Financial, Tax, and Family Office Services
This has already been a complex year, and it’s only March. Here are some of the major changes. FILING DEADLINES: For individuals and businesses in Texas, income tax returns which are normally due on March 15th and April 15th are automatically extended until June 15th this year as a result of the Presidentially-declared natural disaster …
The First Train Wreck of 2021 Filing Season (A Big One) Tucked away on line 30 (page 2) of your 2020 return (due April 15, 2021) is the reconciliation of the advance payments you may have received last year. It’s going to generate a lot of headaches this year. Remember the $1200 per adult and …
First Train Wreck of 2021 Individual Filing Season (and it’s a big one!) Read More »
This happened to one of my clients. In ordinary years ( “ordinary” hereinafter defined as “not 2020”) rejection of an otherwise-correct return usually means identity theft, but this year, we have another twist. If you called the IRS to inquire about your stimulus check, the IRS systems show a return was filed with adjusted gross …
Did your 2019 Tax Return get rejected by the IRS? Read More »
Martin Lindstrom describes the latest casualty of COVID-19 – the demise of the office as “a fun place to work” and the effect of corporate culture. His article was originally posted in LinkedIn (easiest to read there) ; a pdf is found here if you can’t find it.
A “few” changes have occurred since my last post. Here’s a quick summary: The EIDL application window has re-opened. For a while, only agricultural requests were being accepted, but now businesses that missed the original window are allowed to apply. If you accepted the EIDL loan that was proposed but now were declined or now …
The SBA has issued clarification on this issue. Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer? Answer: No. As an …
PPP Guidance- What if a laid-off employee refuses to come back to work? Read More »
If your company was too big to qualify for the PPP and EIDL loans, these new loans (MSNLF and MSELF )may be possibilities. They are slightly different programs: MSNLF loans max at lesser of $25 million or 4X 2019 EBITDA; MSELF maxes at lesser of $150 million, 30% or borrower’s existing outstanding and committed but …
If your business is too large to qualify for PPP and EIDL Read More »
Martin Lindstrom has three predictions – and for those of you overdosing on the news feeds, this is a welcome break. Take five minutes and read this. I also have predictions which I’ll publish later – right now, I’m assisting my clients with PPP and EIDL.
As previously stated (over and over and over) this is brand new legislation and the rules and processes are changing daily if not hourly. The official SBA form that is provided to the banks for guidance in making these loans was changed last night, superceding the form released earlier this week. If you’re interested, the …
The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …
Overview of Cares Act sent to clients April 2, 2020 Read More »