February 28, 2020
One of the biggest questions asked when filing taxes is "When can I expect my refund to come?"
Once your tax return is e-filed, you can get your refund in as little as 8 days from your filing date. The IRS cannot promise that you will get it back that quickly, but states that most filers should receive their refund within 21 days.
If you mail in your tax returns, you can expect to add 6-8 weeks to your processing time, which will delay your refund.
Please note that the 2020 Tax Deadline is Monday, April 15, 2020.
We'd like to draw your attention to the new 1099 forms for 2021. If you (as a business) prepare your own 1099’s, please be aware of the changes:
1099-NEC: This form reports nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, Box 1 may show cash you received for the sale...
We are pleased to announce that Congress changed some of the PPP rules over the weekend. It is important to note that several of the rules have been relaxed; those of you who were getting close to the end of your “8 week window” can now take a deep breath, as that period has been extended. As always, we are staying up-to-date as the new rules are rolled...
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...