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COVID-19 & TAXES UPDATE April 1st

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In order to qualify for the Paycheck Protection Program (PPP) SBA loan, you will need to fill out the application.  In addition, you must provide documentation to support your calculation of average monthly payroll to calculate the maximum allowed loan and “prove” to the bank that you were in business as of January 1, 2020.  […]

Paycheck Protection Program Documents

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Here is the newly released loan application and supporting information from the Department of Treasury for the Paycheck Protection Program SBA 7a loan. See the links below. Paycheck Protection Program Application Form  Small Business Paycheck Protection Program Paycheck Protection Program (PPP) Information Sheet: Borrowers Paycheck Protection Program (PPP) Information Sheet: Lenders As always, call or […]

COVID-19 & TAXES UPDATE MARCH 31st

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We sent an email about the Paycheck Protection SBA 7(a) loan program on 3/28/2020.  President Trump has requested this loan program be up and running by the end of this week.  If you are interested in this loan, you need to contact your local lender to start the loan process.  However, businesses with limited payroll […]

COVID-19 & TAXES UPDATE March 30th

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We apologize for the numerous emails recently. We don’t want to flood your email inbox. However, there are many critical pieces to the laws recently passed that affect us all. Thus, we feel obliged to pass this info to you in a timely manner so that you can make the critical decisions, which affect both […]

CORONAVIRUS (COVID19) & TAXES UPDATE March 28th

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Congress passed and President Trump signed a $2 trillion stimulus package known as the Coronavirus Aid, Relief and Economic Security Act or CARES for short. There are numerous provisions in CARES but one of the most intriguing is a new SBA loan known as the Paycheck Protection Program. The purpose of this loan program is to provide […]

CORONAVIRUS (COVID19) & TAXES UPDATE March 27th

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Under the Families First Coronavirus Response Act, effective April 1, 2020, through December 31, 2020, employers with less than 500 employees are required to pay both sick and family leave to employees who can’t work because of Covid-19. If you own a business and have employees, this can and probably will affect you. Sick Leave Employers must provide […]

CORONAVIRUS (COVID19) & TAXES UPDATE March 18th

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Treasury Secretary Steven Mnuchin announced yesterday that the 2019 tax payment deadline of April 15, 2020, will be delayed for 90 days. What does this mean exactly? Individuals and businesses have always been able to request a six-month extension of TIME to file their tax returns. However, if tax is owed, that tax must still […]

CORONAVIRUS (COVID19) & TAXES – March 17th

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All of us are aware of the widespread media coverage concerning COVID-19 of late. Unfortunately, there is a lot of uncertainty surrounding the virus and even though the virus isn’t widespread in Wyoming, it is starting to have an effect here with the closing of schools and other facilities and the cancellation or postponement of events. […]

IRA’s and Roth IRA’s

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IRA’s and Roth IRA’s are popular retirement savings options. However, there are limitations to the amount that can be contributed each year. There is a maximum limitation set by the government each year. In addition, there are other factors that may reduce the amount set by the government. These factors include wages, self‐employment earnings, age, […]

Tax Law Changes

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Over the past year, we have been informing you of the various changes that came with the new tax law here is one more. Recently the IRS came out with guidance on how a rental activity may qualify for the new Qualified Business Income (QBI) deduction as a “trade or business” enterprise. They followed up […]