Jun 1, 2020
Last week brought great news for practice owners who haven’t spent all their PPP money yet. On Thursday May 27th, the House of Representatives passed a bill making the following changes to the PPP forgiveness calculation: Extends the 8-week Covered Period to 24 weeks,...
Jun 1, 2020
Beware. We’ve now heard from multiple clients that fraudulent unemployment claims were filed under their name and SSN. Scary stuff. Here is the advice we’re giving to those clients: There is a Mass website to report suspected fraudulent claims:...
Jun 1, 2020
U.S. Unemployment jumped from a record low of close to 3% last fall to the current unforeseen historic highs. Add to this that many white-collar workers are forcibly getting accustomed to working from home. And think back to your Economics 101 class to the situation...
Jun 1, 2020
Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn’t paid you? We...
Jun 1, 2020
With home mortgage rates at ALL TIME LOWS, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it’s the proverbial “no-brainer”. Start by reaching out to the...
Jun 1, 2020
MA DUA has updated their site with information that answers many unemployment questions as it relates to employees refusing to come back to work and how unemployment is related to the PPP loan. Unemployment Insurance Benefits and Returning to Work: Guide for Employers...
May 26, 2020
Understanding how the number of Full Time Equivalents (FTEs) working at your office impacts the PPP loan forgiveness calculation is essential for anyone looking to max out the portion of this SBA loan that will ultimately be forgiven. According to the SBA rules...
May 26, 2020
Last week we posted information about how the PPP loan forgiveness calculation works at: https://www.schwartzaccountants.com/2020/05/ppp-forgiveness-guidelines-finally-issued. Included in that post was the following vague guidance from the SBA about how certain...
May 18, 2020
Over the weekend, the SBA finally issued guidelines on how the loan forgiveness calculation will work. The Paycheck Protection Program Loan Forgiveness Application is available at:...
May 18, 2020
The clock is ticking. Assuming your office has been closed for more than a month, what can you do now to maximize the loan forgiveness? The first step is to determine if you will be able to fully staff up by 6/30/20 to qualify for the Safe-Harbor described above. ...
May 18, 2020
Later this year, most likely during June or July, our payroll team and staff accountants will be proactively helping our clients who utilize our firm’s payroll service with the info needed to prepare the loan forgiveness application. Remember, we need the 6/30/20...
May 18, 2020
As we wrote last week, the SBA is now reaching out to small business owners that their Economic Injury Disaster Loans are now available. That article is available at: https://www.schwartzaccountants.com/2020/05/economic-injury-disaster-loans-eidl-are-now-granted/...
May 11, 2020
Maximizing the portion of your PPP loan to be forgiven should be one of your goals. Taking steps to ensure that the full amount of your loan is forgiven might be short-sighted. Too many clients seem singularly focused on doing whatever it takes for the full PPP to be...
May 11, 2020
Here is a question we got from one of our clients and the response provided by our firm’s payroll manager Greta Malstrom (payroll@schwartzaccountants.com): Q: Two of my staff members have contracted this virus while on furlough. I am trying to find out the legal...
May 11, 2020
Many of our clients got the PPP during the initial phase three or four weeks ago. Others got their PPP loans much more recently. Either way, should you consider fully repaying the PPP loan by Thursday, May 14th? One big issue that impacts your decision is whether...
May 11, 2020
According to one of the local dental lenders: We are soon expecting an update from management and SBA about forgiveness, I shall keep you posted. You can apply as early as June 30th for forgiveness. That’s when the first phase customers 8 weeks end. Rumor is that date...
May 11, 2020
By the end of last week, a few clients reached out to us to let us know that they received the SBA approval for their EIDL loan. The amount for most loans came in at $150k. We were then asked if they should take advantage of these loans. We are recommending that...
May 4, 2020
Included in the recently passed CARES Act is Pandemic Unemployment Assistance (PUA) which provides additional unemployment insurance benefits to those who normally would not qualify to receive unemployment benefits. Recipients of PUA include self-employed individuals...
Apr 23, 2020
As Part of the CARES Act Provider Relief Fund, $50 billion has been allocated to Medicare facilities and providers impacted by COVID-19. The funds are being distributed directly to Medicare providers in order to help offset reduced revenue and additional healthcare...
Apr 21, 2020
Congratulations if you received either your PPP 7(a) loan or notification from your lender that you will receive those funds soon. Now you need to figure out how to make the best use of this forgivable loan. Please remember that the primary purpose of the PPP loan is...
Apr 14, 2020
Hindsight is 2020. That being said, you don’t have the luxury of hindsight when it comes to figuring out when is the best time to apply for a PPP 7(a) loan for your practice. Let’s assume you meet these three conditions: You have temporarily closed your practice and...
Apr 10, 2020
The Families First Act took effect April 1 and does cover household employers. However, the Department of Labor has the discretion to exempt businesses with under 50 employees if the business can demonstrate that the new requirements would jeopardize its viability....
Mar 30, 2020
We’ve received numerous calls and emails about completing the EIDL Application with the SBA. Now that I’ve spent some time looking at the forms and limited instructions, I see why. Here are line by line instructions (based on my understanding of how they should be...
Mar 29, 2020
The CARES Act passed last Friday included a few excellent incentives for small employers to retain their staff. The “Paycheck Protection Program” SBA 7(a) loan: The loan is equal to 2.5 times your average monthly payroll costs from the 12 months prior to the loan...
Mar 28, 2020
Now that the CARES Act has been passed into law, now is the time to finalize your planning for this period of time that your office is temporarily closed and also for when the office reopens later this year. • Submit the paperwork with the SBA to receive the $10k EIDL...
Mar 27, 2020
The CARES Act focuses on helping small employers with less than 500 employees keep their doors open and retain their staff. Let’s first take a look at the forgivable loan being offered. Known as SBA 7(a) loans, the rules move the processing of these loans from the...
Mar 27, 2020
The CARES Act allows people not paid as W2 employees to collect unemployment. Never eligible in the past, self-employed individuals and independent contracts can now file for unemployment benefits as long as their loss in income is connected to the current pandemic...
Mar 27, 2020
Let me start by saying that retirement accounts for working people should be used only as a last resort. That being said, the CARES act includes a provision allowing you to withdraw up to $100k from your IRA or work Retirement Plan penalty-free if you are affected by...
Mar 27, 2020
The CARES Act includes a provision suspending payments and waiving the interest on any federal student loans through September 30, 2020. Please go online with your loan servicer to make sure that they are following through on this valuable break from paying these...
Mar 27, 2020
In the Coronavirus Bill passed today by Congress, most adults will get $1,200 stimulus payments and do not need to file any type of application to get this relief. There is an income threshold, however. Single filers with an AGI of $75k or less will get the full...
Mar 26, 2020
REPOST FROM ADA (American Dental Association): Senate passes CARES Act, 3rd COVID-19 relief bill Hello, Fellow Dentists: For the last few weeks, the American Dental Association has advocated on your behalf as federal lawmakers debate the best way to respond to the...
Mar 23, 2020
Update 3.27.2020 Massachusetts and New York have officially extended the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement Info for Individual Taxpayers: The IRS relief provisions resulting from COVID-19 might be...
Mar 23, 2020
We reached out to our network of lenders to see what they plan to offer as relief to Practice owners. Here’s a sampling of what they said. – Official announcements will be coming directly from the lenders shortly. For any existing clients, our solutions range...
Mar 23, 2020
Last week, we posted information and a link to a Small Business Recovery Loan offered by MA Growth Capital Corporation at: https://www.schwartzaccountants.com/2020/03/practice-small-business-recovery-loan/. It turns out that program was woefully underfunded and...
Mar 23, 2020
We recently posted information and links regarding some of the rules for practices that need to shut down temporarily and have their staff (and themselves) collect unemployment. The Mass Dental Society put out a great memo on Staffing Considerations in Connection with...
Mar 23, 2020
For our dental practice clients: MA Dental Society has developed a section on their website to help you navigate COVID-19 and temporary office closures: https://www.massdental.org/Member-Resources/Practice-Management/Coronavirus They also featured the following...
Mar 23, 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-2020-57, March 20, 2020 WASHINGTON — Today the U.S....
Mar 18, 2020
There’s a small business recovery loan being offered to small businesses to help with cash flow during closures. This is being offered by MA Growth Capital Corporation. https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund...
Mar 18, 2020
The COVID-19 pandemic is a fluid situation and we are trying our best to keep our clients informed as new information is released. GUIDES: Mass Dental Society – Temp Office Closing Guide How to file for Unemployment MA1 How to file for Unemployment MA2 ADVISE...
Feb 1, 2020
By Andrew D. Schwartz CPA When the IRS adds a check box on Schedule 1 of the personal tax return asking: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? …you know they mean...
Feb 1, 2020
FROM IRS NEWS: IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes....
Feb 1, 2020
By Andrew D. Schwartz CPA After decades of misleading all but the most straightforward of taxpayers, the W4 form has been replaced with a new W4 form. This is the form you fill out with your employer when you start working that determines the rate you will have...
Jan 2, 2020
By Bob Cahill, Leader Bank Big changes for 2020! The Federal Housing Finance Agency announced the conforming limit for one to four unit properties is increasing. For a complete list by states/counties please click here. Investopedia defines Conforming Loans as: What...
Jan 2, 2020
For 2019, the standard deduction for a single individual is $12,200 and for a married couple is $24,400. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...
Jan 2, 2020
Here’s one more New Year’s Resolution you might add to your list: Training your children to be aware of internet/online security or cyber security. As many are aware, cyber security is the protection of assets and data from electronic attack. This includes...
Jan 2, 2020
Personal financial planning is an ongoing process. The good news is that financially speaking, 2019 was another really good year. The stock markets once again hit all time highs. Real estate prices around the country continue to increase. And interest rates and...
Jan 2, 2020
Month Income Taxes Saving and Investing JANUARY 4th quarter 2019 estimates due 1/15/20 Expect to receive W-2s and 1099s by January 31, 2020 Review your withholdings for 2020, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare...
Nov 26, 2019
It’s not too late to cut your 2019 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. If you’re self-employed, consider setting up a Solo 401(k) by 12/31. Take a look...
Nov 26, 2019
Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as “robocall” voicemails, requesting people to call back. The scammers may...
Nov 26, 2019
Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a...
