Troy O'Callaghan, CPA

Troy O'Callaghan, CPA

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Emergency EIDL Grants

Clients & Friends – This is one of several posts regarding various assistance being offered to small businesses. Thanks to Stibbs & Co., P.C. Law Firm and Troy O'Callaghan, CPA, LLC for a lot of this content. Their information combined with other sources and our own internal research is included here for your education. Please note that this is a fluid situation and there will be more guidance and clarification issued in the coming days and weeks. Also be reminded that Blanton Advisors, LLC is not a law firm nor a CPA practice and therefore is not offering legal or tax advice. We are simply trying to keep you informed. What is posted here is a summary of a longer email available from Blanton Advisors, LLC. Contact TJ WISE at [email protected] for the entire text.

Emergency EIDL Grants
Which businesses qualify for the Program?
• Applicable to businesses that have 500 or fewer employees  The term employee includes individuals employed on a full-time, part-time, or other basis
• Includes sole proprietors, independent contractors, and eligible self-employed individuals
• Expands allowable uses to include: payroll costs; costs of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; employee salaries, commissions, or similar compensations; interest on mortgage obligations; rent; utilities; interest on other debt obligations incurred before the covered period

What are the specific requirements for the Program?
• Eligible businesses may receive a grant not to exceed $10,000, could be made available within 3 days.
• Required to make good faith certification that the employer has been affected by COVID-19 and will use funds to retain workers and maintain payroll and other debt obligations
• No requirement that applicant is unable to obtain credit elsewhere
• Coverage period January 31, 2020 through December 31, 2020
• Business MUST be operational on January 31, 2020

How does an eligible business apply for a grant?
• Within 10 days of enactment, the SBA will publish procedures for application and minimum requirements. Expected to be available through all FDIC insured institutions.

Does the Grant have to be repaid?
• No. However, if an eligible business subsequently receives a loan under the Paycheck Protection Program, the amount of the grant will be deducted from the loan forgiveness amount.
Payroll Tax Credits & Assistance

Clients & Friends – This is one of several posts regarding various assistance being offered to small businesses. Thanks to Stibbs & Co., P.C. Law Firm and Troy O'Callaghan, CPA, LLC for a lot of this content. Their information combined with other sources and our own internal research is included here for your education. Please note that this is a fluid situation and there will be more guidance and clarification issued in the coming days and weeks. Also be reminded that Blanton Advisors, LLC is not a law firm nor a CPA practice and therefore is not offering legal or tax advice. We are simply trying to keep you informed. What is posted here is a summary of a longer email available from Blanton Advisors, LLC. Contact TJ Wise at [email protected] for the entire text.

There are various forms of assistance being granted through credits and relaxed terms for the payment of payroll taxes. None of these have been clarified yet as to how they are to be applied for, or administered, but watch for them. At least some of these will apply to most small businesses. Hopefully we will get more guidance on these next week.

Employee retention credits
• Employers will be given a credit that they can use to offset their payroll taxes. The credit is up to 50% of wages of their employees, limited to $10,000 of wages per employee.
• The credit cannot exceed the amount of payroll taxes due for the period.
• To be eligible, the employer must have suffered a full or partial shutdown due to a government order or suffered a substantial decline in their revenue due to COVID19.

Delay in payroll taxes
• Available for employer social security payroll taxes from now until 1/1/2021 (does not apply to the taxes paid by the employee).
• 50% of the employer payroll taxes will be due on 12/31/2021.
• 50% of the employer payroll taxes will be due on 12/31/2022.

Payroll tax credits for sick leave
• The Families First Coronavirus Response Act (FFCRA) requires employers to provide sick leave for employees with the virus, or caring for someone with the virus, or caring for a child because the school or childcare facility is closed. Employers with less than 50 people may be exempt from the requirement to provide sick leave due to the school closings.
• Along with this requirement of businesses to provide sick leave, the IRS is reimbursing the sick leave through payroll credits.
• These credits will reduce an employer’s overall payroll taxes.
• The complete details have not been published by the IRS.

How do I get these? This will need to be integrated by your payroll provider. They should have some policies in place in the next few weeks for complying with this.
TWC Unemployment News

Clients & Friends – This is one of several posts regarding various assistance being offered to small businesses. Thanks to Stibbs & Co., P.C. and Troy O'Callaghan, CPA, LLC for a lot of this content. Their information combined with other sources and our own internal research is included here for your education. Please note that this is a fluid situation and there will be more guidance and clarification issued in the coming days and weeks. Also be reminded that Blanton Advisors, LLC is not a law firm nor a CPA practice and therefore is not offering legal or tax advice. We are simply trying to keep you informed. What is posted here is a summary of a longer email available from Blanton Advisors, LLC. Contact TJ Wise at [email protected] for the entire text.

If you have or intend to reduce employee headcount and/or reduce hours or salaries consider this important information…

Texas Workforce Commission (TWC)
• TWC has a method of filing unemployment in mass for affected employees – essentially filing unemployment for your employees and saving them the trouble. The link is here: https://twc.texas.gov/businesses/mass-claims-unemployment-benefits

• TWC has another option called a Shared Work Plan. This program is for employers reducing hours by 10 to 40 percent, and the state will supplement their wages with unemployment. It’s a way to keep your employees but also get some assistance from Texas. We are unsure about all the details. The link is here: https://twc.texas.gov/businesses/shared-work

Troy O'Callaghan, CPA is a full-service Accounting firm licensed in TX, with a broad range of services for individuals and small companies.

Operating as usual

Troy O'Callaghan, CPA updated their phone number. 04/17/2019

Troy O'Callaghan, CPA updated their phone number.

Troy O'Callaghan, CPA updated their phone number.

Untitled Album 04/17/2019

Untitled Album

The Woodlands, TX CPA Firm | Blog Page | Troy O'Callaghan, CPA 12/10/2017

The Woodlands, TX CPA Firm | Blog Page | Troy O'Callaghan, CPA

In case you are already planning for 2018 - here are the changes to limits for 401k and IRAs for 2018. Make sure you take advantage of these limits, and if you have questions about retirement or need a referral to a local financial planner, we can help you.
http://www.troyocallaghancpa.com/blog.php

The Woodlands, TX CPA Firm | Blog Page | Troy O'Callaghan, CPA Take a look at our Blog page. Troy O'Callaghan, CPA is a full service tax, accounting and business consulting firm located in The Woodlands, TX.

12/05/2017

The Woodlands, TX CPA Firm | Blog Page | Troy O'Callaghan, CPA

It's almost too late to do tax planning for 2017, but there are some things still available for individual taxpayers. See my blog post to go through the list of ideas to save taxes before it's too late! http://troyocallaghancpa.com/blog.php?id=1

The Woodlands, TX CPA Firm | Blog Page | Troy O'Callaghan, CPA Take a look at our Blog page. Troy O'Callaghan, CPA is a full service tax, accounting and business consulting firm located in The Woodlands, TX.

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The Woodlands, TX
77380

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm
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