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I wanted to share with you today, a helpful summary of COVID-19 and CAREST Act Related Programs that are available to dateLoans:Payroll Protection Plan (PPP) SBA 7(a) LoanEconomic Injury Disaster Loan (EIDL) SBA 7(b) Loan &Economic Injury Disaster Loan Advance (Grant)Main Street LendingState and Local fundingGrantsPayroll Taxes:Payroll Tax Credit RefundsEmployer Retention Tax CreditPayroll Tax DeferralUnemployment:Self-Employed Unemployment BenefitsDeferrals:SBA 7(a) Loans - Pre-Existing (Not Paycheck Protection Program Loans)SBA 504 LoansSBA Micro LoansNet Operating Losses:Net Operating Losses (NOLs)Other Tax Changes:Credit for Prior Year Minimum Tax for CorporationsLimitation on Business InterestCharitable ContributionsQualified improvement propertyQualified Retirement Plans WithdrawalHealth and Fringe Benefits PlansStimulus Checks$2,400/1,200 and $500 per dependent ... See MoreSee Less
A summary of COVID-19 and CARES Act Related Programs that are available to date.Loans:-Payroll Protection Plan (PPP) SBA 7(a) Loan-Economic Injury Disaster Loan (EIDL) SBA 7(b) Loan &-Economic Injury Disaster Loan Advance (Grant)-Main Street LendingPayroll Taxes:-Payroll Tax Credit Refunds-Employer Retention Tax Credit-Payroll Tax DeferralUnemployment:-Self-Employed Unemployment BenefitsDeferrals:-SBA 7(a) Loans - Pre-Existing (Not Paycheck Protection Program Loans)-SBA 504 Loans-SBA Micro LoansNet Operating Losses:-Net Operating Losses (NOLs)Other Tax Changes:-Credit for Prior Year Minimum Tax for Corporations-Limitation on Business Interest-Charitable Contributions-Qualified improvement property-Qualified Retirement Plans Withdrawal-Health and Fringe Benefits PlansStimulus Checks-$2,400/1,200 and $500 per dependentHere is what a lot of people don’t understand…1) Not everyone knows what they qualify for....-We’re hearing stories of banks not offering to help people apply for funds.-And CPAs not wanting to work on COVID-19 funding?-So what do you do?-We’ve been working with banks that help new and existing clients go through the process.2) Making sure you get the maximum amount might not be easy-The calculation of how much you can borrow sounds simple… 2.5x your average monthly payroll..-But there’s more to it that that.-1099 contractors, should they be added? What if you didn’t issues 1099’s? Should you now and pay the penalty?-People making over 100k? Are you excluding them?-We have a calculator we created to determine how much you can borrow.-The lenders may have their own calculation, they may ask you for more details.-We want you to be ready.3) Most Important, you'll need documentation to make sure you qualify for forgiveness and it doesn't turn into a REAL LOAN that you have to pay back.-verifying the number of full-time equivalent employees on payroll-as well as the dollar amounts of payroll cost-covered mortgage interest payments-covered rent payments-covered utilities-AND all funds must be disbursed within 8 weeksHere’s how we can help you with the coronavirus crisis:-Loans You Don’t Have To Pay Back For Payroll, Rent, Mortgage Interest-Disaster Loans For Other Business Expenses You Can Cover-Defer 100% Of Your Payroll Taxes For 2 Years-Get A $2,400/$1,200 Cash-Back Rebate On Your Taxes (Sec 2201)-Had Losses In ‘18, ‘19? Get Cash Back By Amending Your Tax Return-Business Went Down? Get A Payroll Tax Credit Up To $10,000 Per Employee ... See MoreSee Less
The April 15th deadline for filing and paying taxes has been extended to July 15th. Let us help you through this as we will come out on the other side stronger, feet more planted and more prosperous. Rock Business Solutions remains open and working harder than ever to fulfill our clients needs. Please call if you need assistance. Stay healthy and May God Bless you, your families, your business and employees. ❤️ ... See MoreSee Less
The ROCK Business Solutions team is staying abreast of the current events affecting our community and the markets. We would like to extend a message to all of the clients. Although the current situation is not a familiar one, we are continuing to work diligently to take care of our clients and customers in every way possible. We will continue to monitor conditions closely and we hope to return to business as usual as soon as possible. Please do not hesitate to reach out to us with any questions or concerns you may have at any time.Thank you,Rock Business Solutions ... See MoreSee Less
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How to help your clients pay less taxes.The government often designs the tax code to encourage certain behaviors while discouraging others.Let’s say it’s early April. An individual client (or family) has handed over their documentation. You’ve prepared their taxes. They find themselves paying more, probably because some deductions have either been capped or vanished.They ask: “What can I do?” If they are dual-income wage or salary earners getting 1099s (US tax form required to be completed by freelancers), have children in school and own their home, there’s not a lot that’s going to make a big difference.Does their income flow from various sources, or are they are ready to retire or make a major lifestyle change? Depending on the answer, there are some steps they can take:1. Defer income. This should work for high-earning executives getting a salary and bonus. Can they elect to take that income a few years from now?2. Start a business. Lots of people sell items on eBay. Some professors consult or write textbooks. These are additional sources of income, and the pass-through deduction of 20 percent of net income has great value to them.3. Closely track business-related expenses. This home-based business needs an in-house office space, computer equipment, furniture, office supplies and stamps. Keep track of everything you are spending. Mileage is also important if you use your own car for business-related trips or errands.4. Rent out vacation property. You bought the house at the shore when the children were young. They’re grown now. You visit a few times a year during the off-season, when traffic isn’t a killer. You are paying property taxes, bumping up against the deductibility limit. Suppose you rented it out instead? You can still use it 14 days a year, or 10 percent of the total days rented. Now the property is considered a business, fitting it and its costs into another category.5. Challenge tax assessments. This one’s pretty limited. You need to be confident your neighbor’s houses are assessed far lower than your property. Forbes wrote up a sequence of steps to follow.6. Find out if your state distributes a lot of college grant money. Higher education is expensive. New Jersey, California and Wyoming distribute the most aid to low-income students. These are Pell grants, sure, but it’s important to recognize California and New Jersey have high property taxes. If you live there, it may help reduce college education costs. You aren’t saving on taxes, but you are saving somewhere else.7. Don’t collect Social Security. If you don’t need the income, you can get a higher amount in the future if you elect not to collect it now. The earliest you can start collecting is age 62, but you only collect 75 percent of your maximum monthly benefit. If you start collecting at 66, you get 100 percent of your monthly benefit. Delay longer, and the benefits increase up to age 70.8. Retire to a lower tax climate. Your client might live in a high-tax state because they had a high-paying job. If they are retiring and the high income is no longer there, the high taxes and cost of living aren’t going away. They might consider moving to one of 25 cities MoneyTalksNews highlighted as the best places to retire.Bottom line: There is no easy way for people earning a salary to reduce their taxes by that much. If you have income from other sources or are considering a lifestyle change, there’s scope for improvement. ... See MoreSee Less
Avoid that pre-tax panic! Get your books in order and save on your 2018 filing fees.Going to see your CPA doesn't have to be like going to see your dentist. In fact, you can get that clean books feeling AND save on your 2018 tax filing fees with less effort than it takes to floss before bedtime.Regardless of what industry you're in—from restaurant & hospitality to professional services or manufacturing—having clean books will make your 2018 tax filing a breeze.With our team of experienced, senior-level accountants on hand to help you prepare and answer questions, you'll be able to submit your tax return with confidence.Don't wait—your tax deadline is coming up fast. It's time to start preparing! ... See MoreSee Less