Important Tax Return Information:
We are in full operation by preparing tax returns and payroll services.
With respect of the national emergency and the governor's recommendations concerning proactive measures to contain the corona virus (COVID-19), we have made a few changes for the safety of our clients and our employees.
We appreciate your understanding and cooperation during these temporary changes.
Filing and Payment Day, without interest & penalty, is now July 15, 2020. This is for Federal, State, and Local Returns.
Tax Return Pick Up and Drop Off
Tax Return Drop Off Location:
Please deposit you tax return in our drop off box inside of the building.
Tax Return Drop Off Times:
Monday, Wednesday and Friday, 8:00 AM - 4:00 PM
Tax Return Pick Up:
Once your tax return paperwork is completed, we will call you to review your tax return over the phone. When you come to pick up your return, please call us once you arrive and someone will bring your paperwork out to your car.
From there, you can either sign at the time of pick up or you have the option take your paperwork home, sign, and mail it back to us.
Tax Return Pick Up Times:
Monday, Wednesday and Friday, 10:00 AM - 2:00 PM
Tinker Associates is en-devouring to provide assistance on the two recently passed bills, we are by no means the expert, just a conduit to the information:
Families First Coronavirus Response Act (FFCRA) signed into Law March 18, 2020 & the 2.2 Trillion dollar CAREs Act signed into Law March 27,2020
FFCRA basically has two components; Emergency Paid Sick Leave Act (EPSLA) as well as the Emergency Family & Medical Leave Expansion Act (EFMLEA). Both acts take effect April 2, 2020 See attached Employee Rights from the United States Department of Labor. There will be refundable EMPLOYER credits available after June 30, 2020.
More information to follow.
These credits are going to be on Employment Tax Returns 941 & 940.
More information can be found at: www.dol.gov
Regarding the CAREs Act, there are many facets to this largest stimulus bill ever. It will be up to each Individual or Business Owner to their
due diligence to find the section they are most interested in. For Instance;
ECONOMIC INJURY DISASTER LOAN
The CARES act expands the eligibility to access Economic Injury Disaster Loans for businesses with fewer than 500 employees and to any individual operating as a sole proprietor or an independent contractor. It also provides funds for emergency grants to be advanced to economic injury disaster loan applicants.
Loans are available through the Small Business Administration and can be for a maximum of $2 million. They carry interest rates up to 3.75% for companies and up to 2.75% for nonprofits, as well as principal and interest deferment for up to four years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
The CARES Act included $10 billion in funding to provide advance emergency grants of $10,000 to small businesses and nonprofits that also apply for a SBA economic injury disaster loan. These emergency grants will be provided to applicants within three days of applying for the loan.
The grant is available to small businesses, including physician practices, private nonprofits, sole proprietors and independent contractors, tribal businesses, as well as cooperatives and employee-owned businesses. In advance of disbursing the advance payment, the SBA must verify that the entity is an eligible applicant for an economic injury disaster loan. To do this, applicants must certify with the SBA under penalty of perjury that they are eligible.
The emergency grant does not need to be repaid, even if the grantee is subsequently denied an economic injury disaster loan. The grant may be used to provide paid sick leave to employees, maintaining payroll, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent and mortgage payments. Eligible grant recipients must have been in operation on Jan. 31.
Follow this link to make a streamlined application. Funds are limited, so please apply as soon as possible!
Collecting Unemployment Benefits, either as an Employee or as a Self Employed Business owner, all activity is through the State Unemployment Fund. Funds & direction come from Federal Dept. of Labor. The two web sites are: www.uc.pa.gov & www.dol.gov. We at Tinker Associates have NO experience in collecting benefits so we can provide NO assistance on this topic.
The Small Business Administration & their Federally approved lenders, are providing relief through: Paycheck Protection Program and various Economic Injury Disaster Loans that are designed to help employers who are suffering immensely due to the China Virus.
Go to www.sba.gov
The irs.gov portal is a wealth of information. I personally am here frequently. This web site will provide tax info on: filing due dates, payment due dates etc. There will soon be a portal where you can update your direct deposit & address information so you can claim your share of
the stimulus, ie: 1200/2400 + 500. per dependent child under age 16.There are thresholds for this money. 75,000. single 150,000. married and does phase out @ 99,000/198,000 respectfully.
Some other information; No RMD's for 2020. No penalty on early distributions from qualified retirement plans, the 10% if your under 59 1/2. You may now borrow up to $100,000 against your 401(k) type plans. Most excitedly is you will have 3 years to pay the tax. This is where I
strongly suggest you speak to your Investment Broker or Human Resources manager.
Lastly, the best web site is www.treasury.gov. They're in charge of all of this.