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Where is My Stimulus Check?

Posted on April 20, 2020 at 7:42 PM Comments comments ()

                                    Where is My Stimulus Check? 

  Where is My Stimulus Check seems to be the Latest Question on our Minds. Tens of Millions of Americans started receiving their Payment by Direct Deposit on April 15th. If you're having trouble getting your Payment. Log on to the IRS Online Portal " Get My Payments" to track your Payments and input your Direct Deposit Information. 

  The IRS also opened a short window up to 12:00 p.m., Wednesday, April 22nd 2020 for Individuals receiving Social Security, Survivor or Disability and Railway Retirement Benefits, to use an Online Tool to receive the $500 Stimulus Payment Per Dependent Child. 

  Those who miss this Deadline to register their Children will still get their Payment of $1,200 per Individual, but will have to wait till Next Year to get the additional $500 per Independent Child Under 17.

   Visit  https://www.irs.gov/coronavirus/economic-impact-payments for More Information. 
   

All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).

Posted on April 6, 2020 at 11:58 PM Comments comments ()

All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan  (EIDL).

Paycheck Protection Program , Economic Injury Disaster Loan Program, SBA Loan




The Trump administration announced a $349 Billion Relief Package for small businesses that are being impacted by the effects of the coronavirus. Many are having to close their doors to prevent the spread of the virus. This situation, in turn, has led to companies having to reduce the hours of workers or even let them go altogether. 

The Relief Package Program is a Part of the Coronavirus Aid Relief and Economic Security (CARES) offered in Government - backed Forgivable Loans to help Small Businesses continue paying payroll costs and certain operating expenses.

If you're a Business Owner, these are Two (2) Main Options, that are available for Small Businesses and Non- Profits to obtain financial support during the coronavirus outbreak. They are:

  •         CARES Paycheck Protection Program (PPP) 
                                 And 

  •       Economic Injury Disaster Loan Program (EIDL)   

 
  Paycheck Protection Program (PPP) Loan:

  The Paycheck Protection Program (PPP) Loan is dedicated to guarantee Businesses, the loans they need to cover 8 Weeks of Payroll Expenses, along with some Utility and Rent Costs, as well as Payments of Interest on any Mortgage Obligation. Businesses will have to maintain Payroll fully for the Next 3 Months. It is important to note that the Loans can be fully forgiven, if the Businesses keep employees on Payroll or re-hire them by June 30th. 

         Important Facts about PPP:

  • To Apply for this Loan, Businesses can request 2.5 times their Average Monthly Payroll Costs. The Average Costs is based on the Total Payroll Costs for the Year 2019. 

  •  Organizations can apply for the Paycheck Protection Program (PPP) by calling their Banks and Other Lenders directly after completing the Form/Link below on the SBA Website:

  •  The Paycheck Protection Program (PPP) Loan is forgivable, depending on whether Businesses lay off workers and how they use the Money. 

  •  Repayment of Loans are deferred for 6 Months, with an Interest Rate of 0.50 % Fixed Rate and the Maximum Repayment Term is 2 Years.     

    
    Economic Injury Disaster Loan Program ( EIDL):

   This Loan is to provide Economic Relief for Businesses experiencing a Temporary Revenue Loss due to COVID-19. This Loan will guarantee a Bushiness/Non-Profit Organization, a Grant of $10,000  which is considered as " Advance", that you don't have to pay back. It funds low- interest Loans, that your Business can use to cover operating expenses, which you will need to repay back. 

        Important Facts about EIDL:

  • The Loan Request Amount will be based on the Amount of             " economic injury" that you have sustained, because of the COVID-19 Pandemic. 

  • The EIDL Loan can be used for a Broader Array of Costs, including Rent and Mortgage Payments, Salaries, Workers' Paid Leave and the Business' Operational Needs.

  • Organizations can apply for the Economic Injury Disaster Loan Program and Advance(EIDL) directly through the SBA Website Link below: 

  • Once you submit your Application for the Loan, you can indicate that you are interested in the emergency Grant at the same time. Businesses who request for this Grant Advance, when approved will not need to pay it back, but the rest of the Disaster Assistance Loan will need to have to be repaid.

  • Repayment of Loans are deferred for 6 Months, with an Interest Rate of 3.75% Rate for Small Businesses and 2.75% Rate for Non-Profits. The Maximum Repayment Term is 30 Years.        

        Additional Information: 

  • No Collaterals or Personal Guarantees is Needed for the Application for each of these Loans. However, if the Proceeds are used for fraudulent purposes, the United States Government will pursue criminal charges against the Business/Organization Owner. 

  • One can apply for Both Loans, if you need to, but you cannot use both Sources of Funds for the Same Purposes. 

  • The $10,000 grant is a Loan Advance and does not need to be paid back, BUT If you also apply for the Paycheck Protection Loan Program, the $10,000 will be subtracted from the Loan Forgiven Amount, under the Program.

  • If you apply for both Loans, it is advisable to let your PPP Lender/Banker, know that you have applied for the EIDL Loan. 

  • To get the Average Monthly Payroll Costs for the PPP Loan, it is advisable to use the Average of the last 12 Months' Payroll Costs. For New Businesses/Organizations, use the January - February 2020 Payroll Costs. 

  • You need to provide the Lenders, documentation that verifies the Number of Full Time Equivalent Employees on your Payroll Costs, Covered Mortgage Interest Payments, Rent Payments and Covered Utilities for the 8 Weeks Period, once the loan is Granted. 

  • The Loan Forgiveness will be based on the Sum of the Documented Payroll Costs, Covered Mortgage Interest Payments, Covered Rent Payments and Covered Utilities Documentation Provided. 

  • Due to the Likely High Subscription, it is anticipated that not more than 25% of the Forgiven Amount may be used for Non-Payroll Costs.

  • The Loan Eligibility Amount will be calculated, using the Financial Documents, submitted during the Loan Eligibility Determination Process. You will need to affirm that the Financial and Payroll Documents submitted are True, Accurate and Correct. 
 
     We are aware that these Applications require submitting your Financial Statements and Payroll Documentation to speed up your Loan Determination Process. We are excited to announce that, we are available to help you with furnishing these Documents and making them available to make this Possible.

     Feel Free to Reach out to us and let us know, how we can assist you. 

ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.

Posted on April 3, 2020 at 4:04 PM Comments comments ()


                   

stimuluschecks

   We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off. 
 
   President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions  and we want to enlighten you more about, what in this for us.

   The Following are the Basic Things to know about the Stimulus Checks:

  •  Your Eligibility for the Stimulus Check is based on your 2019 Tax Returns as well as your Adjusted Gross Income. If you are yet to file your 2019 Taxes, the IRS will use the 2018 Taxes to determine your Eligibility. The IRS will only use your 2018 Tax Returns, if you have not filed your 2019 Tax Returns. 


  • You must have a Valid Social Security Number to be eligible for this Check. People with  ITIN Numbers and Tax ID Numbers will not be issued Checks.     


  • The Check Values are based on 3 Plans Income Qualification: 

  1. SINGLE TAX FILERS - The Adjusted Gross Income Qualification is $75,000 or Less. This Category will get a $1,200 Stimulus Check.     
  2. HEAD OF HOUSEHOLD FILERS - The Adjusted Gross Income Qualification is $112,500 or Less. This Category will get a $1,200 Stimulus Check.
  3. MARRIED FILING JOINTLY - The Adjusted Gross Income Qualification is $150,000 or Less. This Category will get a $2,400 Stimulus Check.        

       It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale. 


  • For Each Dependent/Child, that is Under the Age of 17 Years and Below, you will get an Additional $500 Check, for each Child. Please Note, that this is as long, as the Child/Dependent was stated in the Tax Returns, at the time of Filing. 


  • If a Parent claims the Dependent/Child as a Dependent and this Child/Dependent files their own Taxes, the Parent will not get the Additional $500 Stimulus Check.       



  • The IRS will send the Payment to the Bank Account Information, that you have on File. 



  • If you did not indicate a Bank Account  nor used a Direct Deposit Method for your Tax Refunds, the IRS will mail the Check to the Address on File. 



  • In the Event, that you have moved from the Address on File, you need to File a Form 8822 with the IRS. This is a Change of Address Form to update your Address with the IRS.



  • The IRS will not withhold your Stimulus Check, if you are owing Taxes, the only clause is, if you are backed up on your Child Support Payment. You may have to call the Agency, in charge to make Payments and settlement, so that you are assured of getting your Full Stimulus Check Payment. 

  • The Earlier you file your Taxes, the Earlier you are assured of getting your Stimulus Check.      



        We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.

      It is always our Pleasure to Help you. 
  

IT'S TAX SEASON.

Posted on January 31, 2019 at 3:59 PM Comments comments ()
    
  IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
  It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
  It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.

     Important Points to Note:

  • The First Refunds will go out in the First Week of February and Many Refunds will be paid by Mid- to Late February.
  • The IRS expects about 90 Percent of the Tax Refunds to be filed electronically. Choosing E-File and Direct Deposit remains the fastest and safest way to file an accurate Income Tax Return and Receive a Refund.
  • The Form 1040 has been re-designed for the Tax Year 2018. The Revised Form consolidates Forms 1040, 1040A and 1040- EZ into one Form, that All Individual Tax Payers will use to file their 2018 Federal Income Tax Return.

  We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability.
 
 Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing.

  Let the Tax Season Begin ......................................................
 

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ROSYAN BOOKKEEPING SERVICES  |  5620 St. Barnabas Rd, Suite 318 Oxon Hill , MD , 20745 USA  |  Phone (202) 422-4586 (301) 485-8109

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