PPP Loan Forgiveness Final Step
The final step determines the amount of your PPP loan “that will be forgiven”. The final facts on PPP forgiveness will be released soon, so sit tight and wait to apply. The application can be found here: https://zcu.io/a9bD
We can help your small business with our streamlined PPP Loan Forgiveness process: https://zcu.io/RbkL
IRS announcement:
This week, the IRS extended the due date for filing and making tax payments to July 15, 2020, for individuals and the self-employed (schedule C and K-1 filers). There is no need to file for an extension for this change.
The IRS is urging taxpayers who are owed a refund to file as quickly as possible.
The estimated tax payments due on April 15, 2020, are also extended to July 15, 2020.
The IRS has not indicated whether June 15, 2020, estimated tax payment will be extended.
How about trusts, estates, and corporations? Yes, payment deadlines are automatically extended.
Penalties and interest will apply on unpaid balances as of JULY 16, 2020.
Federal tax payments due such as payroll have not changed. For lists on state and local tax authority tax relief, see below.
FORBES.COM
UPDATED: State & Federal Tax Office Closings, Filing Delays & Extensions Due To Coronavirus
Very Quick tips for S-Corp Owners:
Proper Payroll Level:
You can make year-end adjustments to maximize your tax savings by minimizing FICA taxes.
Section 199A Pass-Through Deduction
Business Payroll $'s is a factor in maximizing your pass-through deduction so don't lose sight of this.
401(k) Contribution (all year)
The right Roth contribution works wonders while a company match is a deductible "Payroll" business expense.
Health-Care
Premiums paid by the S-Corp is a business expense that MUST be reported on Box 14 of your W-2 or the IRS will disallow the deduction.
Disclaimer: This is informational only with many "if's then that". Seek advice first. We use professional software and great minds to help S-Corp owners maximize their cash flow. We wish you a happy holiday season!! 🎄
Very Quick tips for S-Corp Owners:
Proper Payroll Level:
You can make year-end adjustments to maximize your tax savings by minimizing FICA taxes.
Section 199A Pass-Through Deduction
Business Payroll $'s is a factor in maximizing your pass-through deduction so don't lose sight of this.
401(k) Contribution (all year)
The right Roth contribution works wonders while a company match is a deductible "Payroll" business expense.
Health-Care
Premiums paid by the S-Corp is a business expense that MUST be reported on Box 14 of your W-2 or the IRS will disallow the deduction.
Disclaimer: This is informational only with many "if's then that". Seek advice first. We use professional software and great minds to help S-Corp owners maximize their cash flow. We wish you a happy holiday season!! 🎄
QuickBooks is rolling out a CASH FLOW PLANNER by Dec 31st. Behind the power of artificial intelligence, the planner helps predict cash-flow requirements up to 90 days out. With this intelligence, they should be able to introduce recommendations for delaying certain payments, accelerating invoicing, and have a credit line ready to tap to plug up cash holes.
Zoho suite of applications has ceased to amaze me. They made another announcement today. A subscription to Zoho One ($30 a month), will come with 5 terabytes of storage. With over 40 applications in Zoho One, you can easily run a medium sized business on their platform. Even if you only use their document management app (similar to Dropbox), you are paying less than the monthly price of Dropbox. Please read the Blog post I published 1.5 yrs ago. They have come a long way since then. Once a diamond in the rough, they are now a gem amongst their competitors.
https://zcu.io/2MLM
