Tax Tip of the Month: Focus Shifts to PPP Loan Forgiveness

Now that the Paycheck Protection Program for small businesses is winding down, the focus for businesses who received loans through the program is shifting to how to get forgiveness for those loans. If you own a business that received money through the program, you will get instructions from your bank about what documents you will need to provide for loan forgiveness, and how those documents should be prepared. The instructions will be different from one bank to the next, but the requirements will likely be fairly similar. Once you get those instructions, we can help you prepare those documents. The good news is that the application for loan forgiveness has been re-done to make the process easier. This is part of the PPP reform bill that passed last month. 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 is coming up on 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 did a paddling trip on the Slate River in Buckingham County to fish for Smallmouth Bass. The water levels were very good thanks in part to the above-average rainfall we've had this spring, which made for some great fishing.

Latest Firm News

We have now completed the 2019 individual tax returns for all clients ahead of the July 15th filing deadline, and are now working on special projects such as helping people who needed to catch up on multiple years of tax returns. As a reminder, our office is open for in-person appointments. Per the current Virginia regulations, face masks are required for clients visiting the office. Phone appointments are of course still available for those who would prefer that option.

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: Avoiding IRS Phone Scams With the federal tax filing deadline approaching on July 15th, there will likely be an increase in the number of scam calls to taxpayers from con artists trying to impersonate the IRS. These scams can take a variety of forms but the objective is always to get either money or personal information from the victim, and the scams are getting more sophisticated. Watch the IRS video below to educate yourself and avoid becoming a victim.

Featured Resource: CDC Guidelines for Cleaning Homes & Businesses

As Virginia enters Phase 3 of re-opening the economy, more businesses are welcoming customers and employees back to stores and offices. In order to do that safely, businesses must follow best practices outlined by the CDC. This month's featured resources is the official CDC guidelines for cleaning public places, businesses, schools, and homes during the COVID-19 pandemic.

Featured Customer: Amish Originals

For over 20 years, Amish Originals has provided Farmville and surrounding communities with personalized and friendly service. They offer the finest quality in Amish furniture, nearly all built in the heart of Ohio's Amish Country as well as Pennsylvania and Indiana. Plus, you'll find accessories and home decor, many gift ideas and so much more! Even better, their lines include indoor furnishings and outdoor furniture... featuring many styles and colors to appeal to nearly all tastes and preferences.