Lis Lee Accounting LLC

Treasury Secretary Steven Mnuchin announced the following this morning:

This is an update to earlier this week when only the payment deadline was moved. Now the filing deadline itself is moved to July 15th!

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

The White House announced the following during yesterday’s press briefing:

“We encourage those Americans who can file their taxes to continue to file their taxes on April 15, because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds. We want you to make sure you get them. Many people do this electronically, which is easy for them and easy for the IRS.

If you owe a payment to the IRS, you can defer up to a million dollars as an individual. And the reason why we’re doing a million dollars is that covers lots of pass-throughs and small businesses, and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes. You’ll automatically not get charged interest in penalties.

Now, of course, any American has the right to extend their taxes. We’re not taking that right.”

Special Considerations

This does not appear to be an extension for filing, but for paying any tax/penalty due. If you need an actual extension, you can still file that by April 15.

Look for updates to the official IRS website soon.

Check your state tax authority for your state’s position. The American Institute of CPAs (AICPA) has provided a state tax development update list here, but check your local state website or speak with your tax accountant as well.

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

NOTE/ Applications, tools, and services listed/linked in this post are NOT sponsored.

Keeping a list of resources going here from items I’ve mentioned on Instagram so you can easily grab whatever you need in one go.

Updated 8/3/2020.

Apply for Unemployment for Self-Employed/Independent Contractors

Check with you unique state for their process.  You can find your state unemployment website here.  This list is directly linked on the Department of Labor (DOL) website (CareerOneStop is sponsored by the U.S. Department of Labor, Employment and Training Administration).

Fintech companies currently accepting PPP applications…

PayPal stopped accepting applications at the end of June, but this page has helpful info on applying for forgiveness.

Kabbage still accepting applications. The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 

Fundera

Nav

Intuit currently open to existing payroll customers with a coming soon status for non-payroll users.

Square applications closed. Their bank partner is no longer participating in PPP, so they have stated they are no longer accepting applications. They state they are working on an easy loan forgiveness application – the page still has some helpful FAQs.

Consider reaching out to your local community or small business bank to obtain round 2 PPP funding…

https://www.sba.gov/paycheckprotection/find

SBA Coronavirus Relief Options

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Sara Blakely and Spanx are gifting $5M to female-owned businesses!!!

https://www.globalgiving.org/redbackpackfund/ The application portal will open at 12 p.m. ET on Aug. 3 and close at 12 p.m. ET on Aug. 10.

Facebook Small Business Grants Program

https://www.facebook.com/business/boost/grants

Intuit QuickBooks® is teaming up with GoFundMe to create a Small Business Relief Initiative to help small businesses raise money to overcome the challenges caused by COVID-19

https://quickbooks.intuit.com/blog/news/supporting-small-businesses-with-the-small-business-relief-initiative-to-put-more-money-in-the-pockets-of-those-who-need-it-most/

Gusto (one of my favorite payroll and benefits processing platforms) has created a valuable and extensive list of current resources for small businesses that they are updating regularly. It includes details and links to all mentioned resources (including state and local).

https://gusto.com/covid-19/small-business-financial-relief?utm_source=resourcesheet

The intro/summary of what’s in the spreadsheet can be viewed here.

Help those in need PLUS get help on editing your content during COVID-19.

https://www.eringreenawald.com/editforme

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

IRS Update!!!

Just a quick post to let you know…

The IRS posted an update in response to recent storms in Tennessee. Check out their original News Release here to see if you are an affected taxpayer!

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.

NOTE/ Applications, tools, and services listed/linked in this post are NOT sponsored. They are tools I’ve used and love.

What is an Annual Report?

If your business is registered with the state (Corporations & LLCs), you are probably required to file what’s called an annual report with your state.

This report typically includes general identifying information about your business like company name, address(es), contact names, etc.

If you are up-to-date with your reports, this is generally something you can handle yourself if you feel comfortable doing so and have time to do so.

When and how do I file it?

The due dates and methods for your filing can vary from state to state so be sure to check with your state’s Secretary of State office or Business office website to find out the specifics or check out the resource linked below.

I offer this service to my clients if they have fallen behind on their reports for whatever reason or if they are just too busy to take care of it themselves.

If you are comfortable with a DIY approach, Northwest Registered Agent has a GREAT resource here that helps walk you through the process for FREE.

Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.