These won’t last long! Thank you to Cape Whoopies, Maine's Gourmet Whoopie!
Have you used all PPP loan proceeds for which you or your Organization will be requesting forgiveness? Check out this handout created by the SBA.
Based on guidance from the SBA, you can apply for forgiveness any time up to the maturity date of the loan. Payments are deferred for borrower payments on PPP loans to the date that the SBA remits the borrower’s loan forgiveness amount to the lender. Or, if borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
https://www.sba.gov/document/report--ppp-borrower-fact-sheet
SBA.GOV
PPP Borrower Fact Sheet
The IRS has released the new rates for tax year 2021.
· The standard deduction for married filing jointly will be $25,100; single and married filing separately will be $12,550; and HOH will be $18,800.
· The personal exemption remains at $0.
· Rates will range from 10% to 35%, pending income levels.
· There is no limitation on itemized deductions.
· The annual exclusion for gifts is $15,000.
For a full list of the new rates and limitation go to the IRS website here - https://lnkd.in/dVF5xN7
IRS.GOV
IRS provides tax inflation adjustments for tax year 2021 | Internal Revenue Service
Do you have cash donations but don’t itemize? The IRS has issued a friendly reminder that following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible as an "above-the-line" deduction when you file your taxes in 2021.
#taxes #charitablegiving https://lnkd.in/erxPz3a
IRS.GOV
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize | Internal Revenue Service
On December 21, the House released a bill to help stimulate the economy. Included in this is a second round of stimulus payments -Single people earning up to $75,000 will receive $600; married couples earning up to $150,000 will receive $1,200. In addition, $600 for each dependent child under 17 will also be received. For a summary of the bill check out https://lnkd.in/dPbEaSD #stimuluspackage #economy
TAXFOUNDATION.ORG
Individual and Business Provisions in the $900 Billion Coronavirus Relief Bill
Did you defer certain employee’s payroll taxes during the period of 9/1/20 – 12/31/20, pursuant to Notice 2020-65? Under previous guidance, any taxes which had been deferred were to be withheld and repaid from employee wages between 1/1/21 - 4/1/21; however, Notice 2021-11 has allowed for these amounts to be withheld and repaid from 1/1/21 – 12/31/21.
A copy of the notice can be found here: https://lnkd.in/dgjyzN9
#payrolltaxes #IRS
IRS.GOV
www.irs.gov
Are you an eligible educator? Have you purchased PPE supplies for your classroom? Based on a notice recently issued by the IRS, these expenses can be included in the allowable deduction of $250 of unreimbursed expenses if they were purchased after 3/12/20. These include, but are not limited to: face masks; hand soap or sanitizer; disposable gloves; physical barriers; air purifiers; and other items as recommended by the CDC.
See the full notice here https://lnkd.in/g2QZxhS
#educator #ppe #taxes
IRS.GOV
www.irs.gov
Didn’t receive your stimulus and unsure of what to do? The IRS just announced that they will no longer be sending out Economic Impact Payments as they dive into tax season. If you didn’t receive the full amount, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. The IRS has posted instructions on how to log into your online account to determine the amount you were eligible for, which can then be included on your tax return -https://lnkd.in/ezdDFCn
#stimuluscheck #taxes #recoveryrebate
IRS.GOV
As required by law, all first and second Economic Impact Payments issued; eligible people can claim Recovery Rebate Credit | Internal Revenue Service
Are you a small business or nonprofit with less than 20 employees? Do you plan on applying for a PPP loan? For a 14 day period beginning Wed. Feb 24, the SBA will only accept application from these businesses. Get your application in now before the official deadline on March 31.
#smallbusiness #nonprofit #ppploan
https://www.linkedin.com/posts/runyon-kersteen-ouellette_ppp-borrowers-can-use-gross-income-sba-rules-activity-6774659935813828608-PIzr
LINKEDIN.COM
Runyon Kersteen Ouellette on LinkedIn: PPP borrowers can use gross income, SBA rules
https://www.linkedin.com/posts/runyon-kersteen-ouellette_summary-of-american-rescue-plan-act-ugcPost-6776112687169507328-j3Du
LINKEDIN.COM
Runyon Kersteen Ouellette on LinkedIn: Summary of American Rescue Plan Act
The IRS has 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. Things to keep in mind:
· Individual taxpayers can also postpone federal income tax payments for the 2020 tax year to May 17, 2021, without penalties and interest.
· This does NOT apply to states. Every state will need to choose whether or not they will extend their filing deadlines.
· This relief does NOT apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
#taxes #irs
https://www.linkedin.com/posts/runyon-kersteen-ouellette_singleaudit-sfsac-datacollectionform-activity-6778655205991956480-ptYK
LINKEDIN.COM
Runyon Kersteen Ouellette on LinkedIn: #singleaudit #SFSAC #datacollectionform