Tax-Saving Tips April 2021 PPP Extended—Act Fast or Miss Out This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs out,” and be forewarned that this can happen within weeks. So don’t procrastinate—not even for one day. If you qualify for the first-draw PPP money, complete your application now. The money is going to run out fast—and once it’s gone, so is the PPP. Legislatively, the new round for the PPP ends on May 31. The clock ticks. You qualify for the PPP if any of the following are true: · You file your taxes on Schedule C of your tax return. Businesses that file on Schedule C include independent contractors, single-member LLCs, proprietorships, and statutory employees, such as life insurance salespeople. · Y
- Other Apps
Tax Manager Who We Are Stranger, Tallman & Lautz Accounting is a full-service accounting firm serving clients throughout the Grand Junction, Colorado area and across the country. We are a very small firm (7 people) that is trying to buck the traditions that have held our profession back for the last century. We view our firm as an entrepreneurial endeavor, in which all team members are expected to take ownership in the firm’s success. We offer incentives that align the firm’s goals with those of our team members. We’re a forward-thinking firm, embracing technology and efficient business processes to not just survive, but to thrive. Who You Are You are a CPA with extensive knowledge of accounting and tax laws. You are looking for an entrepreneurial opportunity and hoping to join a firm where your hard work will directly impact its success. Not only do you have a solid grasp on numbers, but you also are a people-person who enjoys connecting with clients on a personal level.
- Other Apps
Nine Insights into PPP Loan Forgiveness for the Self-Employed When you are self-employed with no employees, the Paycheck Protection Program (PPP) is a COVID-19 gift designed to help you get through this pandemic. If you now have your PPP funds, we have identified nine insights for you. 1. New Law, Enacted June 5, 2020, Creates Easier PPP Loan Forgiveness On Thursday, May 28, 2020, the U.S. House of Representatives approved the Paycheck Protection Program Flexibility Act of 2020 by a vote of 417-1. On Wednesday, June 3, 2020, the Senate passed the bill by a unanimous voice vote. The president signed the bill into law on Friday, June 5, 2020. Here are some highlights from this new law: · For a business that currently has a PPP loan—allows the business to extend the eight weeks to 24 weeks or elect to retain the original eight weeks · For those under the 24-week rule—requires that 60 percent of the loan proceeds be spent on payroll ·