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West Palm Beach, FL 33407

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You are here: Home / Archives for Announcements

Coronavirus (COVID-19) Information & Resources

April 7, 2020 By The Balance Sheet

coronavirus-2020 information and resources

Internal Revenue Service (IRS)

  • All IRS Coronavirus updates
  • Economic Impact Payments
  • IR-2020-65, April 3, 2020 – Follow IRS on social media, sign up for e-news subscriptions for urgent updates on COVID-19, scams and economic impact payment information.
  • IR-2020-64, April 2, 2020 – IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
  • IR-2020-62, March 31, 2020 – IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
  • IR-2020-61, March 30, 2020 – Economic impact payments: What you need to know
  • IR-2020-59, March 25, 2020 – IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
  • IR-2020-58, March 21, 2020 -Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
  • IR-2020-57, March 20, 2020 – Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
  • IR-2020-54, March 11, 2020 – IRS: High-deductible health plans can cover coronavirus costs

 

SunBiz.org

  • File Annual Reports Deadline Extended “Any profit corporation, limited liability company, limited partnership or limited liability limited partnership annual report filing will have until 12:01 am on July 1, 2020“

 

US Small Business Administration

  • Economic Injury Disaster Loan (EIDL) This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
  • Paycheck Protection Program loan (PPP) This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
  • SBA Express Bridge Loans Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
  • SBA Debt Relief The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

 

State of Florida

  • The Florida Small Business Emergency Bridge Loan Program – is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.

Filed Under: Announcements Tagged With: coronavirus, government resources, tax resources

IMPORTANT TAX DEADLINES FOR 2017 FILINGS

January 6, 2018 By The Balance Sheet

Remember These Dates!

  • Tax Filing Season Begins – IRS will begin accepting tax returns on January 29th
  • Tax Deadline for S Corp and Partnership business – March 15th
  • Tax Deadline for Personal and Corporations – April 17th
  • Tax Deadline for Calendar year Non-Profit Organizations – May 15th

 

 

 

Filed Under: Announcements, Tax Tagged With: 2017 Tax Filings, Filing in 2018, tax deadlines

2017 Standard Mileage Rates for Business, Medical and Moving Announced

January 19, 2017 By The Balance Sheet

The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 53.5 cents per mile for business miles driven, down from 54 cents for 2016
  • 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
  • 14 cents per mile driven in service of charitable organizations

Filed Under: Announcements, Tax Tagged With: IRS, standard mileage rates, The Internal Revenue Service, vehicle mileage rate

3 Important Tax Announcements for the Upcoming 2016 Season

December 16, 2016 By The Balance Sheet

Tax Season Starts January 23

The IRS has announced that tax season will officially begin on January 23, 2017. After you receive the early January release of Drake Tax Software, you’ll be able to transmit returns to Drake and we will hold them “in queue” until the IRS begins accepting returns.

Refunds for Returns with EITC or ACTC Delayed

The PATH Act of 2015 requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 –- if there are no processing issues with the tax return and the taxpayer chose direct deposit.

Filing Deadline is April 18

The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017. This date is due to April 15 falling on a Saturday and the following Monday being Emancipation Day, a legal holiday in the District of Columbia.

Filed Under: Announcements

New Due Date for Form 1099-MISC Box 7 Use

November 1, 2016 By The Balance Sheet

According to the 2016 General Instructions for Certain Information Returns:

  • New Due Date for Forms 1099-MISC Using Box 7 — January 31, 2017 is now the due date for filing Forms 1099-MISC when reporting nonemployee compensation payments in box 7. Otherwise, file on paper by February 28, 2017, or file electronically by March 31, 2017. (The due dates for furnishing payee statements remain the same.)
  • Electronic Filers must use the FIRE System. The IRS has included a “First Time Filers Quick Reference Guide” in Publication 1220 (page 2).
  • Extensions — A 30-day extension must be requested by the due date of the return. Under certain hardship conditions, an additional 30-day extension can be requested. For more information, go to https://www.irs.gov/pub/irs-pdf/i1099gi.pdf (page 6).

More detailed information is available at https://www.irs.gov/pub/irs-pdf/p1220.pdf.

Filed Under: Announcements, Tax Tagged With: filing tax, irs tax, Tax, tax return

IRS Announces New Due Date, Filing Extensions, & Penalties for Form W-2

November 1, 2016 By The Balance Sheet

According to the 2016 General Instructions for Forms W-2 and W-3 published by the IRS:

  • New Due Date for Forms W-2 — January 31, 2017 is now the due date for filing 2016 Forms W-2 and W-3 with the SSA, whether filing using paper forms or electronically. (Forms W-2AS, W-2CM, W-2GU, W-2VI, and W-3SS are also included.)
  • Extensions Not Automatic — Extensions of time to file Form W-2 with the SSA are no longer automatic. For filings due on or after January 1, 2017, one 30-day extension may be requested. However, the IRS will only grant the extension in extraordinary circumstances or catastrophe.
  • Higher Penalty Amounts — Higher penalty amounts apply to returns required to be filed after December 31, 2015 and are indexed for inflation.

More detailed information is available at https://www.irs.gov/pub/irs-pdf/iw2w3.pdf.

Filed Under: Announcements, Tax Tagged With: IRS, IRS filing, IRS filing 2016

IRS April 18th Late Notice – ACTION REQUIRED

May 3, 2016 By The Balance Sheet

The IRS has begun issuing late notices for tax deposits received April 18, 2016 as being late.  This is because April 15, 2016 was a District of Columbia Holiday and their computer system was not properly updated to reflect this.

IF YOU RECEIVE A NOTICE: Whether a penalty is assessed or not, you need to contact your accountant immediately to clear this from your IRS records.

Filed Under: Announcements Tagged With: IRS




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