Moser & Associates, LLC

Moser & Associates, LLC

Making life less taxing!

Operating as usual

03/17/2021

Individual Tax Deadline has been extended to May 17, 2021!

This will extend the filing and payment deadline for individuals.

Individual Tax Deadline has been extended to May 17, 2021!

This will extend the filing and payment deadline for individuals.

01/10/2021

PPP Round 2 - Are You Ready?

The second round of PPP loans can be applied for this week. Are you eligible? If you did not receive a PPP loan previously or your business experienced a 25% reduction in revenue in one quarter of 2020 over 2019, you can apply for this new round. The funds still need to spent at least 60% on payroll and other expenses such as rent, utilities, mortgages, PPE, accounting, and cloud computing. Check with your lender on when you can apply.

PPP Round 2 - Are You Ready?

The second round of PPP loans can be applied for this week. Are you eligible? If you did not receive a PPP loan previously or your business experienced a 25% reduction in revenue in one quarter of 2020 over 2019, you can apply for this new round. The funds still need to spent at least 60% on payroll and other expenses such as rent, utilities, mortgages, PPE, accounting, and cloud computing. Check with your lender on when you can apply.

08/05/2020

PPP LOAN FORGIVENESS

Many of our clients are beginning to receive Paycheck Protection Program (PPP) loan forgiveness applications from their lenders so we are reaching out with information to address some of the common questions we are receiving.

Here are 4 reasons to not hurry:
• In most instances, there is no benefit to receiving loan forgiveness approval right away. There is no impact on cash flow. The loans do not enter into repayment status until 10 months following the conclusion of the 24-week covered period.
• Most banks are not processing PPP loan forgiveness applications yet. The SBA has indicated that their portal will be available for lenders to access on August 10, unless new legislation or technical guidance is issued which would delay release of the portal. It is anticipated that the next round of stimulus legislation will include changes to PPP loan forgiveness that will impact its release.
• The most complicated part of the application is the calculation of FTE and individual wage reductions. Many payroll providers are still building the reports to report this information – it will be time consuming and more expensive to manually calculate Tables 1 & 2 to the PPP Schedule A Worksheet if you have more than a handful of employees.
• There have been no recent changes to the PPP, but it is anticipated that this next round of stimulus legislation will include some modifications to the program. There have been proposals to grant automatic forgiveness to loans under a certain dollar threshold and to expand eligibility to use the 3508 EZ application. Any future modifications are expected to benefit borrowers that have already obtained PPP loans.

home.treasury.gov 06/18/2020

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program | U.S. Department of the Treasury

SBA releases more PPP Guidance -

Here are the highlights:

• Extends the expense forgiveness period from eight weeks to twenty-four weeks.
• Reduces to 60% the 75% payroll ratio requirement.
• Eliminates 2-year loan repayment restrictions (extended to 5 years) for future borrowers.
• Allows payroll tax deferment for PPP recipients.
• Extends the June 30 rehiring deadline to as late as December 31, 2020.
• Allows borrowers to defer principal and interest payments on PPP loans until the SBA compensates lenders for any forgiven amounts, instead of the current six-month deferral period. Borrowers that don’t apply for forgiveness would be given at least 10 months after the program expires to start making payments.

https://home.treasury.gov/index.php/news/press-releases/sm1036

home.treasury.gov About Treasury General Information Role of the Treasury The Secretary Officials Organizational Chart Orders and Directives Offices Domestic Finance Economic Policy General Counsel International Affairs Management Tax Policy Terrorism and Financial Intelligence Inspectors General Bureaus Alcohol and....

06/04/2020

Great News for Small Businesses!!

The Bill H.R. 7010 is now going to President Trump after the House and Senate passed it. The Bill gives flexibility for small businesses by extending the covered period from 8 to 24 weeks. The Bill also changed the requirement on the usage of the funds to be spent on payroll from 75% to 60%. The Bill states that 60% or more MUST be used on payroll or none of the loan is forgiven.

04/30/2020

The IRS provided guidance on how the PPP will affect your 2020 tax return in Notice 2020-32.

If the PPP loan is forgiven, the expenses used to obtain the forgiveness are not tax deductible.

04/01/2020

home.treasury.gov

Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Applications being accepted as of April 3rd for small business and April 10th for self-employed by SBA approved lenders. The application link is here:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

home.treasury.gov

03/29/2020

Marcus Lemonis

Great summary by Marcus Lemonis of the CARES Act program called Paycheck Protection Program (PPP).

Overview—— please share

The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates a new Small Business Administration (SBA) loan program, called the “Paycheck Protection Program” (PPP). The Paycheck Protection Program provides small businesses with zero-fee loans of up to $10 million to cover payroll and other operating expenses. Up to 8 weeks of payroll, mortgage interest, rent, and utility costs can be forgiven. Payments on principal and interest are deferred for six months and up to one year. Small businesses will be able to apply if they were harmed by COVID-19 between February 15, 2020, and June 30, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

Eligibility

You are eligible if:

Your business or entity was in operation on February 15, 2020;
You are a small business, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or tribal business concern that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
You are a sole proprietorship, an independent contractor, or self-employed.
You are a franchise business that employs not more than 500 employees per physical location and your business has an NAICS code beginning with 72, for which the affiliation rules are waived. Affiliation rules are also waived for any business operating as a franchise that is assigned a franchise identifier code by the SBA, and any company that receives funding through a Small Business Investment Company.


Loan Size:

Your maximum loan size is 250% of average monthly payroll costs from February 15, 2019, to June 30, 2019. If you are a seasonal employer, you can opt to choose March 1, 2019, as the time period start date.
If you were not in business this time last year, your maximum loan is equal to 250% of your average monthly payroll costs between January 1, 2020, and February 29, 2020.
The loan maximum in all cases is $10 million.
Payroll costs for the purposes of determining your loan size include:

Compensation (salary, wage, commission, or similar compensation, payment of cash tip)
Payment for vacation, parental, family, medical, or sick leave
Allowance for dismissal or separation
Payment required for group health care benefits, including insurance premiums
Payment of any retirement benefit
Payment of State or local tax assessed on the compensation of employees
The following costs do not count towards your loan size: compensation over $100,000, certain withheld taxes, compensation for employees outside of the United States, and required leave under the Families First Coronavirus Response Act, for which a credit is allowed.



Use of Loan Funds:

You may use the funds for:

Payroll costs (all costs included above)
Costs related to group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
Employee salaries, commissions, or similar compensations (except as excluded above)
Payments of interest on any mortgage (but not payment or prepayment of principal)
Rent
Utilities
Interest on any other debt obligations that were incurred before the February 15, 2020.


Loan Terms:

For any amounts not forgiven, the maximum term is 10 years, the maximum interest rate is 4 percent, zero loan fees, zero prepayment fee (SBA will establish application fees caps for lenders that charge).



Loan Forgiveness:

You can apply to your lender to forgive your loan for the amount of payroll costs plus payments of mortgage interest, rent, and utilities incurred during the 8-week period after the loan is disbursed. The amount that can be forgiven is proportionate to maintaining employees and wages. You must apply through your lender for forgiveness and provide:

Documentation verifying the number of employees on payroll, their pay rate, IRS payroll and state income tax filings, and unemployment insurance filings;
Documentation verifying payments of rent, mortgage interest, utilities, and other debt; and
Certification from your business that the documentation provided is true and that amount of the loan that is being forgiven was used in line with the program’s requirements.
Any loan amounts not forgiven are carried forward as an ongoing loan with max terms of 10 years, at a maximum interest rate of 4 percent. Principal and interest will continue to be deferred, for a total of 6 months to a year after disbursement of the loan.



Can I use a Paycheck Protection Loan with other SBA loans?

Yes, you may apply for a paycheck protection loan and other SBA loans, including the SBA economic injury disaster loans, 7(a) loans, 503 loans, and microloans. However, you may not use funds from each of these programs for the same purposes.

03/28/2020

BEWARE OF STIMULUS SCAMS

As of now, we are only aware of one communication a taxpayer will receive from the IRS regarding the stimulus. No later than 15 days after distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment.

03/27/2020

Payroll Protection Program

Businesses and sole proprietors be sure you get ahead of the game and get your documents ready.

03/26/2020

* * CARES ACT * *
Paycheck Protection Program
Provides eight weeks of cash-flow assistance to small businesses through 100% federal guaranteed loans to maintain their payroll during this emergency. If payroll maintained, the loans would largely be forgiven.

03/23/2020

COVID-19 Information for Minnesotans / Minnesota Department of Employment and Economic Development

DEED Creating Emergency Loan Program for Minnesota Small Businesses

The loan program is intended to help businesses temporarily closed by Governor Walz, which stopped onsite customer dining at restaurants and bars and closed an extensive list of other small businesses whose owners may not have adequate cash flow to withstand temporary closure.

For the latest information from DEED for employers and businesses and workers, visit the DEED COVID-19 Information page on the DEED website https://mn.gov/deed/newscenter/covid/.

mn.gov View our most recent news related to COVID.

03/23/2020

**Additional Time to File and Pay Minnesota 2019 Individual Income Tax**

Governor Walz did extend the MN tax filing deadline to July 15th with no penalties or interest on payments.

This grace period does NOT include estimated tax payments for individual income taxes due April 15, 2020, for the 2020 tax year.

03/22/2020

The SBA website has the link up to apply for the COVID disaster loans.

sba.gov

03/20/2020

* Tax Deadline moves from April 15th to July 15th *

The Trump Administration has changed the deadline. All taxpayers and businesses will have additional time to file and make payments without interest or penalties.

If you have a refund, we recommend filing your as soon as you have all your information together.

03/17/2020

Today during the White House’s daily coronavirus briefing, Treasury Secretary Steven Mnuchin announced that tax payments up to $1 million for individuals can be deferred for 90 days.

The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived.
Mnuchin is encouraging Americans who can file taxes by the April 15 deadline to do so. He also noted that refund issuance will not be affected for those who file.

Positive news for taxpayers!

12/18/2019

If you get a letter on the mail from CPFS regarding renewing your LLC...throw it away. If you have an LLC registered in Minnesota, you have to annually renew your registration with the Secretary of State. If everything is current, your renewal is free online. There is a company mailing out forms to all businesses this month asking for $95 to complete your FREE annual renewal. It looks official and you make your check payable to CPFS. Think of something better to do with your $95.

06/27/2019

The new Minnesota Wage Theft Law is effective July 1st. Do you know how it affects your business? Are you providing your new employees the required employee notice? Do you have the required information on your pay stubs?

If you don't know, let us know. We are here to help you.

content.govdelivery.com 04/12/2019

News release: Taxpayers affected by recent spring flooding or Winter Storm Wesley get more time to file and pay their Minnesota taxes

MN Revenue just announced that taxpayers affected by Winter Storm Wesley or recent spring flooding get more time to file and pay their Minnesota taxes. You must file and pay by April 22nd. Please note this does not change the IRS due date

https://content.govdelivery.com/accounts/MNREV/bulletins/23e043c

content.govdelivery.com ST. PAUL, Minn. – Taxpayers in 64 Minnesota counties and 3 tribal nations who were affected by the rapid snowmelt flooding or Winter Storm Wesley will get extra time to file Minnesota returns and pay Minnesota taxes, the Minnesota Department of Revenue announced today.

carlsonschool.umn.edu 04/13/2018

MN Cup

Looking for seed money . . . Consider competing in the MN Cup.

The MN Cup is an annual new venture competition is for Minnesota entrepreneurs, researchers and inventors.
Participants in the 2018 MN Cup will be competing for more than $475,000 in available seed money. Whether you are at the point of inception or already have created a company and are pursuing your breakthrough idea, this program is intended to provide support for you as an entrepreneur.
https://carlsonschool.umn.edu/mn-cup

carlsonschool.umn.edu We are a startup competition and hub to connect Minnesota’s entrepreneurial ecosystem. We aim to create jobs and grow our state’s innovation footprint.

03/31/2018

NPARALLEL

We couldn't be more excited about our partnership with the Minneapolis-St Paul Business Journal to bring you a panel discussion all about brand activations - with an emphasis on trade shows!

Don't miss out! http://bit.ly/2GGReEt

#TradeShowMarketing

02/21/2018

Good News on the tax reform?? Home Equity Loan interest is still deductible in most cases per the IRS. Per IR-2018-32, the IRS clarified the home equity interest deduction stating as long as it is secured by the home and it is used to buy, build or substantially improve the main or second home, the interest will still be deductible. The total debt cannot exceed with all mortgages $750,000. If your home equity loan was to buy a car or pay off your credit card debt, then it will not be deductible.

12/20/2017

The new tax reform has passed the House and Senate and is on its way to get Trump's signature. The tax bill's impact will begin at the start of 2018, though other elements will not take effect until 2019 and beyond. Do you know what this means to you? Be informed to optimize your tax situation!

11/22/2017
11/14/2017

The November Tax Insight is here!! This issue focuses on year end planning ideas. Be sure to clean out your closets before year end. Take pictures of the donations and keep the receipt!

consumer.ftc.gov 09/18/2017

Extended Fraud Alerts and Credit Freezes

As a resulf of the Equifax breach, we have been receiving lots of questions about using fraud alerts or credit freezes. Our recommendation is to review the information on the Federal Trade Commission website which governs credit reporting including fraud alerts and credit freezes. Also there is great blog article written by Lisa Weintraub Schifferle, Attorney for FTC. Here is the link: https://www.consumer.ftc.gov/blog/2017/09/fraud-alert-or-credit-freeze-which-right-you .

consumer.ftc.gov Placing both extended fraud alerts and credit freezes on your credit reports can make it more difficult for an identity thief to open new accounts in your name.

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900 E Main Street
Anoka, MN
55303

General information

At Moser & Associates, we offer accounting and tax solutions to your problems. We are here to help you achieve your goals! We customize our approach to meet each individual's needs. We are dedicated to providing the highest level of quality service and integrity.

Opening Hours

Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm
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