Please spread the word if you know of someone who receives social security with children. This may impact them.
UPDATE.. NO SIMPLE TAX RETURN REQUIRED for STIMULUS!
IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate stimulus checks. There was talk of a taxpayers who were not required to file a tax return and did not file a return for 2018 or 2019 would have to file a simple tax return. Update is they will us social security data instead. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Small Business $10,000 Emergency Funds NOW!
During this crisis the Federal Government has created several avenues for small businesses to get funds to continue operations. The link below will take you to the application for the loan that is currently available. The EIDL (SBA Economic Injury Disaster Loan). Details of these packages continue to be updated. We’ve listed a bit of information on the SBA program that is out NOW. You may be able to receive a $10,000 advance within 3 days of applying. This advance is forgiven even if the EIDL Disaster Loan is not approved. More news on the PPL (Paycheck Protection Loan) will be coming out on Friday and can be applied for in conjunction with this advance.
Please have your most recent business tax return in hand to complete the application. https://www.sba.gov/disaster-assistance/coronavirus-covid-19#section-header-3
ECONOMIC INJURY DISASTER LOAN & EMERGENCY GRANT
This page will be updated continuously to reflect the most recent information on the coronavirus. This page was last updated on March 28, 2020.
Overview
The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.
Eligibility
In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:
• Business entities with 500 or fewer employees:
• Sole proprietorships, with or without employees
• Independent contractors
• Cooperatives and employee owned businesses
• Tribal small businesses
• Private non-profits of any size.
Additionally, you must have been in business as of January 31, 2020. Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020.
How to Apply
• You can apply for an EIDL online with the SBA.
• When you apply, you can request an emergency grant of $10,000.
• The SBA will provide the grant within 3 days of receiving your application.
• You will not have to repay the grant, even if your application for a loan is denied.
• You can visit an SBA resource partner who can help guide you through the loan application process. You can find your nearest Small Business Development Center (SBDC) or Women’s Business Center here.
Can I apply for other SBA loan programs?
If you apply for an EIDL and the grant, you can still apply for a Paycheck Protection loan. However the amount forgiven under a Paycheck Protection loan will be decreased by the $10,000 grant.
More Information
For more information about SBA loan programs, please visit the Small Business Administration. More information about small business programs in the CARES Act can be found on the U.S. Senate Committee on Small Business and Entrepreneurship website.
If you need additional assistance, please reach out to your local Small Business Development Center, Women’s Business Center, SCORE chapter, or SBA District Office.
SBA.GOV
Coronavirus (COVID-19)
Recovery rebate for each taxpayer of $1,200 ($2,400 for joint returns).
Plus $500 for every qualifying child.
Rebates are income tested and begin phasing out after $75,000 adjusted gross income (AGI) (single), $112,500, (HoH), and $150,000 (MFJ).
The rebate amount is reduced by $5 for each $100 a taxpayer’s income exceeds the phase-out threshold and completely phased-out at $99,000/$198,000 (single/MFJ).
No payment without proper tax identification numbers.
IRS will base these amounts on the taxpayer’s 2019 tax return
2018 tax return if 2019 not yet filed
If no filing for either year, then based on information provided by Form SSA-1099 or RRB-1099, 2019 Social Security Benefit Statement
We made the decision to close our office in order to safeguard the health of our staff and their families. We will be working remotely and can be best reached by email. Should you need assistance or an update on your tax filings, please reach out to info@kathleenjmiller.com.
Thank you for your patience and best wishes to you and your families.
Small Business Relief Grant
The Small Business Relief Grant is designed to provide relief to Ohio businesses that have been negatively affected by COVID-19.
Governor Mike DeWine has designated up to $125 million of funding received by the State of Ohio from the federal CARES Act to provide $10,000 grants to small businesses to help them through the current crisis. The program, which will begin accepting applications November 2, 2020, will be administered by the Ohio Development Services Agency.
Application opens November 2, 2020.
Contact us for more information (440) 255-1541
If you've received a 1099 for unemployment from ODJFS and you didn't file or receive income, it may be fraud. Please click here for more information https://conta.cc/3r6Vu3A
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Have you received an unexplained 1099 for unemployment?
Looking for ways to save in 2021? Have a friend become a new client with us and you'll both be rewarded. Please click on the link for more information! https://conta.cc/2XPku2W
We are hosting a community shredding event at no cost. All documents will be shredded confidentially on-site. You do not have to be a current client to participate. Please click on the following link for more information: https://conta.cc/35tH1qn
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Complimentary Shredding Event on January 14th
The President has signed the stimulus package. Click on the image below for guidance on items that impact small businesses.
https://conta.cc/2WW3Lu9
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Guidance to Navigate the New Stimulus
https://conta.cc/37u44mc
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It's the Holiday Season - Let's Wrap Up 2020
