Business & Individual Tax Update
For Individuals - we are recommending that you create an account at the IRS to be able to view your tax account. Once you have created the account, you will be able to confirm the IRS receipt of any estimated tax payments, receipt of any stimulus payments if you have misplaced the IRS Notices which told you what you were getting, get your tax transcript if needed or check on the status of any unpaid balances. We will be posting detailed directions on the resources page of our website on the mechanics of getting this account set up.
For Businesses - all PPP Borrowers which had their Round 1 Forgiveness reduced by the EIDL the SBA is working on it. Hold tight and do not make any of the payments on the statements you are receiving, unless there were other unforgiven expenditures.
Excerpt from the SBA Memo dated 1/8/21 – Subject: Repeal of EIDL Advance Deduction Requirement
For those loans where SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date. PPP lenders are not required to request remittance of the reconciliation payment.
SBA will identify forgiveness payments that were reduced by EIDL Advances and automatically remit a reconciliation payment to the ACH account identified by the PPP lender in the Forgiveness Platform. Upon confirmation that the payment has been accepted by the PPP lender, SBA will generate a Notice of Paycheck Protection Program Reconciliation Payment that will be available in the Forgiveness Platform.
Don't forget...Partnership and S Corporation 2020 returns are due March 15, 2021. Please get your information in as soon as possible. Individual returns are due April 15, 2021. We request that you get us your information as soon as possible but no later than March 25, 2021. Special requests for expedited processing for information received after March 25, 2021 or September 24, 2021 for extended returns will incur an additional fee.