At Bee, Bergvall & Co., we are continuing to work to meet the tax preparation needs of our clients. As a result, we have instituted a number of procedures to protect the safety of our both staff and clients.
Following the recommendations of the CDC, we will be limiting interactions and will no longer be seeing clients in person, rather we have available a number of other options.
You may send us your tax information either through mail, our secure client portal, or via drop off to the physical document lock-box we have on location on our porch in Warrington. Our procedure is to have all documents scanned into our system by one of our administrative professionals who will be taking physical precautions while handling your documents.
We are happy to discuss your tax information and answer any questions by email, phone or Skype.
If you have questions or need assistance, please call our office and we can assist you in getting these documents to us. 215-343-2727
The Magic Age
WEB-EXTRACT.CONSTANTCONTACT.COM
The Magic Age
FREE TRAINING Bucks County Community College is offering the Bookkeeping with QuickBooks Certification course. This 7 week course will provide an introduction to the principles of financial accounting with a focus on bookkeeping and accounting procedures. It is funded by the County of Bucks and may be free to qualified applicants.
https://www.bucks.edu/businesscareer/bookkeeping/
BUCKS.EDU
Bookkeeping with Quickbooks Certification | Business + Career | Bucks County Community College
How people can reconstruct records lost in a natural disaster
Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants.
Whether it’s personal or business property that has been lost or destroyed, here are some steps that can help people reconstruct important records.
https://www.irs.gov/newsroom/how-people-can-reconstruct-records-lost-in-a-natural-disaster
IRS.GOV
How people can reconstruct records lost in a natural disaster | Internal Revenue Service
The Free FamilyWize Prescription Savings Card enables everyone, both insured and uninsured, to have access to more affordable medication. By showing the FamilyWize card to their pharmacist, consumers can save on their prescription medications. The average savings for consumers is 45 percent. The card is free for all and has unlimited use and no eligibility requirements. It is accepted at pharmacies nationwide, including all major chains. FamilyWize Prescription Savings Cards are available to print from the familywize.org website, as a free downloadable app, or by mail or text.
https://familywize.org/
FAMILYWIZE.ORG
Save Money with a Free Prescription Discount Card
QuickBooks Coffee Break-join us for a brief (and free) How-To QuickBooks Tutorial, followed by a live Q&A session with one of our QuickBooks experts. This week's topic is How-to: Bank Reconciliations. Thursday, 9/24 at 11:00 am.
https://www.surveymonkey.com/r/Q93HJMW
SURVEYMONKEY.COM
QuickBooks Coffee Break
The Magic Age
WEB-EXTRACT.CONSTANTCONTACT.COM
The Magic Age
QuickBooks Coffee Break-join us for a brief (and free) How-To QuickBooks Tutorial, followed by a live Q&A session with one of our QuickBooks experts. This week's topic is How-to: Reporting (QBs-Online version). Thursday, 10/22 at 11:00 am.
https://www.surveymonkey.com/r/Q93HJMW
SURVEYMONKEY.COM
QuickBooks Coffee Break
Round 3 of economic support for Bucks County Small Business and Nonprofits is now open. Grants of up to $25,000 are available.
For information about eligibility and the application process, please visit:
https://www.bcrda.com/bucks-back-to-work-small-business-grant/
Note: The total of the grant award must be spent by December 30, 2020.
BCRDA.COM
Bucks Back to Work Small Business Grant – The Redevelopment Authority of the County of Bucks
PA Department of Labor & Industry
November 12 at 2:29 PM ·
📣 PA’s new Overtime Rules are in effect expanding eligibility + overtime protections 💪 to PA’ians working in exec, admin, + professional jobs. We’re raising the salary threshold from $23,660 a year to $45,500 a year and will roll it out in 3 phases.
Learn more: www.dli.pa.gov/overtime
Best Practices for supporting & operating charities abroad
WEB-EXTRACT.CONSTANTCONTACT.COM
Best Practices for supporting & operating charities abroad
PENNWATCH.ORG
L&I to Expand Window to Backdate Unemployment Claims During COVID-19 - PennWatch
Businesses with up to 100 employees are eligible.
FREE PPE kits are available for Montgomery County Businesses
All businesses with less than 100 employees and a location in Montgomery County are invited to stop by The Chamber of Commerce of Greater Montgomery County to pick up supplies. We have a large supply available and membership is NOT required.
The boxes packaged with face masks, face shields, hand sanitizer, wipes, infrared no touch thermometer as well as signage and Covid-19 information.
The Chamber's office hours
Monday - Thursday, 9am -4pm No appointment necessary
https://www.chambergmc.org/
CHAMBERGMC.ORG
The most active Montgomery County Chamber
QuickBooks Coffee Break-11/19/2020 at 11:00 am. Our topic is Creating a Budget. Please feel free to join us for a brief tutorial followed by a Q&A session. There is no cost for the program, but registration is required to receive the meeting credentials. (If you've registered for previous sessions, you will automatically receive an invite for this session).
https://www.surveymonkey.com/r/Q93HJMW
SURVEYMONKEY.COM
QuickBooks Coffee Break
How are you doing?
Catalyst Center For Nonprofit Management
November 24 at 10:57 AM ·
The Stress Continuum from the Colorado Healthcare Ethics Resource Group. They have some great resources here as well.
Thinking about participating in Giving Tuesday tomorrow? Don't forget the CARES Act 2020 provision that will allow people to deduct up to $300 in charitable contributions this year.
https://www.irs.gov/newsroom/special-300-tax-deduction-helps-most-people-give-to-charity-this-year-even-if-they-dont-itemize
IRS.GOV
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize | Internal Revenue Service
Giving Thanks
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Giving Thanks
QuickBooks Coffee Break-12/10/2020 at 11:00 am. Our topic is Entering Expenses and Bills in QBs Online. Please feel free to join us for a brief tutorial followed by a Q&A session. There is no cost for the program, but registration is required to receive the meeting credentials. (If you've registered for previous sessions, you will automatically receive an invite for this session).
https://www.surveymonkey.com/r/Q93HJMW
SURVEYMONKEY.COM
QuickBooks Coffee Break
Individuals with student loans will have an addition month’s pause.
CNBC.COM
Education Department extends student loan payment pause for 42 million borrowers amid Covid crisis
#IRSTaxTip: Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions. https://go.usa.gov/xA3GJ
IRS.GOV
Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions | Internal Revenue Service
Key Provision of the COVID-19 relief bill:
$25 billion in emergency rental aid and an extension of the national eviction moratorium through Jan. 31, 2021.
Key Provision of the COVID-19 relief bill:
$120 billion to provide workers receiving unemployment benefits a $300 per week supplement from Dec. 26 until March 14, 2021. This bill also extends the Pandemic Unemployment Assistance (PUA) program, with expanded coverage to the self-employed, gig workers, and others in nontraditional employment, and the Pandemic Emergency Unemployment Compensation (PEUC) program, which provides additional weeks of federally funded unemployment benefits to individuals who exhaust their regular state benefits.
Key Provision of the COVID-19 relief bill:
$166 billion for economic impact payments of $600 for individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent.
The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night.
KEY PROVISION:
$325 billion in aid for small businesses. The bill provides more than $284 billion to the U.S. Small Business Association (SBA) for first and second PPP forgivable small business loans and allocates $20 billion to provide Economic Injury Disaster Loan (EIDL) Grants to businesses in low-income communities. In addition, shuttered live venues, independent movie theaters, and cultural institutions will have access to $15 billion in dedicated funding while $12 billion will be set aside to help business in low-income and minority communities.
Is a New Career for 2021 on your resolution list?
United Way of Bucks County
1 hr ·
Do you know someone that wants to start a career, not just find a job?
Bucks County Community College - Center for Workforce Development is recruiting for Industrial Maintenance Pre-Apprenticeship Training Program which starts on February 15, 2021. This cohort of participants is funded through the County of Bucks so training is FREE for Bucks County residents affected by COVID along with consideration of family income. No prior college is needed to succeed in this training. See flyer for details!
COVID-19 Relief Bill
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COVID-19 Relief Bill
KEY PROVISION in COVID Relief Bill:
Charitable Giving Incentives: The legislation reestablishes the temporary $300 above-the-line deduction for people who do not itemize their deductions and establishes a $600 deduction for couples filing jointly in 2021. It imposes a penalty for overstating contributions. The bill also extends for one year the increased limits on deductible charitable contributions for individuals who itemize and for corporations.
COVID-19 Relief Bill
WEB-EXTRACT.CONSTANTCONTACT.COM
COVID-19 Relief Bill
Thank you Denise Neason, CPA
Denise Davis Neason
December 31, 2020 at 1:37 PM ·
2021 changes to Paycheck Protection Program second draw
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.
Below is a BRIEF summary of the eligibility requirements (consult your accountant and/or lender for more details)
Paycheck Protection Program Second Draw Loans. The CAA, 2021 permits certain smaller businesses who received a PPP loan and experienced a 25% reduction in gross receipts to take a PPP Second Draw Loan of up to $2 million.
Eligible entities. Prior PPP borrowers must meet the following conditions to be eligible for the PPP Second Draw Loans:
Employ no more than 300 employees per physical location;
Have used or will use the full amount of their first PPP loan; and
Demonstrate at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. Applications submitted on or after Jan. 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020.
Eligible entities include for-profit businesses, certain non-profit organizations, housing cooperatives, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.
TODAY (12/30) the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.
The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, Dec. 30.
The Internal Revenue Service urges people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. The IRS said in a statement on Monday. “IRS phone assistors do not have additional information beyond what’s available on IRS.gov.”
https://www.irs.gov/coronavirus/get-my-payment
IRS.GOV
Get My Payment | Internal Revenue Service
MONTCOSTRONG 2021 Restaurant Grant Program: the Montgomery County Board of Commissioners is making available up to $5,000,000 in county economic development funds to support restaurants and other food service businesses as we move through the next phase of the COVID-19 global pandemic.
The application window for this program will open at approximately Noon on Wednesday, December 30, 2020 and close at approximately Noon on Friday, January 8, 2021. This program is a jointly administered initiative of the Montgomery County Commerce Department and the Redevelopment Authority of Montgomery County.
https://www.montcopa.org/3665/MontcoStrong-2021-Restaurant-Grant-Progr
MONTCOPA.ORG
MontcoStrong 2021 Restaurant Grant Program | Montgomery County, PA - Official Website
Overtime Rules
Pennsylvania's overtime rules were amended in late 2019. As part of those changes, the salary threshold in order to be exempted from overtime will be updated in three phases. The first increase went into effect in Oct. 2020. On Oct. 3, 2021, that threshold will go up to $780 per week, or $40,560 annually.
Pennie is Pennsylvania's health insurance marketplace. The site will also connect you to financial assistance (if eligible).
Open enrollment closes on January 15, 2021.
https://pennie.com/
PENNIE.COM
Pennie | Connecting Pennsylvanians to Health Coverage
KPI & PPP2 workshops announced
WEB-EXTRACT.CONSTANTCONTACT.COM
KPI & PPP2 workshops announced
Thinking of applying for a PPP grant? Join us for this free Q& A as we explore the changes with the 2nd round of funding.
Thursday, Jan 21st at 11:00am
Register: https://www.surveymonkey.com/r/VDBQZBB
SURVEYMONKEY.COM
BBCo Roundtable: PPP 2
In response to rising COVID case numbers, Bucks County announced last week that it would open three sites for free COVID-19 testing in the county.
The tests will be given at the locations seven days a week through Jan. 31, with the capacity to perform up to 350 tests per day at each site. They are:
BCCC Lower Bucks Campus, 1304 Veterans Hwy., Bristol: Sun.-Thurs., 10 a.m.-7 p.m., Friday and Saturday, 2-8 p.m., Saturday, 10 a.m.-7 p.m.
BCCC Upper Bucks Campus, 1 Hillendale Rd., Perkasie: 10 a.m.-7 p.m.
The testing sites are expected to convert to vaccine distribution centers once a vaccine is widely available to the public.
NOTE: Delaware Valley University is no longer a testing site.
1099-New form
WEB-EXTRACT.CONSTANTCONTACT.COM
1099-New form
1099-New form
WEB-EXTRACT.CONSTANTCONTACT.COM
1099-New form
KPI & PPP2 workshops announced
WEB-EXTRACT.CONSTANTCONTACT.COM
KPI & PPP2 workshops announced
As one of his first executive orders, President Joe Biden directed the Department of Education to extend student loan relief by extending a pause on interest and principal payments for direct federal loans until at least September 30, 2021.
https://www.npr.org/sections/inauguration-day-live-updates/2021/01/20/958845207/president-biden-will-extend-student-loan-payment-freeze-through-september-30
NPR.ORG
President Biden Will Extend Student Loan Payment Freeze Through Sept. 30
February Potpourri
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February Potpourri
February Potpourri
WEB-EXTRACT.CONSTANTCONTACT.COM
February Potpourri
Join our friends from the Women's Business Enterprise Center (East) for Galentines Day, and support women's owned businesses.
CHIRP- is the COVID-19 Hospitality Industry Recovery Program which allocates $145 million in funding to the hospitality industry in PA.
https://dced.pa.gov/programs/covid-19-hospitality-industry-recovery-program-chirp/
Taxpayers must report gig economy income on their tax return.
In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes. The bottom line is taxpayers must report gig economy income on their tax return.
Check out the IRS Gig Economy Tax Center
https://www.irs.gov/businesses/gig-economy-tax-center
IRS.GOV
Gig Economy Tax Center | Internal Revenue Service
We are inspired by our clients! Centropa has spent years interviewing Holocaust survivors and preserving the oral history This article from Director Edward Serotta shares the many ways the community is reaching out to survivors during the quarantine.
WASHINGTONPOST.COM
Opinion | They survived the Holocaust. Now they’ve come together to endure the pandemic.
IMPORTANT: APRIL 15th remains the date taxes are due to be filed with the IRS. Although it has been suggested that tax season be extended-NO CHANGES have been announced. Please prepare your documents and submit them to your tax preparer as soon as you're able so that your return can be filed by APRIL 15th.
The website Grow has designed a 'stimulus check calculator' to assist you in determining what your stimulus payment could be in the American Rescue Plan.
https://grow.acorns.com/stimulus-check-calculator/
GROW.ACORNS.COM
$1,400 stimulus check calculator: Find out how much money you could get under the American Rescue Plan
President Biden has now signed the American Rescue Plan. Here is what you can expect to happen next:
https://www.whitehouse.gov/briefing-room/blog/2021/03/10/the-american-rescue-plan-passed-now-what/
WHITEHOUSE.GOV
The American Rescue Plan Passed – Now What? | The White House
Cindy Bergvall, CPA testified before the PA House Finance Committee on Friday, along with other professionals on the PICPA Fiscal Responsibility Task Force.
"As Pennsylvania government grapples with public policy questions surrounding tax strategies, the PICPA Fiscal Responsibility Task Force report addresses various state taxes and provides a summary of the top issues and concerns associated with each type of tax. In addition, the report examines potential cost savings and streamlining opportunities in two very large portions of the General Fund that often provide big budgetary challenges: the Departments of Human Services and Public Education. "
https://www.picpa.org/advocate/pennsylvania-fiscal-responsbility-task-force
PICPA.ORG
Fiscal Responsibility Task Force
Here are the 5 Types of Dependents anticipated to receive direct stimulus payments. (Note: final legislation is pending)
https://www.fool.com/the-ascent/personal-finance/articles/stimulus-check-update-5-types-of-dependents-to-receive-third-round-of-direct-stimulus-payments/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
FOOL.COM
Stimulus Check Update: 5 Types of Dependents to Receive Third Round of Direct Stimulus Payments
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
Although the federal filing due date has been extended one month, Bee, Bergvall & Co. strongly recommends that you plan to file your taxes as soon as you are able. As always, speak with your preparer about your unique tax situation.
https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
IRS.GOV
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service
American Rescue Plan
WEB-EXTRACT.CONSTANTCONTACT.COM
American Rescue Plan
COVID-19 Hospitality Industry Recovery Program
Montgomery County’s PA Hospitality and Industry Recovery Program’s eligibility guidelines, application requirements, and program information are available at https://www.montcopa.org/3705/MontcoStrong-2021-Pennsylvania-Hospitali.
The application window for this program will open at 12 p.m. on Friday, March 12, 2021. Applications will be accepted until all grant funds are awarded.
MONTCOPA.ORG
MontcoStrong 2021 Pennsylvania Hospitality Industry Recovery Program – February 2021 | Montgomery County, PA - Official Website
COVID-19 Hospitality Industry Recovery Program-Bucks County
eligibility guidelines, application requirements, and program information are available at https://buckscounty.org/docs/default-source/hcd/chirp.pdf?sfvrsn=41b70def_2.
Applications will be accepted from March 15, 2021 to April 2, 2021. Awards will be based on need fund availability and will be first come, first serve.
BUCKSCOUNTY.ORG
buckscounty.org
The website Grow has designed a 'stimulus check calculator' to assist you in determining what your stimulus payment could be in the American Rescue Plan.
https://grow.acorns.com/stimulus-check-calculator/
GROW.ACORNS.COM
$1,400 stimulus check calculator: Find out how much money you could get under the American Rescue Plan
The IRS issued guidance Tuesday on a new unemployment tax break that makes more people eligible for the benefit. The federal agency said in Tuesday’s guidance that workers can exclude jobless benefits from their calculation of modified adjusted gross income, the official barometer for eligibility.
The rule change means more people will fall below the $150,000 income limit.
https://www.cnbc.com/2021/03/23/10200-unemployment-tax-break-irs-makes-more-people-eligible.html
CNBC.COM
IRS makes more people eligible for $10,200 unemployment tax break
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
Although the federal filing due date has been extended one month, Bee, Bergvall & Co. strongly recommends that you plan to file your taxes as soon as you are able. As always, speak with your preparer about your unique tax situation.
https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
IRS.GOV
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service
American Rescue Plan
WEB-EXTRACT.CONSTANTCONTACT.COM
American Rescue Plan
COVID-19 Hospitality Industry Recovery Program
Montgomery County’s PA Hospitality and Industry Recovery Program’s eligibility guidelines, application requirements, and program information are available at https://www.montcopa.org/3705/MontcoStrong-2021-Pennsylvania-Hospitali.
The application window for this program will open at 12 p.m. on Friday, March 12, 2021. Applications will be accepted until all grant funds are awarded.
MONTCOPA.ORG
MontcoStrong 2021 Pennsylvania Hospitality Industry Recovery Program – February 2021 | Montgomery County, PA - Official Website