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Last week the SBA released the PPP Forgiveness Form that will need to be used by borrows for applying forgiveness of their PPP loans. The SBA attempted to provide a simple form but the lack of detail has left some ambiguity for borrowers. 
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Today, May 14, is the deadline for businesses to return PPP funds if they did not comply with SBA guidance. As there is still much confusion, the SBA has provided an additional safe harbor for PPP Loans below $2 Million. 

The SBA extends safe harbor for returning PPP funds until May 14 and there will be more guidance provided by the SBA before May 14 on how it will review borrowers’ certifications that were made with the initial PPP application.  Please read the article from the Journal of Accountancy for more details. 

Most businesses, including rental property owners, have been impacted by COVID-19. There are various government programs and tax credits available to you.
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Karyn Finkelson, CPA •

​In response to our country’s current state of emergency, the President has signed the “Families First Coronavirus Response Act” which includes some important provisions that will directly affect employers with fewer than 500 workers, particularly in regards to emergency sick leave. These provisions will take effect no later than April 2, 2020.
 
Emergency Sick Leave Act (EPSLA) key points:
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The IRS has created a website dedicated to the Coronavirus. The site focuses on steps to help those affected by the virus. So far the IRS web page includes relevant news releases, and guidance issued in Notice 2020-15. It also has options for tax help.​
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​Alyssa Hodges, CPA •

As you prepare your QuickBooks file for your accountant, make sure you don’t have any other changes that need to be made in 2019 before sending your accountant a copy of the file. If you use QuickBooks Online, be sure to communicate when you are done making changes to your accountant. 
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​As you wait for your tax return to be prepared, you want to make sure you don’t make any changes to the past year. A simple solution is to add a closing date and password in QuickBooks. 
 
To enable a closing date:

Alyssa Hodges, CPA •

The new year has been rung in and I’m sure your first thought in 2020 was, “2019 is over, I need to get my accountant my tax forms STAT!” However, you may have to take a breather and wait for everything you need to be ready. What should you wait for? It depends on the type of taxes you’re filing and what types of income you have.
 
Business Taxes

​Businesses typically have their tax information prepared much earlier than individuals. In many cases, business information flows onto an individual taxpayer’s tax return which is why the filing deadlines are usually earlier.

Lena Rozzi, CPA •

If you own or manage a rental property, chances are that you’ve heard of depreciation before. Once you’ve determined your depreciation rates, expensing it year-after-year can be pretty straightforward. However, if you decide to sell your property, any depreciation that you’ve taken will come back to you as a depreciation recapture. While the concept of depreciation recapture is more complicated than depreciation expense, real estate investors will benefit from understanding how depreciation recapture will affect your tax liability to avoid surprises when it comes time to file your tax returns.
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As we quickly approach the deadline for filing 1099-MISC, it is time to consider whether your business is ready to file.
 
The due date for furnishing 1099-MISC statements to recipients and to the IRS for the 2019 tax year is January 31, 2020. Form 1099-MISC, Miscellaneous Income, is an informational return used by the Internal Revenue Service (IRS) to report payments made to non-employee individuals or unincorporated businesses during the calendar year. As the filing of Form 1099 remains a hot topic with the IRS, it is more important than ever to consider whether you are required to file Form 1099 in the course of your trade or business. 
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