Moser & Associates, LLC
Making life less taxing!
Thanks Ray! We appreciate the opportunity to work with you.
Google review of Moser & Associates LLC by Raymond Junge ★★★★★ "I've used Moser for taxes and much more for years. They do a detailed and excellent job and they're friendly and easy to work with. I definitely recommend!"
Individual Tax Deadline has been extended to May 17, 2021!
This will extend the filing and payment deadline for individuals.
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 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.
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.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program | U.S. Department of the Treasury 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....
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.
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.
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
Guide for MN Small Business Who Need Help from MN Deed
News / Minnesota Department of Employment and Economic Development View our most recent news.
Great summary by Marcus Lemonis of the CARES Act program called Paycheck Protection Program (PPP).
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.
Payroll Protection Program
Businesses and sole proprietors be sure you get ahead of the game and get your documents ready.
* * 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.
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/.
COVID-19 Information for Minnesotans / Minnesota Department of Employment and Economic Development View our most recent news related to COVID.
**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.
The SBA website has the link up to apply for the COVID disaster loans.
* 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.
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!
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.
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.
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
News release: Taxpayers affected by recent spring flooding or Winter Storm Wesley get more time to file and pay their Minnesota taxes 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.
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.
MN Cup 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.
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
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.
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!
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!
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 .
Extended Fraud Alerts and Credit Freezes 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.
Have you been affected by the Equifax breach?
The breach resulted in criminals accessing personal information of approximately 143 million Americans. This information included names, addresses, social security numbers, and dates of birth. Here's what to do to protect yourself:
• First, visit the Equifax breach website below to determine whether you have been impacted.
• If you are impacted, consider placing a freeze on your credit with all of the credit reporting agencies (Equifax, Transunion, Innovis and Experian). Freezing your credit is the only way to prevent those with your personal information from opening accounts in your name.
• To be safe, obtain free credit monitoring services through Equifax. Equifax is offering free credit monitoring to all Americans, whether impacted by the breach or not.
• Be on high alert for impersonators or phishing attempts by fraudsters.
Cybersecurity Incident & Important Consumer Information | Equifax 1) Additional information on credit freezes & troubleshooting issues. We are experiencing a high volume of requests for security freezes, and have experienced some technical issues. We are working diligently to ensure an improved consumer experience. Here’s some updated information for consumers wit...
The IRS has extended the due date on some individual and business tax returns and certain tax payments for Hurricane Irma victims. This tax relief parallels the relief given to Hurricane Harvey victims last month. We have notified all our affected clients who qualify for the relief.
The September Tax Insight is here!! The highlight of this issue is the American Opportunity Tax Credit (AOTC). Do you know if you are eligible for a maximum credit of $2,500?
The August Tax Insight is here!! The issue highlights the issue of credit card debt forgiveness.
It's that time again . . back to school shopping. This year, do not forget to save your school supply receipts. Most school supplies qualify for valuable K-12 tax benefits on your 2017 Minnesota income tax return. The K-12 tax benefit can either be the refundable K-12 education credit (income limits apply) or the K-12 subtraction (no income limits). Both programs reduce the tax on your Minnesota income tax return either reducing what you owe or increasing your refund.
School supplies include paper, pens, notebooks, textbooks, rental or purchases of educational equipment such as musical instruments, computer hardware, and educational software.
The July Tax Insight is here!! The issue highlights all the common questions about deducting auto expenses.
Here is the June Tax Insight. The highlight of this issue is what you need to know when hiring your children for the summer and it has other great information.
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