Data is updated once per day overnight, so there's no need to check more than once per day.

Click here to access the tool.
Featured Customer: One19 Bar
The One19 Bar in Farmville offers Southwestern Tex-Mex influenced cuisine with a "tastefully off-center" approach. They feature FRESH seafood and creative burgers, plus a huge Tequila selection, local beers, and craft cocktails. Click here to check out their menu on their website.