The CARES Act includes provisions that allow you to delay payment of the employer portion of payroll taxes for your employees. It also offers delayed payments for Self Employment tax for Sole Proprietors and Partners. .In this video I discuss the rules of the law and...
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What is an EIDL Loan & Should I Apply for One?
Watch this video if you want to learn more about EIDL loans and what ever happened to the $10,000 loan advance you requested on the SBA web site. Also I cover what is covered in an EIDL loan and what you need to do to apply for one. .Before you do anything else, why...
Applying to Have Your PPP Loan Forgiven is Your Job Not the Banks!
Once you get your PPP loan a clock starts on how long you have to determine how much of the loan is forgiven and when you must send your bank your request for loan forgiveness with the required backup information. In this video I detail the worksheet that the SBA has...
Why the Employee Retention Credit Might be a Better Option than the PPP Loan
The Employee Retention Credit is an overlooked part of the recently passed CARE act designed to help businesses survive the COVID19 related loss of revenue. If you qualify, and most small businesses will, the credit can reduce your payroll tax payments and provide...
Tap Into Your IRA Tax Free During COVID19 Related Financial Crisis
The CARES Act allows taxpayers affected by COVID19 to borrow up to $100,000 from their IRA without tax or penalty. In this video we discuss who qualifies for this tax break, how you pay it back tax free and what happens if you can't or don't pay it back within...
Tax Breaks From the CARES Act
The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) included many tax breaks designed to get cash to individuals and businesses. In this video I discuss how the $1,200 per person checks will be sent out, calculated and how it will be reported on your...
July 15th is the New April 15th
In this article I cover the change in the income tax filing deadline for individuals, C-Corps and trusts and estates from April 15th to July 15th. This also applies to 2019 tax payments and 2020 tax estimates. I also cover how this affects 2019 IRA, HSA and employer...
SBA Proves Once Again That You Shouldn’t Count on the Government to Save Your Business!
Yesterday the SBA announced the long rumored changes to both the $10,000 grant and the Paycheck Protection Program that make both programs much less helpful to helping your business survive. In this video I discuss these changes and how you can only count on your...
Time for Business Owners to Get Creative!
First let me apologize for being missing in action for the past week. Have been helping my clients submit their applications for the Payroll Protection Program loans to the banks. So far I have prepared 47 loan requests totaling $4,407,087. During this last week I...
How to Get a Corona virus Emergency Small Business Loan AND Get it Forgiven
In this video I discuss how to start the process to get an SBA guaranteed loan and what you need to do to have it forgiven. Also have the help offered by the City of El Paso. Here is the link to the SBA site to start the loan process and to get the $10K emergency loan...