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Tax & Business News

Tidbits for Clients

Dear Client,
All of us here at Comolli and Company hope you are staying well.

We wanted to let you know about a few new programs that are available for those who have been affected my COViD-19.

Economic Stimulus checks – U.S. residents who have an adjusted gross income of up to $75,000 (single) or $150,000 (married filing joint) who are not a dependent of another taxpayer will receive checks from the IRS for $1,200 (single) or $2,400 (married filing joint).  Taxpayers will receive an additional $500 for children under age 17.  These amounts will phase out for incomes over the threshold, and the income thresholds are based on 2019 tax returns, or 2018 tax returns if 2019 has not yet been filed.  The IRS will deposit the checks to the bank account on record for the most recent tax return, and will begin arriving in the next couple of weeks.

Unemployment – Those clients who have been furloughed will be able to apply for unemployment, including self-employed taxpayers and independent contractors who are not working because of COVID-19.  In addition to the unemployment amount calculated by the state, the federal government will include an additional $600 per week.

Small Business loans – SBA loans are available for a number of business taxpayers.  These loans are also available to independent contractors.

EIDL Emergency Grant – $10,000 grant through the Small Business Administration to pay for business expenses.  This is a grant that does not need to be paid back, and each entity can apply.  The following is a link to the sba website:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

EIDL Disaster Loan – Loan up to $2 million, interest rate of 3.75% for a term of 30 years

Paycheck Protection Program (PPP) – Loan of up to $10 million, interest rate of 1% for a term of 2 years.  This loan is for businesses economically impacted by COVID 19.  It can include sole proprietors and independent contractors.  The loan amount is determined based on 2.5 times the average monthly payroll, with compensation per employee capped at $100,000.  The loan amount may be forgiven if the taxpayer uses the proceeds for payroll, rent, utilities, and interest on debt obligations.  At least 75% needs to be used for payroll.  This program is providing incentive to keep employees on the payroll, or hire them back if they have been furloughed. To apply for this loan, you need to contact your bank – they will be able to answer all your questions and provide you with the loan application.  Apply as soon as possible, because this program is on a first come, first serve basis.  As part of the application process, you will need to provide them with payroll summaries and quarterly payroll tax filings.

Tax Filing Deadline Delayed – The federal filing deadline for individual taxpayers has been delayed until July 15th, and payments normally due on April 15th  (amounts due on your tax return and estimated payments) will be delayed as well.  Massachusetts has also delayed its deadline until July 15th, and New Hampshire has delayed until June 15th.

 

***Please continue to mail in your tax documents and we will prepare them as they come in.  The IRS is still processing tax returns, so you will still be able to receive your refunds.

 

 

 

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Contact Info

Comolli & Company, P.C.
45 Stiles Road, Unit 208
Salem, NH 03079
Phone: (603) 898-3322
Fax: (603) 898-6322

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