tag:blogger.com,1999:blog-28345397855140094622024-03-06T12:00:55.161-08:00Doug Zandstra CPA CFE EADoug Zandstra CPA CFE EADoug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.comBlogger59125tag:blogger.com,1999:blog-2834539785514009462.post-38404268930622653012022-04-12T13:56:00.008-07:002022-04-12T13:56:56.384-07:00Links to paying your taxes electronically<p>HERE ARE SOME LINKS TO PAYING YOUR INCOME TAXES ONLINE</p><p><br /></p><p>IRS</p><p><a href="https://www.irs.gov/payments">https://www.irs.gov/payments</a></p><p>MICHIGAN</p><p><a href="https://treas-secure.state.mi.us/PayIncomeTax/PayIncomeTax.htm">https://treas-secure.state.mi.us/PayIncomeTax/PayIncomeTax.htm</a></p><p>GRAND RAPIDS</p><p><a href="https://www.grandrapidsmi.gov/Payments/Income-Tax-Payments">https://www.grandrapidsmi.gov/Payments/Income-Tax-Payments</a></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="192" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" width="192" /></a></div><br /><p><br /></p><p><br /></p><p><br /></p><p><br /></p><div class="separator" style="background-color: white; clear: both; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;"><span style="font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;"><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-24917814128317171882022-02-25T08:32:00.002-08:002022-02-25T08:32:15.550-08:00Penalties for Failing to File a Zero Balance Return<p><span style="background-color: white; color: #282625; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; white-space: pre-wrap;"><br /></span></p><p><span style="background-color: white; color: #282625; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; white-space: pre-wrap;">It's very easy these days to set up an LLC or Corporation or trust or estate, if you forget to tell your tax preparer you could run into this problem. </span></p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">I got another case recently where the taxpayer registered as a partnership and failed to tell the preparer. </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">Here's a guy who set up an LLC between him and his wife and forgot to mention it to his tax preparer. </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">The taxpayer reasoned that since there was no activity, why should he file a return? CPA 's are expensive - right ? </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">BUT the IRS remembered the registration, and waited about two years before sending a notice sent a notice asking for a copy of the return. </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">So the taxpayer filed the return with all zeros - two years late !!!!! </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">So how much did it cost to fix this? $1,500 </p><p style="background-color: white; box-sizing: border-box; color: #282625; counter-reset: list-1 0 list-2 0 list-3 0 list-4 0 list-5 0 list-6 0 list-7 0 list-8 0 list-9 0; cursor: text; font-family: "Source Sans Pro", "Open Sans", Georgia, serif; font-size: 15px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 30px; margin: 0px; opacity: 0.9; padding: 0px; white-space: pre-wrap;">How much would have cost for the CPA to register and file? With zeroes? And Timely maybe $200</p><p><br /></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiwYye8Y1Yyckz55e4eoDC7iHpWCU3alxtvqo4KQHq-2V_wWwpgiXYURL56avkeJAGbKriXFEqxlmtzA8BQu3QVVzzZHLTk86N-PoedQJCAD6U4hsz-GCwi8FtjxUpwqd_Tn7t2HGYyRbDflo0jmRrPY9wdlBxJOpOIBMGIch1ojSVikcfD3-FIh9c7=s3436" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3436" data-original-width="2655" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEiwYye8Y1Yyckz55e4eoDC7iHpWCU3alxtvqo4KQHq-2V_wWwpgiXYURL56avkeJAGbKriXFEqxlmtzA8BQu3QVVzzZHLTk86N-PoedQJCAD6U4hsz-GCwi8FtjxUpwqd_Tn7t2HGYyRbDflo0jmRrPY9wdlBxJOpOIBMGIch1ojSVikcfD3-FIh9c7=w494-h640" width="494" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEilfdgj9t1vXuEO-wZ29yBRjJeassik7HBKUisQDzoSasxkfP1dmbviaK_9oisAJYgRGWAHwbHdx6jhQFnBwn0faGpQvVX18qOQ68hGTp39JhP8a3DrcO5lXfIlRjef8n1Vw58AfeFLSzy6SDiP3ScHKxmJW6fLTdp7BHsTFHOZu9Jvf1L1QD0rjYWK=s3436" imageanchor="1" style="margin-left: 1em; 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text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgTy-Eo69E3JThH98q98TuBytW34uz4dobpmFxK9DabgLK9bjSMQIQDggN0mOi1wU0HEUGO9TKzc2wP2FgJXQnkEVXBIuxuE4RsHBLMSRZySchjII5Fbife3BYUM4p7F6onpz8hth5DbIvifAUwaeqRsxdoeul1foW8iEyY8uYSLnYvvN8y_IEpV7Yv=s3436" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3436" data-original-width="2655" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEgTy-Eo69E3JThH98q98TuBytW34uz4dobpmFxK9DabgLK9bjSMQIQDggN0mOi1wU0HEUGO9TKzc2wP2FgJXQnkEVXBIuxuE4RsHBLMSRZySchjII5Fbife3BYUM4p7F6onpz8hth5DbIvifAUwaeqRsxdoeul1foW8iEyY8uYSLnYvvN8y_IEpV7Yv=w494-h640" width="494" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiL1B41jPEjI-MMmq7h_5Pu5AaIUR_rjyOeUohdmUX92IYJg233AiChPJfBYEbtKvYlXSn0w5aY4UGclF3inN8wmswhC96ztiH_oQUb7F7XvRqBqE3MH1TIVFT7IngJe1nTaOzPNdpFNoq8fiEMM3KhhoKnRoyXkHnyvQXKB2Tcy0TDlN5Q53ZeNorJ=s3436" imageanchor="1" style="margin-left: 1em; 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color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-4817200193196730822021-11-10T14:52:00.003-08:002021-11-10T14:52:35.817-08:00Should I be an LLC <p>In the day and age of side gigs, second jobs, renting out spare rooms, driving for Uber, I get asked quite often if I should set up an LLC ? </p><p>I am going to first of all mention that I am not an attorney, and this is not legal advice. This is an explanation of what an LLC is, and maybe what it is not. This is more the basics how it relates to your taxes</p><p>So - The related question is, will an LLC help me save money on my taxes? </p><p>The answer is ... maybe</p><p>You need to know the basics</p><p>(1) An LLC is a State level of legal protection. In Michigan, the LLC Act was formed in 1993, and you can find it <a href="https://www.legislature.mi.gov/documents/mcl/pdf/mcl-Act-23-of-1993.pdf" target="_blank"><<here>></a>. </p><p>Most States also have a Corporation Act, and anyone can register a business as a Corporation.</p><p>Registering for a Michigan LLC will afford you a certain amount of legal protection from various legal challenges. Maybe you have a roofing company, and you have an employee who falls off a roof. The LLC Act was designed to provide a limited amount of protection from lawsuits. </p><p>How much legal protection? "Limited Liability" means Limited. </p><p>If there are 3 members of an LLC, and there is a dispute about distributions, the LLC Act provides the framework for resolving those types of issues. </p><p>In fact, that is what the LLC Act was primarily intended to do. To provide the framework, the who can do what and who can't do what and how you properly notify someone, etc... If you were going to play baseball, each of the players knows the rules - right? If you are starting a business, the LLC Act provides the rule book for running a business. </p><p>(2) I have a LLC, what am I for Federal income tax purposes? The answer is- nothing. You are a disregarded entity. The IRS has only a couple of types of businesses that are recognized:</p><p>Corporations, Partnerships and Proprietorships <a href="https://dougzandstra.blogspot.com/2021/11/entity-comparison-charts.html" target="_blank"><<entity comparison chart>></a></p><p>If you register an LLC in Michigan and go to file your tax returns, you are not recognized. Your tax returns are filed with the IRS. That is Federal, not State... </p><p>If you come to me at the end of the year and say that you registered a LLC, and nothing else, then we file you as a Sole Proprietorship if its just you, or a partnership if there is more than one of you who own it. </p><p>(3) So what do you do? Well, now you know that an LLC is a State thing and that your taxes are Federal thing. </p><p>Decide if you want to be an LLC or a Corporation then step #2 is that you need to register your business for Federal purposes.</p><p>Most people that start out, start as Sole Proprietors. They are simple to start, there is little additional bookkeeping, and can quickly be dissolved. Your LLC registration will enable you to open a bank account and deposit and write checks using your business entity.</p><p>As you grow to a certain level, maybe where your Sole Proprietorship becomes full time, and maybe you are applying for a mortgage or you want to hire employees, then you would move into a Corporation or a S Corporation (Small Corporation). </p><p>Review the tax pros and cons of your choice of entity. <a href="https://dougzandstra.blogspot.com/2021/11/entity-comparison-charts.html" target="_blank"><<entity comparison chart>></a> If you elect for an S Corporation, the compliance can get expensive, but retirement planning opportunities open up. </p><p>Most importantly, is <u>enlist the assistance of a professional to get set up</u>. </p><p><br /></p><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-80035657625996503392021-11-10T14:37:00.003-08:002021-11-10T14:38:19.940-08:00Entity Comparison Charts<p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;">There are only a few basic types of entities, here is a comparison:</div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY-Z-3_1WTVv53esPS7ehiAKQx9EfEf4u8yz6hjwXPuMbvt2SuhEntGT9GNK-YUhhvYkiOYj4Iuc1TxlJPJ1FspLrj4Wx9WCdHZZzEHxlUqD57DWc6ITSlqq9mrCBZvA1m7x7ofLhyphenhyphenW9Y/s2048/ENTITY+COMPARISON.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2048" data-original-width="1583" height="802" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY-Z-3_1WTVv53esPS7ehiAKQx9EfEf4u8yz6hjwXPuMbvt2SuhEntGT9GNK-YUhhvYkiOYj4Iuc1TxlJPJ1FspLrj4Wx9WCdHZZzEHxlUqD57DWc6ITSlqq9mrCBZvA1m7x7ofLhyphenhyphenW9Y/w620-h802/ENTITY+COMPARISON.jpg" width="620" /></a></div><br /> <p><br /></p><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-69406965397432515962021-11-02T07:21:00.002-07:002021-11-15T13:14:46.816-08:00Calculator to see if your withholdings are on track for 2021<p>IRS has published a pretty handy calculator to see if your withholdings are on track for 2021.</p><p>I have had several inquiries where folks want to know if they are having too little or too much taken out and if they are going to have to repay some of the advance child tax payments.</p><p>This handy little calculator handles some robust calculations, give it a try</p><p>https://www.irs.gov/individuals/tax-withholding-estimator</p><p><a href="https://apps.irs.gov/app/tax-withholding-estimator/income-and-withholding/" target="_blank">LINK</a><br /></p><p><br /></p><p><br /></p><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-63367148030773566012021-06-18T12:58:00.008-07:002021-06-29T11:56:10.387-07:00Updates to the 2021 Child Tax Credit (CTC) <p><b>Should you opt in or out of the Monthly Payment Option for your CTC Payment scheduled to begin in July? </b></p><p>Background</p><p>For 2021 and beyond, the Child Tax Credit (CTC) has increased from $2,000 per child to either $3,000 or $3,600 per child depending on if their age. </p><p>IRS has promised that starting in July, you can elect to have that directly deposited into your bank account monthly as opposed to claiming it on your 1040</p><p><b>Are you eligible? </b></p><p style="box-sizing: border-box; color: #565656; font-family: "Source Sans Pro", sans-serif; line-height: 27px; margin: 10px 0px; max-height: 1e+06em;"><span style="background-color: white;">Kiplinger has set up a very quick and easy site to determine if you are eligible and they also can project the credit and payment amount </span><a href="https://www.kiplinger.com/taxes/602334/2021-child-tax-credit-calculator" style="background-color: #fcff01;" target="_blank"><<<Click Here>>></a></p><p style="box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 17px; line-height: 27px; margin: 10px 0px; max-height: 1e+06em;"><span style="background-color: white; color: #565656;">IRS has set up a website for you to determine if you are eligible </span><a href="https://apps.irs.gov/app/ctceligible/" target="_blank"><span style="background-color: #fcff01; color: black;"><<Click Here>></span></a></p><p style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 17px; line-height: 27px; margin: 10px 0px; max-height: 1e+06em;"></p><p><b><span></span></b></p><a name='more'></a><b>Do you want the paym</b><b>ent made monthly or do you want to wait until you file your taxes?</b><div><b><br /></b></div><div><b>I</b>f you have children under 17 <b>AND</b> you are used to getting a refund, be aware that your refund may turn into a balance due, so budget accordingly. <p>Here is a simple example with 2020 amounts - If you are married, and have 3 children under 17 and usually get a $5,000 refund, remember that the CTC credit in 2020 was $2,000 per child, so without that credit on your tax return, you would have a balance due of $1,000.</p><p><b><span></span></b></p><!--more--><b>Do not be caught off guard</b>. <p></p><div>It is likely that your federal tax withholdings are based on the CTC.</div><div><br /></div><div>The Advance CTC is only an advance on your 2021 tax refund, meaning that if you decide to take the monthly payment, your 2021 refund will be lower.. </div><div><br /></div><div>So, If you could use the money, and can adjust your withholdings so that your refund does not turn into a large balance due, then the Advance Child Tax Credit may be a good option for you. </div><div><br /></div><div>If you would rather not then you may want to opt out of the enrollment. </div><p></p><div class="separator" style="clear: both; text-align: center;"></div><p></p><span><!--more--></span><div><br /></div><div>Helpful Links</div><div><br /></div>There is an option to Opt Out of the Enrollment -<span style="background-color: #fcff01;"> <a href="https://www.irs.gov/credits-deductions/child-tax-credit-update-portal" target="_blank"><<Click Here>></a></span><p></p><p>IRS has a website for additional information <a href="https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021" style="background-color: #fcff01;" target="_blank"><<Click Here>></a></p><span><!--more--></span><p>And if you have specific questions - feel free to call or email Doug.</p><p>616-970-3000</p><p>dougzandstra@gmail.com </p><span><!--more--></span><p><br /></p><p> <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL_D1xW8nPXkLV1Kb7oQPg7Nt95MAHRsPa05dVN5TqqQe6XoO2dq8_UDNXIvmBhiD6-j9s1MOhyphenhyphenRaWV5lECPqUgZtGdcU0zjzE6cia3W2xOpUd1Q_HcVBQ-Azugp4V0MomJ9a96551mYQ/s2048/20210617112213038.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2048" data-original-width="1583" height="858" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL_D1xW8nPXkLV1Kb7oQPg7Nt95MAHRsPa05dVN5TqqQe6XoO2dq8_UDNXIvmBhiD6-j9s1MOhyphenhyphenRaWV5lECPqUgZtGdcU0zjzE6cia3W2xOpUd1Q_HcVBQ-Azugp4V0MomJ9a96551mYQ/w664-h858/20210617112213038.png" width="664" /></a></p><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p></div>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-67018308419658738662021-04-26T09:31:00.002-07:002021-04-26T09:31:19.735-07:002020 Refunds are Taking Longer Than Usual<p> </p><p>4/26/21</p><p>We have never had a year like this as far as the length of time it takes for the IRS to process a Electronically Filed income tax returns and send a refund.</p><p>You can check the status of your return using the IRS website "wheres my refund" and this year an unusual number of returns show the status "your return is still being processed" for several days even weeks.</p><p>This does not mean that your return is being flagged, this does not mean that your return is being audited. What is means is that your return is being "processed" - exactly what it says. </p><p>Who is to blame? The IRS is blaming the complexities of recent tax laws for the delay in "processing" tax returns.</p><p>As of 4/23/21 the IRS was holding 29 million tax returns for manual processing.</p><p>https://www.accountingtoday.com/news/irs-sees-delays-in-tax-refunds-and-quarterly-payments</p><p><br /></p><p><br /></p><div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-8954270357022630302021-04-02T12:04:00.004-07:002021-04-02T12:04:25.694-07:00Home Office Expenses and Deductibility<p> This year had a lot of people working from home, and of course, the question arises, can I deduct the expenses ? After all, I have to had high speed internet, a computer, a desk, office supplies etc..</p><p>The answer until 2018 was YES, the answer after 2018 depends on if you are an employee or not.</p><p>In 2018, changes were made to the standard deduction and the standard exemption essentially doubled. Employee home office expense were classified as a Itemized Misc Deduction, subject to the 2% floor. All if the items that were in this category were eliminated. </p><p>At the time, this had a big impact on sales professionals. Sales people who normally reach into their own pocket to cover expenses found out the only way that they were going to get credit for out of pocket expenses was to get reimbursed by their employers.</p><p>This is still the case. Employers are still able to deduct employee business expenses, so if you find that you are spending your after tax money on your work, you may want to consider asking your employer for assistance!!! </p><p>Below is a link to the IRS newsroom that gives additional information.</p><p>https://www.irs.gov/newsroom/irs-reminds-taxpayers-of-the-home-office-deduction-rules-during-small-business-week</p><p><br /></p><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><div class="separator" style="clear: both; text-align: left;"><span style="background-color: white; color: #222222; font-size: x-small;">Doug Zandstra CPA, CFE, EA</span></div><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-43425410858366668802021-03-14T11:47:00.004-07:002021-04-26T09:23:04.138-07:00Highlights of the American Rescue Plan<p>There new American Rescue Plan is all about your tax return. There are 3 major items that impact most Americans</p><p>1. $1,400 stimulus payments to taxpayers and dependents under 17. AGI limits are 80k for Single, 120k for Head of Household and 160k for Married filing joint.</p><p><br /></p><p>2. Up to $10,200 of unemployment benefits for 2020 will be non-taxable if your AGI is below $150k (on your Federal return) <b>Each State then has to decide if they are going to follow the Federal rules or not.</b> </p><p><span style="background-color: #fcff01;">4/1/21 UPDATE - Michigan Department of Treasury advises Michigan taxpayers to "wait"</span></p><p>https://www.michigan.gov/treasury/0,4679,7-121--556084--,00.html</p><p><span style="background-color: white; color: #333333; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px;"><i>"The Department is waiting on further guidance from the IRS with respect to potential data sharing that may allow the Department to expedite Michigan income tax refunds to Michigan taxpayers. Taxpayers should not file amended Michigan income tax returns until the Department issues further guidance."</i></span></p><p>---------------------------------------------------------------------------------------------------------------------</p><p><span style="background-color: #fcff01;">3/31/2021 UPDATE - IRS will recalculate and amend affected returns </span></p><p><span style="background-color: #fcff01;">https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may</span></p><p>3. Child Tax Credit is expanded (presently 2,000 per child under 17, and 500 for 18+) to be $3,600 for each child under 6 and $3,000 for all others.</p><p>Also, note that the way that this new Child Tax Credit works is that it is intended to be paid out on a <u>monthly basis</u>, and the push is for the start date to be July 2021</p><p>These computations are going to be based on the most current information that is available, 2019 or 2020. </p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><p></p><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gm</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-74779328854250824172021-02-17T08:29:00.005-08:002021-12-31T14:13:34.104-08:00Links to Business Registration in Michigan<p> Here are some helpful links for your Michigan LLC or your Michigan Corporation</p><p>Here is a link to various types of entities and the various pros and cons <a href="https://drive.google.com/file/d/1CenSAgyvxrstx23y_G6u_un2sRO7nWZJ/view?usp=sharing" target="_blank"><<CLICK HERE>></a> </p><p>Search for a business - or check to see if a name is available : <a href="https://cofs.lara.state.mi.us/SearchApi/Search/Search" target="_blank"><<CLICK HERE>></a></p><p>Pay your annual fees to keep your Corporation or LLC STATUS ACTIVE <a href="https://cofs.lara.state.mi.us/corpweb/LoginSystem/ExternalLogin.aspx" target="_blank"><<CLICK HERE>></a> </p><p>Register a NEW LLC or a NEW CORPORATION <a href="https://cofs.lara.state.mi.us/corpweb/LoginSystem/ListNewFilings.aspx?FilingMethod=I" target="_blank"><<CLICK HERE>></a></p><p>Get a FEIN Number <a href="https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online" target="_blank"><<CLICK HERE>></a></p><p>S Corporation Election <a href="https://www.irs.gov/pub/irs-pdf/f2553.pdf" target="_blank"><<CLICK HERE>></a></p><p>Remember your S Corporation is NOT registered until you receive CP261</p><p><br /></p><p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><p></p><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com<br /></span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-70770460234781007712021-02-14T09:18:00.003-08:002021-02-24T17:26:40.497-08:00IRS Form 1444 and your Economic Stimulus Payment<p> </p><p>One of the more confusing things for this particular tax season is reporting your economic stimulus payments on your tax return.</p><p>Last April, checks were mailed or deposited directly into taxpayer bank accounts. The information that was used to generate those payments were based on information that was available to the IRS at the time, usually 2018 income tax returns.</p><p>If you had children, got married, got divorced, or your income moved you either in or our of income eligibility, you may get more or have to return some on your 2020 income tax returns.</p><p>The form that was used to report your initial payment was called Form 1444 and is below. </p><p>So, is this form necessary to prepare your income tax return? No, it is the amount that is necessary. </p><p>The payment from last April was called the Economic Impact payment. It was based on income, and number of dependents at a certain age. But last April, most people had not yet filed their 2019 income tax returns, so the most current information that was used to calculate and send those payments was based on 2018 income tax data. So if between 2018 and 2019 your circumstances changed such that you were not eligible for the payments, well a recent decision indicates that it will not have to be repaid. But if you did not get the payments, and were eligible, you can apply for it on your 2020 income tax returns.</p><p>In late December, it was decided to generate a second stimulus check, "The Recovery Rebate Check" (RRC), and again it was broadly based on income and number of dependents under 17 years old. Congress and the IRS wanted to avoid the same problems as the first check and using old data, so the checks were generated in early January 2021 and are reconciled with 2020 income tax returns. </p><p>What changed between 2018, 2019 and 2020 data that would change your EIP and RRC payments? </p><p>Did you have a new baby? Did you get married? Did you file under your parents as a dependent in 2018 and then independent in 2019? Did you get a divorce? Did you experience a custody change? Did you adopt? Do you have a Foster Child? Did your EIP payment get deposited into an expired debit card typically used for your refunds? Is your income in 2018 the same as 2019 and 2020? Did you throw away your EIP payment? The paper checks did not look at all like checks from the IRS.</p><p>It is very important that you tell your CPA what the amounts for BOTH of your checks were, so that if you were entitled to more, you can apply for it.</p><div>The bottom line is that preparing 2020 income tax returns requires taking a look back and a look forward. There are a lot of other nuances related to Covid-19 and the preparation of your 2020 income tax returns. </div><p> </p><p><br /></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-lXw4L-jGXK_C00kAD8osWbzAx0UkVhDeC2eIuZwhqv3H9SdwTZCWNWc9aY_rpiloxqFd9fEF4BYX-ARFSqyU53wLugKcjARkbS3wD3SDX_D1jOA-astUprCuIIE40mB9lMUUf8fV-Oc/s829/IRS-Notice-Letter-1444-sample-01.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="829" data-original-width="658" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-lXw4L-jGXK_C00kAD8osWbzAx0UkVhDeC2eIuZwhqv3H9SdwTZCWNWc9aY_rpiloxqFd9fEF4BYX-ARFSqyU53wLugKcjARkbS3wD3SDX_D1jOA-astUprCuIIE40mB9lMUUf8fV-Oc/s16000/IRS-Notice-Letter-1444-sample-01.png" /></a></div><br /><p><br /></p><p><br /></p><p><br /></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s780/3x5.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaX6NpkMNfw7-kUVDfz1aLhNNFaIETme0YHh_vhLU1TZxTbLQgAj4gmJlwedg6So8uBASmm3KC3iKh0n0NMdg10Isbn-KO8oJKrtKOUJN7Lu9qxZmm-I0_cd994o_8n6oMgxXKE7fQFu4/s320/3x5.jpg" /></a></div><br /><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.comtag:blogger.com,1999:blog-2834539785514009462.post-65126295553645727572021-01-26T08:37:00.007-08:002021-01-26T16:03:17.958-08:00IRS Links to helpful information<p> </p><p><span style="font-family: Open Sans; font-size: large;">Here are some helpful links for the current 2021 income tax preparation season</span></p><p><b><span style="font-family: Open Sans; font-size: medium;"><a href="https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic">IRS Delays the start for the 2021 tax season until 2/12/21</a></span></b></p><h2 style="text-align: left;"></h2><h2 style="text-align: left;"><span style="font-size: medium;"><b style="font-family: "Open Sans";"><a href="https://apps.irs.gov/app/freeFile" target="_blank">Where</a><a href="https://apps.irs.gov/app/freeFile"> can you file your tax returns for free?</a></b></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><a href="https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin" style="font-family: "Open Sans";" target="_blank"><b>Now you can get an Identity Protection PIN - but you must apply</b></a></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><a href="https://www.irs.gov/refunds" target="_blank"><span style="font-family: Open Sans;"><b>Where is my refund?</b></span></a></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><a href="https://www.irs.gov/coronavirus/get-my-payment" style="font-family: "Open Sans";" target="_blank"><b>Where is my Coronavirus Stimulus Payment?</b></a></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><a href="https://www.irs.gov/newsroom/irs-payment-options"><span style="font-family: Open Sans;"><b>I have a federal Balance Due - what are my payment options?</b></span></a></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><b style="font-family: "Open Sans";"><a href="https://www.efile4biz.com/" target="_blank"><span>I need to file 1099's for my small business</span></a> </b></span></h2><h2 style="text-align: left;"><span style="font-size: medium;"><a href="http://www.dougzandstra.com/tax-pricing/"><span style="font-family: Open Sans;"><b>Our 2021 Tax Preparation Pricing Guidance</b></span></a></span></h2><p><span style="font-family: Open Sans; font-size: medium;"><br /></span></p><p><span style="font-family: Open Sans; font-size: medium;"><br /></span></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh57Pf1S6orx7BSDdkPIfHn9aC5-QL80CgXyxGiRnad9XXWDjxECzsDjR3h6ThpWnHXEY9LNAlETACsQKXKQysSq0JAIbDYFnFRVvijmQAO3k8oryQajttlmbJfLL83v-DVH4Ti2ERNyQ0/s780/3x5+%25281%2529.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="780" data-original-width="468" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh57Pf1S6orx7BSDdkPIfHn9aC5-QL80CgXyxGiRnad9XXWDjxECzsDjR3h6ThpWnHXEY9LNAlETACsQKXKQysSq0JAIbDYFnFRVvijmQAO3k8oryQajttlmbJfLL83v-DVH4Ti2ERNyQ0/s320/3x5+%25281%2529.jpg" /></a></div><br /><p><br /></p><p><br /></p><p><br /></p><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span><br /></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.comtag:blogger.com,1999:blog-2834539785514009462.post-769560809337300602020-09-29T08:14:00.001-07:002020-09-29T08:17:57.512-07:00Appointed to the Grand Rapids Income Tax Board of Review<p> </p><p>At the City Commission Meeting held August 25, 2020 Doug was appointed to the City income Tax Board of Review.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgThZPtuwKZtq7A8W3E5nuKL3OGwCM2ficc6dhhC7ajHZgerMmhv1xvcaHYnOepy9y0ZsHDSaeZpLIx6e1wDPSIdp173eksNp1XFXsYEPam3rwlr4OHQSVbgRlK-pO5mui9pLMqMKIODhk/s2048/CITY+APPOINTMENT+TO+INC+TAX+REVIEW+BOARD.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2048" data-original-width="1583" height="835" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgThZPtuwKZtq7A8W3E5nuKL3OGwCM2ficc6dhhC7ajHZgerMmhv1xvcaHYnOepy9y0ZsHDSaeZpLIx6e1wDPSIdp173eksNp1XFXsYEPam3rwlr4OHQSVbgRlK-pO5mui9pLMqMKIODhk/w643-h835/CITY+APPOINTMENT+TO+INC+TAX+REVIEW+BOARD.png" width="643" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><ul style="background-color: white; box-sizing: border-box; font-size: 20px; list-style-position: outside; margin: 20px 0px; padding: 0px 0px 0px 20px;"><li style="box-sizing: border-box;"><span style="font-family: inherit;">Hears and decides on appeals of income tax assessments and rulings</span></li><li style="box-sizing: border-box;"><span style="font-family: inherit;">Affirms reverses or modifies the matter under appeal </span></li></ul><p><br /></p><p><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Public Accountant</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Certified Fraud Examiner</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Enrolled Agent</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">Grand Rapids, MI 49503</span><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">616 970 3000</span><br /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br /><span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="background-color: white; color: #222222; font-size: xx-small;">email dougzandstra@gmail.com</span></p>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.comtag:blogger.com,1999:blog-2834539785514009462.post-65303223746012584042020-04-14T06:49:00.001-07:002020-04-14T07:16:23.283-07:00Links to sites with important information relating to your taxes and the Corona Virus<br />
Here are some links to websites that have helpful information relating to your 2019 income tax returns and the Corna virus impact.<br />
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<ul>
<li><a href="https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed" target="_blank">Treasury has Automatically extended Filing Deadlines and Payments from April 15, 2020 to July 15, 2020</a></li>
</ul>
<ul>
<li><a href="https://justthenews.com/politics-policy/coronavirus/everything-you-need-know-about-coronavirus-stimulus-check" target="_blank">Everything you need to know about the stimulus check</a></li>
</ul>
<ul>
<li><a href="https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here" target="_blank">Haven't filed in 2018 or 2019? Here is a link to the site to enter your information </a></li>
</ul>
<ul>
<li><a href="https://www.irs.gov/coronavirus/economic-impact-payments" target="_blank">Check the status of your payment (NOT LIVE AS OF 4/14/20)</a></li>
</ul>
<ul>
<li><a href="https://www.michigan.gov/leo/0,5863,7-336-78421_97241---,00.html" target="_blank">Apply for Unemployment - Michigan is now allowing 1099 Contractors to apply</a></li>
</ul>
<ul>
<li><br /></li>
</ul>
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<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Certified Public Accountant</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Enrolled Agent</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">616 970 3000</span><br />
<a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span><br />
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<br />Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-53161587511833523012020-04-07T17:09:00.002-07:002020-04-10T13:23:57.475-07:00Quick Fact Sheet about Unemployment and PPP<br />
<br />
Updated 2019-04-10<br />
<br />
Links to Current information :<br />
<br />
Very Easy To Understand Information<br />
<br />
<a href="https://sbshrs.adpinfo.com/covid19-cares-act" target="_blank">Covid 19 Cares ACT </a><br />
<br />
<a href="https://sbshrs.adpinfo.com/covid19-small-business-loans#ppp" target="_blank">Paycheck Protection Program</a><br />
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<a href="https://sbshrs.adpinfo.com/covid19-state-emergency-leave-laws" target="_blank">State Compliance Acts</a><br />
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<br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Certified Public Accountant</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Enrolled Agent</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">616 970 3000</span><br />
<a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br />
<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-89209564899772887962020-04-03T06:42:00.001-07:002020-04-03T06:42:10.223-07:00What you need to know for the Economic Impact Payments<span style="background-color: white; font-family: "Source Sans Pro", sans-serif;"><b>Check IRS.gov for the latest information: No action needed by most people at this time</b></span><br />
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
<b>IR-2020-61, March 30, 2020</b></div>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
Who is eligible for the economic impact payment?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. </div>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
How will the IRS know where to send my payment?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.</div>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
The IRS does not have my direct deposit information. What can I do?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
I am not typically required to file a tax return. Can I still receive my payment?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.</div>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
I need to file a tax return. How long are the economic impact payments available?</h3>
<div style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 16px; margin-bottom: 10px;">
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.</div>
<h3 style="background-color: white; box-sizing: border-box; font-family: "Source Sans Pro", sans-serif; font-size: 1.1875em; line-height: 1.36842; margin-bottom: 10px; margin-top: 20px;">
Where can I get more information?</h3>
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The IRS will post all key information on <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="5c847f9e-4184-4c13-a7e4-c712a2f743e0" href="https://www.irs.gov/coronavirus" style="background-color: transparent; box-sizing: border-box; color: #6e41a0; line-height: 1.25em; transition: all 0.3s ease 0s;" title="Coronavirus Tax Relief">IRS.gov/coronavirus</a> as soon as it becomes available.</div>
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The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="5c847f9e-4184-4c13-a7e4-c712a2f743e0" href="https://www.irs.gov/coronavirus" style="background-color: transparent; box-sizing: border-box; color: #6e41a0; line-height: 1.25em; transition: all 0.3s ease 0s;" title="Coronavirus Tax Relief">IRS.gov/coronavirus</a> rather than calling IRS assistors who are helping process 2019 returns.</div>
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<a href="https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know">https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know</a><br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-78772207167819323282020-04-03T06:37:00.003-07:002020-04-03T06:37:46.170-07:00 CARES Act Fact Sheet and Resources<span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: x-small;"> CARES Act Fact Sheet and Resources</span><br />
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<span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: x-small;">We have also included a CARES Act fact sheet for you to reference. This fact sheet briefly outlines some of the key points of the Act.</span><br />
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Below we have included links to resources and websites that we think you will find helpful. <u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.aicpa.org/news/aicpa-coronavirus-resource-center.html&source=gmail&ust=1586005477190000&usg=AFQjCNEVu1cTS-RA9IUlaa38BhL6VVnIXQ" href="https://www.aicpa.org/news/aicpa-coronavirus-resource-center.html" style="color: #1155cc;" target="_blank">AICPA Coronavirus Resource Center</a><u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf&source=gmail&ust=1586005477190000&usg=AFQjCNHc0D_lRutqMM1mHgHiPv6c9eMoOQ" href="https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf" style="color: #1155cc;" target="_blank">AICPA State Tax Filing Relief Chart for Coronavirus</a><u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/coronavirus&source=gmail&ust=1586005477190000&usg=AFQjCNGZnhip89ePZSLPftZ5_IjTbg6iew" href="https://www.irs.gov/coronavirus" style="color: #1155cc;" target="_blank">IRS Coronavirus Resource Center</a><u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.careeronestop.org/WorkerReEmployment/UnemploymentBenefits/unemployment-benefits.aspx&source=gmail&ust=1586005477190000&usg=AFQjCNHzrgBzt98ushceHfuuTcmTIYlIlQ" href="https://www.careeronestop.org/WorkerReEmployment/UnemploymentBenefits/unemployment-benefits.aspx" style="color: #1155cc;" target="_blank">Unemployment Benefits Resource Center for each state </a><u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html&source=gmail&ust=1586005477190000&usg=AFQjCNHiczbm1H4axQxzUYOYuAYpdvGUkQ" href="https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html" style="color: #1155cc;" target="_blank">Good FAQ for Stimulus Payment information </a><u></u><u></u></div>
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<span style="font-family: Symbol;">·</span> <a data-saferedirecturl="https://www.google.com/url?q=https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources&source=gmail&ust=1586005477190000&usg=AFQjCNHTgin8gzyu_3lUO38gs_amgfnfgQ" href="https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources" style="color: #1155cc;" target="_blank">SBA loan guidance and resource center</a></div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-48003238974665266282020-03-31T09:09:00.000-07:002020-03-31T09:09:08.751-07:00CARES Act Loans and Grants Details and How to Apply<br />
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CARES Act </div>
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The Impact on </div>
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U.S. SBA Existing Loan Programs and </div>
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New Loan Programs</div>
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March 30, 2020 </div>
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Congress approved and the President signed into law, the CARES Act on March 27, 2020. Certain provisions within the ACT have an impact on current SBA loans in addition to creating new loan and grant programs. This is a high-level look at some of the major portions of the Act.</div>
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<span style="box-sizing: border-box; font-weight: 600;">Payment Relief on SBA loans:</span></div>
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SBA is required to pay the principal, interest, and any associated fees owed on all 7(a) and 504 loans in regular servicing starting with the next payment due for existing and new borrowers. Below are the three scenarios clearly outlined in the Act:</div>
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<li style="box-sizing: border-box;">Existing loan <u style="box-sizing: border-box;">not</u> on deferment</li>
<li style="box-sizing: border-box;">Existing loan <u style="box-sizing: border-box;">on</u> deferment; six-month payment relief begins with the next payment due on the loan after the deferment period ends</li>
<li style="box-sizing: border-box;">New loans made within six months of the date of enactment of the Act (3/27/2020); six months of payments beginning with the first payment due on the loan.</li>
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<span style="box-sizing: border-box; font-weight: 600;">Paycheck Protection Program Loan:</span></div>
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The Act creates an additional 7(a) loan referred to as a Paycheck Protection Program (PPP) loan. PPP loan provisions within the Act are outlined below, subject to guidance to be provided by SBA in the next 30 days:</div>
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<li style="box-sizing: border-box;">Who is eligible?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Businesses, either for profit or non-profit (501c (3)) with <u style="box-sizing: border-box;"><</u>500 full-time equivalent employees</li>
<li style="box-sizing: border-box;">If a company's NAICS code begins with 72 (hospitality and food service industries) then the <u style="box-sizing: border-box;"><</u>500 employee provision is considered on a "per physical location" basis</li>
</ul>
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<li style="box-sizing: border-box;">What are "covered costs"?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">The amount of "Payroll related costs" is defined as the sum of payments of any compensation with respect to employees that is a salary, wage, commission, tip, vacation, parental, family, medical leave, sick leave, allowance for dismissal or separation, group health care benefits, retirement benefits and state or local taxes</li>
</ul>
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<li style="box-sizing: border-box;">Available loan amount?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">The lesser of:<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">250% of the average total monthly payments by the applicant for payroll costs incurred during the 1-year period before the date on which the loan is made; and</li>
<li style="box-sizing: border-box;">$10,000,000</li>
</ul>
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<li style="box-sizing: border-box;">What may the proceeds of the loan be used for?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">During the "covered period" (2/15/2020 to 6/30/2020) funds may be used for payroll related costs (as described above), utilities, rent, interest on any mortgage payment (not principal), interest on other debt obligations for loans incurred prior to 2/15/2020</li>
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<li style="box-sizing: border-box;">Is there a maximum loan amount?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">$10 million on a 7(a) PPP loan</li>
</ul>
</li>
<li style="box-sizing: border-box;">Is loan forgiveness a feature of the PPP loan?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Yes, the amount paid by the borrower to retain employees, make interest payments on a covered mortgage obligation, make payments on a covered rent obligation, or make covered utility payments during the 8 week period beginning on the date of the covered loan can be forgiven; any remaining balance will be amortized for up to 10 years</li>
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<li style="box-sizing: border-box;">Payment structure?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Lenders are required to defer monthly payments for a period of not less than six months and not more than one year</li>
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<li style="box-sizing: border-box;">Loan Term?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Any portion of a PPP loan not forgiven may be termed out for up to 10 years from the date of application for loan forgiveness</li>
</ul>
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<li style="box-sizing: border-box;">Guaranty?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">SBA guaranty under the PPP Program is 100% through 12/31/2020 then reverting to normal SBA Guaranty percentages</li>
</ul>
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<li style="box-sizing: border-box;">Fees?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">All borrower and lender fees are waived</li>
</ul>
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<li style="box-sizing: border-box;">Interest Rate?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Capped at 4%</li>
</ul>
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<li style="box-sizing: border-box;">Collateral?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">No</li>
</ul>
</li>
<li style="box-sizing: border-box;">Personal Guaranties?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">No</li>
</ul>
</li>
<li style="box-sizing: border-box;">Timing:<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Subject to SBA guidance, loans must be closed prior to June 30, 2020</li>
</ul>
</li>
<li style="box-sizing: border-box;"><b>How do I apply?</b><ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;"><b>Through your SBA 7(a) lender (bank or credit union)</b></li>
</ul>
</li>
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<span style="box-sizing: border-box; font-weight: 600;">SBA Economic Injury Disaster Loan (EIDL) Program.</span></div>
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These are direct loans obtained directly through the SBA (see link below).</div>
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<li style="box-sizing: border-box;">Who is eligible?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Businesses, either for profit or non-profit (501c (3)) with <u style="box-sizing: border-box;"><</u>500 employees (FTE)</li>
</ul>
</li>
<li style="box-sizing: border-box;">Available loan amount?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Up to $2 million but will be determined by an SBA Underwriter</li>
</ul>
</li>
<li style="box-sizing: border-box;">Loan Term?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Up to 30 years</li>
<li style="box-sizing: border-box;">Loans may be prepaid without penalty regardless of the term</li>
</ul>
</li>
<li style="box-sizing: border-box;">Fees?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">All borrower and lender fees are waived</li>
</ul>
</li>
<li style="box-sizing: border-box;">Interest Rate?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">3.75% if a for-profit; 2.75% if a non-profit</li>
</ul>
</li>
<li style="box-sizing: border-box;">Collateral?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Not for loans <u style="box-sizing: border-box;"><</u>$25,000</li>
<li style="box-sizing: border-box;">Yes, for loans >$25,000; requires all available collateral, no appraisals required on RE (there is some recent indication SBA is waiving the collateral requirement for all EIDL loans)</li>
</ul>
</li>
<li style="box-sizing: border-box;">Personal Guaranties?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Not for loans <u style="box-sizing: border-box;"><</u>$25,000</li>
<li style="box-sizing: border-box;">Yes, for loans >$25,000</li>
</ul>
</li>
<li style="box-sizing: border-box;">Timing:<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Estimated at 30 days, application to receipt of funds</li>
</ul>
</li>
<li style="box-sizing: border-box;">Loan forgiveness:<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">None</li>
</ul>
</li>
<li style="box-sizing: border-box;"><b>How do I apply?</b><ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;"><b>Direct with the SBA at <a href="https://mail.exchange.gvsu.edu/owa/redir.aspx?C=8AzJYuo2gS6IK-I_XsEU4M8akFa9R9VJBfTapjiipy0hnqMhg9XXCA..&URL=http%3a%2f%2fr20.rs6.net%2ftn.jsp%3ff%3d001J6lMoYjfyLJO_ygbx4Dmfvs0_xAPU5ze1AuQMMrIf-cGKJryCV4lSGGUjVJEPW4ildhrZON1pNwZhITi5_XKSWErURYFRWrQKX7iyNZsQbp89UOGlRW3-UTJIMyOhSZJd36qqURMmucdtbNNqYc4BxeXnIvp1-1zxMur-EboOvTnip1mAQHtAg%3d%3d%26c%3dxT6C2sP_eSmGV0pCQQuHBvoFtgyoqLkyO-4_4Eh9WbPqGvGvDeexDA%3d%3d%26ch%3d9yojD96ZNdMgvkk_U954CDC2xFnOOEOgNVet_7yMfKJ0QuawGcFWaw%3d%3d" style="background: transparent; box-sizing: border-box; color: #2489cc; text-decoration-line: none !important;">www.sba.gov/disaster</a></b></li>
</ul>
</li>
</ul>
<div style="box-sizing: border-box;">
</div>
<div style="box-sizing: border-box;">
<span style="box-sizing: border-box; font-weight: 600;">SBA Economic Injury Disaster Grant (EIDG) Program.</span></div>
<ul style="box-sizing: border-box; margin-bottom: 9.5px; margin-top: 0px;">
<li style="box-sizing: border-box;">Who is eligible?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Businesses, either for profit or non-profit (501c (3)) with <u style="box-sizing: border-box;"><</u>500 employees (FTE) in business prior to January 31, 2020</li>
</ul>
</li>
<li style="box-sizing: border-box;">Available grant amount?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">$10,000 to any small businesses and non-profits that apply for an SBA EIDL within three days of applying for the loan</li>
<li style="box-sizing: border-box;">The grant does not have to be repaid even if the grantee is subsequently denied an EIDL</li>
</ul>
</li>
<li style="box-sizing: border-box;">Use of the grant?<ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;">Maintain payroll</li>
<li style="box-sizing: border-box;">Provide paid sick leave</li>
<li style="box-sizing: border-box;">Meet increased production costs due to supply chain disruptions</li>
<li style="box-sizing: border-box;">Pay business obligations including debt payments, rent and mortgage payments</li>
</ul>
</li>
<li style="box-sizing: border-box;"><b>How do I apply?</b><ul style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px;">
<li style="box-sizing: border-box;"><b>Direct with the SBA at <a href="https://mail.exchange.gvsu.edu/owa/redir.aspx?C=8AzJYuo2gS6IK-I_XsEU4M8akFa9R9VJBfTapjiipy0hnqMhg9XXCA..&URL=http%3a%2f%2fr20.rs6.net%2ftn.jsp%3ff%3d001J6lMoYjfyLJO_ygbx4Dmfvs0_xAPU5ze1AuQMMrIf-cGKJryCV4lSGGUjVJEPW4ildhrZON1pNwZhITi5_XKSWErURYFRWrQKX7iyNZsQbp89UOGlRW3-UTJIMyOhSZJd36qqURMmucdtbNNqYc4BxeXnIvp1-1zxMur-EboOvTnip1mAQHtAg%3d%3d%26c%3dxT6C2sP_eSmGV0pCQQuHBvoFtgyoqLkyO-4_4Eh9WbPqGvGvDeexDA%3d%3d%26ch%3d9yojD96ZNdMgvkk_U954CDC2xFnOOEOgNVet_7yMfKJ0QuawGcFWaw%3d%3d" style="background: transparent; box-sizing: border-box; color: #2489cc; text-decoration-line: none !important;">www.sba.gov/disaster</a></b></li>
</ul>
</li>
</ul>
<div style="box-sizing: border-box;">
</div>
<div style="box-sizing: border-box;">
Additional resources regarding information contained in the CARES Act.</div>
</div>
</div>
</div>
<div style="box-sizing: border-box;">
<a href="https://mail.exchange.gvsu.edu/owa/redir.aspx?C=NFwgGE2R1KBmoo5HBTOJ0f7O7iI5a53v08YWjB_0MgshnqMhg9XXCA..&URL=http%3a%2f%2fr20.rs6.net%2ftn.jsp%3ff%3d001J6lMoYjfyLJO_ygbx4Dmfvs0_xAPU5ze1AuQMMrIf-cGKJryCV4lSGGUjVJEPW4iklL_hhlzO3yL9qZRpmgbehGoKkHZlvCThdGFuTwCpNpSKjNwDuik6djR8dWjBRxyUGkA5HTYzINUemjfiaoXLt7HP80VlLTBQfx-hrSeX7U_EEB-MhYKQAgWguBrPWd7uZzSVwUQP1C27C5BXWD1QVRnLSpm4FIfip0qmMS4syG871VcVRf0ieS0PhBKSEEhOP-QTqQ5C_Q%3d%26c%3dxT6C2sP_eSmGV0pCQQuHBvoFtgyoqLkyO-4_4Eh9WbPqGvGvDeexDA%3d%3d%26ch%3d9yojD96ZNdMgvkk_U954CDC2xFnOOEOgNVet_7yMfKJ0QuawGcFWaw%3d%3d" style="background: transparent; box-sizing: border-box; color: #2489cc; text-decoration-line: none !important;">Senate Committee on Small Business Resource Guide</a> </div>
</div>
<br />
<br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span><br />
<br />
<br />Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-63841086233992057612020-03-31T08:31:00.000-07:002020-03-31T08:31:26.051-07:00CARES ACT FINAL SUMMARY<br />
<b style="text-align: justify;">BORROWED FROM COVIDWM.ORG</b><br />
<br />
<br />
<div class="Section1">
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</span></span><!--[endif]-->Final<span style="letter-spacing: -.5pt;"> </span>Summary<span style="letter-spacing: -.5pt;"> </span>of<span style="letter-spacing: -.5pt;"> </span>Provisions<span style="letter-spacing: -.45pt;"> </span>in<span style="letter-spacing: 1.3pt; mso-font-width: 99%;"> </span>CARES<span style="letter-spacing: -.45pt;"> </span>Package<span style="letter-spacing: -.45pt;"> </span>Most<span style="letter-spacing: -.5pt;"> </span>Relevant<span style="letter-spacing: -.45pt;"> </span>to<span style="letter-spacing: -.5pt;"> </span>ICSC<span style="font-weight: normal;"><o:p></o:p></span></h1>
<div class="MsoBodyText" style="margin-left: 0in; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
<br /></div>
<div align="center" class="MsoBodyText" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 0in; margin-top: 11.45pt; mso-line-break-override: restrictions; punctuation-wrap: simple; text-align: center; text-indent: 0in;">
<b><span style="font-size: 14.0pt;">ECONOMIC<span style="letter-spacing: -1.6pt;"> </span>PROVISIONS</span></b><span style="font-size: 14.0pt;"><o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 0in; margin-top: .15pt; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
<br /></div>
<h2 style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 5.0pt; margin-right: 0in; margin-top: 3.45pt; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
LOAN<span style="letter-spacing: -.45pt;"> </span>PROGRAM<span style="font-weight: normal;"><o:p></o:p></span></h2>
<div class="MsoBodyText" style="margin-left: 0in; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
<br /></div>
<div class="MsoBodyText" style="margin-left: 5.0pt; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
<u>Small<span style="letter-spacing: -.1pt;"> </span>Business<span style="letter-spacing: -.05pt;"> </span>“Paycheck<span style="letter-spacing: -.05pt;"> </span>Protection<span style="letter-spacing: -.1pt;"> </span>Program”</u></div>
<div class="MsoBodyText" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 23.0pt; margin-right: 6.55pt; margin-top: 6.0pt; mso-line-break-override: restrictions; mso-list: l0 level1 lfo3; punctuation-wrap: simple; tab-stops: 23.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->New<span style="letter-spacing: -.1pt;"> </span>$349<span style="letter-spacing: -.1pt;"> </span>billion<span style="letter-spacing: -.1pt;">
</span>SBA<span style="letter-spacing: -.05pt;"> </span>lending<span style="letter-spacing: -.1pt;"> </span>program,<span style="letter-spacing: -.1pt;">
</span>modeled<span style="letter-spacing: -.1pt;"> </span>on<span style="letter-spacing: -.05pt;"> </span>existing<span style="letter-spacing: -.1pt;">
</span>7(a)<span style="letter-spacing: -.1pt;"> </span>program,<span style="letter-spacing: -.05pt;"> </span>with<span style="letter-spacing: -.1pt;"> </span>100%<span style="letter-spacing: -.1pt;"> </span>government guarantee<span style="letter-spacing: -.1pt;"> </span>(as<span style="letter-spacing: -.1pt;"> </span>opposed<span style="letter-spacing: -.05pt;">
</span>to<span style="letter-spacing: -.1pt;"> </span>75%<span style="letter-spacing: -.1pt;"> </span>guarantee<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>7(a)<span style="letter-spacing: -.1pt;"> </span>loans).</div>
<div class="MsoBodyText" style="margin-top: 7.95pt; mso-line-break-override: restrictions; mso-list: l0 level1 lfo3; punctuation-wrap: simple; tab-stops: 23.0pt;">
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</span></span><!--[endif]-->Eligibility:</div>
<div class="MsoBodyText" style="line-height: 96%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 59.0pt; margin-right: 20.55pt; margin-top: 8.35pt; mso-line-break-override: restrictions; mso-list: l0 level2 lfo3; punctuation-wrap: simple; tab-stops: 59.0pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Small<span style="letter-spacing: -.1pt;"> </span>businesses<span style="letter-spacing: -.1pt;"> </span>as<span style="letter-spacing: -.1pt;"> </span>defined<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>SBA<span style="letter-spacing: -.05pt;"> </span>size<span style="letter-spacing: -.1pt;"> </span>standards<span style="letter-spacing: -.1pt;"> </span>(generally<span style="letter-spacing: -.05pt;"> </span>up<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>500<span style="letter-spacing: -.1pt;"> </span>employees,<span style="letter-spacing: -.1pt;"> </span>but up<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>1,500<span style="letter-spacing: -.05pt;"> </span>employees<span style="letter-spacing: -.1pt;"> </span>depending<span style="letter-spacing: -.05pt;"> </span>on<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>sector<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>certain<span style="letter-spacing: -.1pt;"> </span>sectors<span style="letter-spacing: -.1pt;">
</span>are<span style="letter-spacing: -.05pt;"> </span>based<span style="letter-spacing: -.1pt;"> </span>on revenue).</div>
<div class="MsoBodyText" style="line-height: 96%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 59.0pt; margin-right: 7.95pt; margin-top: 8.3pt; mso-line-break-override: restrictions; mso-list: l0 level2 lfo3; punctuation-wrap: simple; tab-stops: 59.0pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="letter-spacing: -.05pt;">Businesses</span><span style="letter-spacing: -.1pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>Accommodation<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>Food<span style="letter-spacing: -.1pt;"> </span>Services<span style="letter-spacing: -.05pt;">
</span>Sector<span style="letter-spacing: -.1pt;"> </span>(NAICS<span style="letter-spacing: -.1pt;"> </span>Code<span style="letter-spacing: -.1pt;"> </span>72)<span style="letter-spacing: -.05pt;"> </span>are<span style="letter-spacing: -.1pt;"> </span>eligible<span style="letter-spacing: 1.45pt;"> </span>with<span style="letter-spacing: -.1pt;"> </span>up<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>500<span style="letter-spacing: -.1pt;"> </span>employees<span style="letter-spacing: -.05pt;">
</span>at<span style="letter-spacing: -.1pt;"> </span>each<span style="letter-spacing: -.05pt;"> </span>location.<span style="letter-spacing: -.1pt;"> </span>Code<span style="letter-spacing: -.05pt;"> </span>72<span style="letter-spacing: -.1pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>limited<span style="letter-spacing: -.1pt;">
</span>to<span style="letter-spacing: -.05pt;"> </span>restaurants<span style="letter-spacing: -.1pt;"> </span>and accommodations<span style="letter-spacing: -.25pt;"> </span>(hotels).</div>
<div class="MsoBodyText" style="line-height: 13.9pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 59.0pt; margin-right: 13.9pt; margin-top: 8.25pt; mso-line-break-override: restrictions; mso-line-height-rule: exactly; mso-list: l0 level2 lfo3; punctuation-wrap: simple; tab-stops: 59.0pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Non-profits<span style="letter-spacing: -.1pt;"> </span>with<span style="letter-spacing: -.05pt;"> </span>fewer<span style="letter-spacing: -.05pt;">
</span>than<span style="letter-spacing: -.1pt;"> </span>500<span style="letter-spacing: -.05pt;"> </span>employees<span style="letter-spacing: -.05pt;"> </span>who<span style="letter-spacing: -.1pt;"> </span>are<span style="letter-spacing: -.05pt;"> </span>501(c)3s<span style="letter-spacing: -.05pt;">
</span>and<span style="letter-spacing: -.1pt;"> </span>do<span style="letter-spacing: -.05pt;"> </span>not<span style="letter-spacing: -.05pt;"> receive </span>Medicaid<span style="letter-spacing: 1.3pt;"> </span>funding.</div>
<div class="MsoBodyText" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 59.0pt; margin-right: 0in; margin-top: 7.8pt; mso-line-break-override: restrictions; mso-list: l0 level2 lfo3; punctuation-wrap: simple; tab-stops: 59.0pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Sole<span style="letter-spacing: -.15pt;"> </span>proprietors,<span style="letter-spacing: -.15pt;"> </span>the<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.05pt;">self-employed,</span><span style="letter-spacing: -.15pt;"> </span>and<span style="letter-spacing: -.15pt;"> </span>independent<span style="letter-spacing: -.15pt;"> </span>contractors.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Regulatory<span style="letter-spacing: -.1pt;"> </span>Streamlining:<span style="letter-spacing: -.1pt;"> </span>SBA’s<span style="letter-spacing: -.1pt;"> </span>standard<span style="letter-spacing: -.1pt;"> </span>“no<span style="letter-spacing: -.1pt;"> </span>credit<span style="letter-spacing: -.1pt;"> </span>elsewhere”<span style="letter-spacing: -.1pt;"> </span>test<span style="letter-spacing: -.1pt;"> </span>is<span style="letter-spacing: -.15pt;"> </span>waived<span style="letter-spacing: -.1pt;">
</span>and<span style="letter-spacing: -.1pt;"> </span>non<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">SBA-</span><span style="letter-spacing: 1.15pt;"> </span>lenders<span style="letter-spacing: -.1pt;">
</span>approved<span style="letter-spacing: -.15pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>Treasury<span style="letter-spacing: -.05pt;">
</span>and<span style="letter-spacing: -.1pt;"> </span>SBA<span style="letter-spacing: -.1pt;"> </span>can<span style="letter-spacing: -.1pt;"> </span>provide<span style="letter-spacing: -.1pt;"> </span>loans.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Maximum<span style="letter-spacing: -.05pt;"> </span>Loans:<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">Generally
</span>monthly<span style="letter-spacing: -.05pt;"> </span>payroll<span style="letter-spacing: -.1pt;"> </span>costs<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>2<span style="letter-spacing: -.1pt;"> </span>½<span style="letter-spacing: -.1pt;"> </span>months,<span style="letter-spacing: -.1pt;">
</span>not<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>exceed<span style="letter-spacing: -.1pt;"> </span>$10<span style="letter-spacing: -.1pt;"> </span>million.<span style="letter-spacing: 1.4pt; mso-font-width: 99%;"> </span>Payroll<span style="letter-spacing: -.1pt;"> </span>costs<span style="letter-spacing: -.1pt;"> </span>exclude<span style="letter-spacing: -.05pt;">
</span>compensation<span style="letter-spacing: -.1pt;"> </span>paid<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>individuals,<span style="letter-spacing: -.1pt;"> </span>including<span style="letter-spacing: -.05pt;">
</span>the<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">self-employed,</span> in<span style="letter-spacing: -.1pt;"> </span>excess<span style="letter-spacing: -.1pt;"> </span>of</div>
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$100,000<span style="letter-spacing: -.15pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>year.</div>
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</span></span><!--[endif]-->Requirements:<span style="letter-spacing: -.1pt;">
</span>The<span style="letter-spacing: -.1pt;"> </span>employer<span style="letter-spacing: -.1pt;"> </span>certifies<span style="letter-spacing: -.1pt;">
</span>that<span style="letter-spacing: -.1pt;"> </span>they<span style="letter-spacing: -.05pt;"> </span>will<span style="letter-spacing: -.1pt;"> </span>maintain<span style="letter-spacing: -.1pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span>average<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">full-time</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">equivalent</span><span style="letter-spacing: 1.45pt;"> </span>employment,<span style="letter-spacing: -.1pt;"> </span>with<span style="letter-spacing: -.1pt;"> </span>incentives<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">re-hire </span>if<span style="letter-spacing: -.1pt;"> </span>employees<span style="letter-spacing: -.1pt;"> </span>have<span style="letter-spacing: -.05pt;"> </span>been<span style="letter-spacing: -.1pt;"> </span>furloughed.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Loan<span style="letter-spacing: -.1pt;"> </span>Forgiveness:<span style="letter-spacing: -.1pt;"> </span>The<span style="letter-spacing: -.1pt;"> </span>borrower<span style="letter-spacing: -.05pt;"> </span>shall<span style="letter-spacing: -.1pt;"> </span>have<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.05pt;"> </span>portion<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span>loan<span style="letter-spacing: -.05pt;"> </span>forgiven<span style="letter-spacing: -.1pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>amount<span style="letter-spacing: -.05pt;">
</span>equal<span style="letter-spacing: -.1pt;"> </span>to their<span style="letter-spacing: -.1pt;"> </span>payroll<span style="letter-spacing: -.1pt;">
</span>costs<span style="letter-spacing: -.1pt;"> </span>(not<span style="letter-spacing: -.1pt;"> </span>including<span style="letter-spacing: -.1pt;">
</span>costs<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">compensation</span><span style="letter-spacing: -.1pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>excess<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>$100,000<span style="letter-spacing: -.1pt;"> </span>annually),<span style="letter-spacing: -.1pt;"> </span>interest<span style="letter-spacing: 1.1pt; mso-font-width: 99%;"> </span>payments<span style="letter-spacing: -.1pt;"> </span>on<span style="letter-spacing: -.1pt;"> </span>mortgages,<span style="letter-spacing: -.1pt;"> </span>rent<span style="letter-spacing: -.1pt;"> </span>payments,<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>utility<span style="letter-spacing: -.05pt;"> </span>payments<span style="letter-spacing: -.1pt;">
</span>between<span style="letter-spacing: -.1pt;"> </span>February<span style="letter-spacing: -.05pt;"> </span>15<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>June<span style="letter-spacing: -.05pt;"> </span>30, 2020.<span style="letter-spacing: -.1pt;"> </span>Loan<span style="letter-spacing: -.05pt;"> </span>forgiveness<span style="letter-spacing: -.05pt;"> </span>will<span style="letter-spacing: -.1pt;"> </span>be<span style="letter-spacing: -.05pt;"> </span>reduced<span style="letter-spacing: -.05pt;">
</span>if<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>borrower<span style="letter-spacing: -.05pt;"> </span>reduces<span style="letter-spacing: -.1pt;"> </span>employment<span style="letter-spacing: -.05pt;"> </span>by a<span style="letter-spacing: -.1pt;"> </span>ratio<span style="letter-spacing: -.05pt;"> </span>similar<span style="letter-spacing: -.05pt;">
</span>to their<span style="letter-spacing: -.1pt;"> </span>reduction<span style="letter-spacing: -.05pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">employment </span>or<span style="letter-spacing: -.05pt;"> </span>if<span style="letter-spacing: -.1pt;"> </span>borrower<span style="letter-spacing: -.05pt;"> </span>reduces<span style="letter-spacing: -.05pt;">
</span>salaries<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>wages<span style="letter-spacing: -.1pt;"> </span>by
more<span style="letter-spacing: -.05pt;"> </span>than<span style="letter-spacing: -.1pt;"> </span>25%.</div>
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</span></span><!--[endif]-->Banks<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span>already<span style="letter-spacing: -.05pt;">
</span>participate<span style="letter-spacing: -.1pt;"> </span>as<span style="letter-spacing: -.1pt;"> </span>SBA<span style="letter-spacing: -.1pt;"> </span>lenders<span style="letter-spacing: -.1pt;"> </span>will<span style="letter-spacing: -.1pt;"> </span>administer<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>making<span style="letter-spacing: -.1pt;"> </span>these<span style="letter-spacing: -.1pt;"> </span>low<span style="letter-spacing: -.1pt;"> </span>interest<span style="letter-spacing: -.1pt;">
</span>rate loans,<span style="letter-spacing: -.15pt;"> </span>expected<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>be<span style="letter-spacing: -.1pt;"> </span>tied<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>maximum<span style="letter-spacing: -.1pt;"> </span>interest<span style="letter-spacing: -.1pt;">
</span>rate<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>SBA<span style="letter-spacing: -.1pt;"> </span>loans<span style="letter-spacing: -.1pt;"> </span>as<span style="letter-spacing: -.15pt;"> </span>February<span style="letter-spacing: -.05pt;"> </span>15,</div>
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<span style="letter-spacing: -.05pt;">2020.</span><span style="letter-spacing: 3.25pt;"> </span>There<span style="letter-spacing: -.1pt;"> </span>are<span style="letter-spacing: -.05pt;"> </span>protections<span style="letter-spacing: -.1pt;"> </span>against<span style="letter-spacing: -.05pt;"> </span>reselling<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>loan.<span style="letter-spacing: -.1pt;"> </span>The<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.05pt;"> </span>also<span style="letter-spacing: -.1pt;"> </span>excuses<span style="letter-spacing: -.05pt;"> </span>banks<span style="letter-spacing: -.1pt;"> </span>who<span style="letter-spacing: -.05pt;"> </span>make<span style="letter-spacing: 1.05pt;"> </span>loans<span style="letter-spacing: -.1pt;"> </span>under<span style="letter-spacing: -.1pt;"> </span>this<span style="letter-spacing: -.05pt;"> </span>program<span style="letter-spacing: -.05pt;">
</span>from<span style="letter-spacing: -.05pt;"> </span>certain<span style="letter-spacing: -.05pt;"> </span>accounting<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>loss<span style="letter-spacing: -.1pt;"> </span>reserve<span style="letter-spacing: -.1pt;">
</span>requirements,<span style="letter-spacing: -.05pt;"> </span>thereby<span style="letter-spacing: -.05pt;"> </span>freeing up<span style="letter-spacing: -.1pt;"> </span>funds<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>additional<span style="letter-spacing: -.1pt;"> </span>lending.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Borrowers<span style="letter-spacing: -.1pt;"> </span>who<span style="letter-spacing: -.1pt;"> </span>receive<span style="letter-spacing: -.1pt;">
</span>Small<span style="letter-spacing: -.05pt;"> </span>Business<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">Interruption</span><span style="letter-spacing: -.1pt;"> </span>Loans<span style="letter-spacing: -.05pt;"> </span>are<span style="letter-spacing: -.1pt;"> </span>not<span style="letter-spacing: -.1pt;"> </span>eligible<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>receive<span style="letter-spacing: -.1pt;"> </span>SBA<span style="letter-spacing: 1.1pt; mso-font-width: 99%;"> </span>Economic<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">Injury</span><span style="letter-spacing: -.1pt;"> </span>Disaster<span style="letter-spacing: -.15pt;"> </span>Loans<span style="letter-spacing: -.15pt;">
</span>(EIDLs).</div>
</div>
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</span>
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<u>Economic<span style="letter-spacing: -.1pt;"> </span>Stabilization<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>Assistance<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.15pt;"> </span>Severely<span style="letter-spacing: -.1pt;"> </span>Distressed<span style="letter-spacing: -.1pt;"> </span>Sectors</u></div>
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<br /></div>
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<br /></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Treasury<span style="letter-spacing: -.05pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>working<span style="letter-spacing: -.1pt;">
</span>through<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>guidance<span style="letter-spacing: -.05pt;">
</span>already<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>may<span style="letter-spacing: -.05pt;"> </span>have<span style="letter-spacing: -.05pt;"> </span>it<span style="letter-spacing: -.1pt;"> </span>prepared<span style="letter-spacing: -.05pt;"> </span>within<span style="letter-spacing: -.1pt;">
</span>5<span style="letter-spacing: -.05pt;"> </span>days.<span style="letter-spacing: -.05pt;"> </span>The<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">bill</span><span style="letter-spacing: 1.0pt;"> </span>says<span style="letter-spacing: -.1pt;"> </span>Treasury<span style="letter-spacing: -.05pt;">
</span>must<span style="letter-spacing: -.05pt;"> </span>publish<span style="letter-spacing: -.1pt;"> </span>procedures<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>applications<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>minimum<span style="letter-spacing: -.05pt;">
</span>requirements<span style="letter-spacing: -.1pt;"> </span>within<span style="letter-spacing: -.05pt;"> </span>10 days<span style="letter-spacing: -.15pt;">
</span>of<span style="letter-spacing: -.15pt;"> </span>enactment.</div>
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<br /></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->The<span style="letter-spacing: -.1pt;"> </span>large<span style="letter-spacing: -.05pt;"> </span>loan<span style="letter-spacing: -.1pt;"> </span>program
is<span style="letter-spacing: -.1pt;"> </span>designed<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>larger<span style="letter-spacing: -.05pt;"> </span>impacted<span style="letter-spacing: -.1pt;">
</span>businesses<span style="letter-spacing: -.05pt;"> </span>or<span style="letter-spacing: -.1pt;"> </span>those<span style="letter-spacing: -.05pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span>do<span style="letter-spacing: -.05pt;"> </span>not<span style="letter-spacing: -.1pt;"> </span>otherwise qualify<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>SBA<span style="letter-spacing: -.05pt;"> </span>loan<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>where<span style="letter-spacing: -.1pt;"> </span>continued<span style="letter-spacing: -.05pt;">
</span>operations<span style="letter-spacing: -.1pt;"> </span>are<span style="letter-spacing: -.1pt;"> </span>otherwise<span style="letter-spacing: -.05pt;">
jeopardized.</span><span style="letter-spacing: 3.2pt;"> </span>Provides<span style="letter-spacing: 1.1pt;"> </span>direct<span style="letter-spacing: -.1pt;"> </span>loans<span style="letter-spacing: -.1pt;"> </span>being<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">subject </span>to<span style="letter-spacing: -.1pt;"> </span>an<span style="letter-spacing: -.1pt;"> </span>annualized<span style="letter-spacing: -.05pt;"> </span>interest<span style="letter-spacing: -.1pt;">
</span>rate<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.05pt;"> </span>is<span style="letter-spacing: -.1pt;"> </span>not<span style="letter-spacing: -.1pt;"> </span>higher<span style="letter-spacing: -.05pt;">
</span>than<span style="letter-spacing: -.1pt;"> </span>2<span style="letter-spacing: -.1pt;"> </span>percent<span style="letter-spacing: -.05pt;"> </span>per<span style="letter-spacing: 1.3pt;"> </span>annum.</div>
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<br /></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->For<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>first<span style="letter-spacing: -.1pt;"> </span>6<span style="letter-spacing: -.05pt;"> </span>months<span style="letter-spacing: -.1pt;">
</span>after<span style="letter-spacing: -.1pt;"> </span>any such<span style="letter-spacing: -.1pt;"> </span>direct<span style="letter-spacing: -.1pt;"> </span>loan<span style="letter-spacing: -.05pt;"> </span>is<span style="letter-spacing: -.1pt;"> </span>made,<span style="letter-spacing: -.1pt;"> </span>there<span style="letter-spacing: -.1pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>no<span style="letter-spacing: -.1pt;"> </span>principal<span style="letter-spacing: -.1pt;"> </span>or<span style="letter-spacing: -.05pt;"> </span>interest<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">due</span><span style="letter-spacing: -.1pt;"> </span>or<span style="letter-spacing: 1.1pt;"> </span>payable.<span style="letter-spacing: 3.2pt;"> </span>That<span style="letter-spacing: -.1pt;"> </span>may<span style="letter-spacing: -.05pt;"> </span>be<span style="letter-spacing: -.1pt;"> </span>extended<span style="letter-spacing: -.1pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>Treasury<span style="letter-spacing: -.05pt;"> </span>Secretary’s<span style="letter-spacing: -.05pt;"> </span>discretion.</div>
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</span></span><!--[endif]-->Requires<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>Treasury<span style="letter-spacing: -.05pt;">
</span>Department<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">Federal</span><span style="letter-spacing: -.1pt;"> </span>Reserve<span style="letter-spacing: -.05pt;">
</span>to<span style="letter-spacing: -.1pt;"> </span>publish<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>public<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>see<span style="letter-spacing: -.05pt;"> </span>every<span style="letter-spacing: 1.3pt;"> </span>seven<span style="letter-spacing: -.1pt;"> </span>days<span style="letter-spacing: -.05pt;"> </span>which<span style="letter-spacing: -.1pt;"> </span>companies<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>entities<span style="letter-spacing: -.05pt;"> </span>gain<span style="letter-spacing: -.05pt;"> </span>financing<span style="letter-spacing: -.1pt;"> </span>through<span style="letter-spacing: -.05pt;">
</span>Treasury’s<span style="letter-spacing: -.1pt;"> </span>lending<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> bailout</span><span style="letter-spacing: 1.0pt;">
</span>funds.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Businesses<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span>take<span style="letter-spacing: -.05pt;"> </span>money<span style="letter-spacing: -.05pt;"> </span>from<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>government<span style="letter-spacing: -.1pt;"> </span>will<span style="letter-spacing: -.05pt;"> </span>have<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>wait<span style="letter-spacing: -.05pt;"> </span>until<span style="letter-spacing: -.1pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>least<span style="letter-spacing: -.05pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>year<span style="letter-spacing: -.05pt;"> </span>after
they’ve<span style="letter-spacing: -.1pt;"> </span>paid<span style="letter-spacing: -.1pt;"> </span>it<span style="letter-spacing: -.05pt;"> </span>back<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>buy<span style="letter-spacing: -.05pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span>own<span style="letter-spacing: -.05pt;"> </span>stock<span style="letter-spacing: -.1pt;"> </span>or<span style="letter-spacing: -.1pt;"> </span>pay dividends<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>shareholders.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Borrowers<span style="letter-spacing: -.1pt;"> </span>have<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>try<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>maintain<span style="letter-spacing: -.05pt;"> </span>staffing<span style="letter-spacing: -.1pt;">
</span>at<span style="letter-spacing: -.1pt;"> </span>March<span style="letter-spacing: -.05pt;"> </span>24<span style="letter-spacing: -.1pt;"> </span>levels,<span style="letter-spacing: -.1pt;"> </span>with<span style="letter-spacing: -.05pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>prohibition<span style="letter-spacing: -.1pt;"> </span>on<span style="letter-spacing: -.05pt;"> </span>reducing
employment<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>more<span style="letter-spacing: -.05pt;"> </span>than<span style="letter-spacing: -.1pt;"> </span>10<span style="letter-spacing: -.05pt;"> </span>percent.</div>
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</span></span><!--[endif]-->Executives<span style="letter-spacing: -.15pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>big<span style="letter-spacing: -.1pt;"> </span>companies,<span style="letter-spacing: -.1pt;"> </span>meanwhile,<span style="letter-spacing: -.1pt;"> </span>will<span style="letter-spacing: -.15pt;"> </span>face<span style="letter-spacing: -.1pt;"> </span>restrictions<span style="letter-spacing: -.1pt;"> </span>on<span style="letter-spacing: -.1pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span>compensation,<span style="letter-spacing: -.15pt;"> </span>including bonuses.</div>
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</span></span><!--[endif]-->Treasury<span style="letter-spacing: -.1pt;"> </span>Secretary<span style="letter-spacing: -.05pt;"> </span>Mnuchin<span style="letter-spacing: -.1pt;">
</span>has<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>power<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>waive<span style="letter-spacing: -.1pt;"> </span>any<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>these<span style="letter-spacing: -.1pt;"> </span>restrictions<span style="letter-spacing: -.1pt;"> </span>but<span style="letter-spacing: -.1pt;"> </span>must<span style="letter-spacing: -.1pt;"> </span>testify before<span style="letter-spacing: -.1pt;"> </span>Congress<span style="letter-spacing: -.05pt;"> </span>on<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>reasons<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>any<span style="letter-spacing: -.05pt;"> </span>waiver.</div>
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<h2 style="margin-left: 5.0pt; mso-line-break-override: restrictions; punctuation-wrap: simple; text-indent: 0in;">
BANKING<span style="letter-spacing: -.7pt;">
</span>PROVISIONS<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Latest<span style="letter-spacing: -.1pt;"> </span>version<span style="letter-spacing: -.1pt;"> </span>gives<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>Federal<span style="letter-spacing: -.05pt;">
</span>Deposit<span style="letter-spacing: -.1pt;"> </span>Insurance<span style="letter-spacing: -.1pt;"> </span>Corp.<span style="letter-spacing: -.1pt;"> </span>expanded<span style="letter-spacing: -.05pt;"> </span>authority<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>guarantee<span style="letter-spacing: -.1pt;"> </span>bank accounts<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>ease<span style="letter-spacing: -.05pt;"> </span>key<span style="letter-spacing: -.05pt;"> </span>lending<span style="letter-spacing: -.1pt;"> </span>regulations.</div>
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The<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.1pt;"> </span>would<span style="letter-spacing: -.1pt;"> </span>give<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>FDIC<span style="letter-spacing: -.1pt;"> </span>greater<span style="letter-spacing: -.1pt;"> </span>authority<span style="letter-spacing: -.05pt;">
</span>to<span style="letter-spacing: -.05pt;"> back-up</span><span style="letter-spacing: -.1pt;"> </span>accounts,<span style="letter-spacing: -.1pt;">
</span>including<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>guaranteeing<span style="letter-spacing: 1.3pt;"> </span>business<span style="letter-spacing: -.15pt;"> </span>transaction<span style="letter-spacing: -.1pt;"> </span>accounts.<span style="letter-spacing: -.1pt;">
</span>The<span style="letter-spacing: -.1pt;"> </span>FDIC<span style="letter-spacing: -.15pt;"> </span>previously<span style="letter-spacing: -.05pt;"> </span>used<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>transaction<span style="letter-spacing: -.1pt;"> </span>account<span style="letter-spacing: -.15pt;"> </span>authority<span style="letter-spacing: -.05pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the
2008<span style="letter-spacing: -.1pt;"> </span>financial<span style="letter-spacing: -.05pt;"> </span>crisis<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">shore-up
</span>confidence<span style="letter-spacing: -.05pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>accounts<span style="letter-spacing: -.05pt;">
</span>used<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>payroll<span style="letter-spacing: -.05pt;">
</span>and<span style="letter-spacing: -.05pt;"> </span>other<span style="letter-spacing: -.05pt;"> </span>business<span style="letter-spacing: 1.35pt;">
</span>purposes.</div>
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The<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.1pt;"> </span>would<span style="letter-spacing: -.05pt;"> </span>make<span style="letter-spacing: -.1pt;"> </span>it<span style="letter-spacing: -.05pt;"> </span>easier<span style="letter-spacing: -.1pt;">
</span>for<span style="letter-spacing: -.1pt;"> </span>small<span style="letter-spacing: -.05pt;"> </span>banks<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>take<span style="letter-spacing: -.1pt;"> </span>advantage<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>streamlined<span style="letter-spacing: -.1pt;"> </span>capital<span style="letter-spacing: -.05pt;">
</span>requirements that<span style="letter-spacing: -.1pt;"> </span>Congress<span style="letter-spacing: -.1pt;"> </span>ordered<span style="letter-spacing: -.05pt;">
</span>regulators<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>establish<span style="letter-spacing: -.05pt;">
</span>in<span style="letter-spacing: -.1pt;"> </span>2018<span style="letter-spacing: -.05pt;"> </span>through<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>community bank<span style="letter-spacing: -.1pt;"> </span>leverage<span style="letter-spacing: -.05pt;"> </span>ratio.</div>
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The<span style="letter-spacing: -.1pt;"> </span>legislation<span style="letter-spacing: -.05pt;"> </span>would<span style="letter-spacing: -.1pt;"> </span>also<span style="letter-spacing: -.05pt;"> </span>rework<span style="letter-spacing: -.1pt;"> </span>accounting<span style="letter-spacing: -.05pt;"> </span>rules<span style="letter-spacing: -.05pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">banks </span>have<span style="letter-spacing: -.1pt;"> </span>warned<span style="letter-spacing: -.05pt;">
</span>could<span style="letter-spacing: -.1pt;"> </span>inhibit<span style="letter-spacing: -.05pt;"> </span>lending.</div>
</div>
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</span>
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<div class="Section3">
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It<span style="letter-spacing: -.1pt;"> </span>would<span style="letter-spacing: -.1pt;"> </span>allow<span style="letter-spacing: -.1pt;"> </span>banks<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>postpone<span style="letter-spacing: -.1pt;">
</span>compliance<span style="letter-spacing: -.1pt;"> </span>with<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>Current<span style="letter-spacing: -.1pt;"> </span>Expected<span style="letter-spacing: -.1pt;">
</span>Credit<span style="letter-spacing: -.1pt;"> </span>Losses<span style="letter-spacing: -.1pt;"> </span>(CECL) standard,<span style="letter-spacing: -.1pt;"> </span>which<span style="letter-spacing: -.1pt;"> </span>requires<span style="letter-spacing: -.1pt;"> </span>lenders<span style="letter-spacing: -.05pt;">
</span>to<span style="letter-spacing: -.1pt;"> </span>immediately<span style="letter-spacing: -.05pt;"> </span>account<span style="letter-spacing: -.05pt;">
</span>for<span style="letter-spacing: -.1pt;"> </span>potential<span style="letter-spacing: -.1pt;"> </span>losses<span style="letter-spacing: -.05pt;">
</span>when<span style="letter-spacing: -.1pt;"> </span>they<span style="letter-spacing: -.05pt;"> </span>issue<span style="letter-spacing: -.1pt;"> </span>loans, tying<span style="letter-spacing: -.1pt;"> </span>up<span style="letter-spacing: -.05pt;"> </span>more<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>their<span style="letter-spacing: -.05pt;">
capital.</span><span style="letter-spacing: -.1pt;"> </span>They would<span style="letter-spacing: -.1pt;"> </span>have<span style="letter-spacing: -.05pt;"> </span>until<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>end<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>coronavirus<span style="letter-spacing: -.05pt;"> </span>public<span style="letter-spacing: -.1pt;"> </span>health<span style="letter-spacing: 1.35pt;"> </span>emergency<span style="letter-spacing: -.05pt;"> </span>ends<span style="letter-spacing: -.1pt;"> </span>or<span style="letter-spacing: -.05pt;"> </span>Dec.<span style="letter-spacing: -.1pt;"> </span>31,<span style="letter-spacing: -.05pt;"> </span>whichever<span style="letter-spacing: -.1pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>earlier.</div>
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Another<span style="letter-spacing: -.1pt;"> </span>section<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.1pt;"> </span>would<span style="letter-spacing: -.05pt;"> </span>ease<span style="letter-spacing: -.1pt;"> </span>accounting<span style="letter-spacing: -.1pt;"> </span>rules<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>make<span style="letter-spacing: -.1pt;"> </span>it<span style="letter-spacing: -.05pt;"> </span>easier<span style="letter-spacing: -.1pt;">
</span>for<span style="letter-spacing: -.05pt;"> </span>banks<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>restructure<span style="letter-spacing: -.05pt;"> </span>the Troubled<span style="letter-spacing: -.1pt;"> </span>Debt<span style="letter-spacing: -.1pt;"> </span>Ratio<span style="letter-spacing: -.1pt;"> </span>(TDR)<span style="letter-spacing: -.1pt;"> </span>without<span style="letter-spacing: -.1pt;"> </span>taking<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>significant<span style="letter-spacing: -.1pt;"> </span>hit<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span>capital.<span style="letter-spacing: -.1pt;"> </span>Regulatory<span style="letter-spacing: -.05pt;"> </span>relief<span style="letter-spacing: -.1pt;"> </span>from
accounting<span style="letter-spacing: -.15pt;"> </span>standards<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.1pt;"> </span>loan<span style="letter-spacing: -.15pt;"> </span>modifications<span style="letter-spacing: -.1pt;"> </span>related<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.05pt;">COVID-19</span><span style="letter-spacing: -.1pt;"> </span>made<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.1pt;"> </span>banks.</div>
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TAX<span style="letter-spacing: -.7pt;"> </span>PROVISIONS<span style="font-weight: normal;"><o:p></o:p></span></h2>
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<u><span style="letter-spacing: -.05pt;">Individual</span><span style="letter-spacing: -.15pt;"> </span>Tax<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.05pt;">Relief</span></u></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-weight: normal; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->2020<span style="letter-spacing: -.25pt;"> </span>Recovery<span style="letter-spacing: -.15pt;"> </span>Rebates<span style="letter-spacing: -.25pt;">
</span>for<span style="letter-spacing: -.2pt;"> </span>Individuals<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Provides<span style="letter-spacing: -.1pt;"> </span>up<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>$1,200<span style="letter-spacing: -.05pt;">
</span>for<span style="letter-spacing: -.1pt;"> </span>individuals;<span style="letter-spacing: -.1pt;"> </span>$2,400<span style="letter-spacing: -.05pt;">
</span>for<span style="letter-spacing: -.1pt;"> </span>married<span style="letter-spacing: -.1pt;"> </span>couples.<span style="letter-spacing: -.1pt;">
</span>Those<span style="letter-spacing: -.05pt;"> </span>amounts<span style="letter-spacing: -.1pt;"> </span>increase<span style="letter-spacing: -.1pt;">
</span>by</div>
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$500<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>every<span style="letter-spacing: -.05pt;"> </span>child.<span style="letter-spacing: -.05pt;">
</span>The<span style="letter-spacing: -.1pt;"> </span>rebate<span style="letter-spacing: -.05pt;"> </span>phases<span style="letter-spacing: -.1pt;">
</span>out<span style="letter-spacing: -.05pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>incomes<span style="letter-spacing: -.1pt;">
</span>over<span style="letter-spacing: -.05pt;"> </span>$75,000<span style="letter-spacing: -.1pt;"> </span>(single)<span style="letter-spacing: -.05pt;">
</span>and<span style="letter-spacing: -.1pt;"> </span>$150,000 (married).</div>
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<u>Business<span style="letter-spacing: -.1pt;"> </span>Tax<span style="letter-spacing: -.1pt;"> </span>Relief</u></div>
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</span></span><!--[endif]-->Qualified<span style="letter-spacing: -.35pt;"> </span>Improvement<span style="letter-spacing: -.35pt;"> </span>Property<span style="letter-spacing: -.3pt;">
</span>(QIP)<span style="letter-spacing: -.35pt;"> </span>technical<span style="letter-spacing: -.35pt;"> </span>correction<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Fixes<span style="letter-spacing: -.1pt;"> </span>an<span style="letter-spacing: -.1pt;"> </span>error<span style="letter-spacing: -.1pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>Tax<span style="letter-spacing: -.05pt;"> </span>Cuts<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>Jobs<span style="letter-spacing: -.1pt;"> </span>Act<span style="letter-spacing: -.05pt;"> </span>(TCJA)<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span>required<span style="letter-spacing: -.1pt;"> </span>tenant<span style="letter-spacing: -.05pt;">
</span>improvements<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>be depreciated<span style="letter-spacing: -.1pt;"> </span>over<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">39-year</span><span style="letter-spacing: -.1pt;"> </span>life<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>building.<span style="letter-spacing: -.1pt;"> </span>The<span style="letter-spacing: -.05pt;"> </span>fix<span style="letter-spacing: -.05pt;"> </span>is<span style="letter-spacing: -.1pt;"> </span>retroactive<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>2018.</div>
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</span></span><!--[endif]--><b>Employee<span style="letter-spacing: -.25pt;"> </span>retention<span style="letter-spacing: -.2pt;"> </span>credit<span style="letter-spacing: -.2pt;"> </span>for<span style="letter-spacing: -.25pt;"> </span>employers<span style="letter-spacing: -.2pt;"> </span>subject<span style="letter-spacing: -.2pt;"> </span>to<span style="letter-spacing: -.25pt;"> </span>closure<span style="letter-spacing: -.2pt;">
</span>due<span style="letter-spacing: -.2pt;"> </span>to<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">COVID-19.</span><span style="letter-spacing: -.2pt;"> </span></b>The<span style="letter-spacing: 1.35pt;">
</span><span style="letter-spacing: -.05pt;">provision</span><span style="letter-spacing: -.1pt;"> </span>provides<span style="letter-spacing: -.05pt;">
</span>a<span style="letter-spacing: -.05pt;"> </span>refundable<span style="letter-spacing: -.1pt;"> </span>payroll<span style="letter-spacing: -.05pt;">
</span>tax credit<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.05pt;"> </span>50<span style="letter-spacing: -.05pt;"> </span>percent<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>wages<span style="letter-spacing: -.05pt;"> </span>paid<span style="letter-spacing: -.1pt;"> </span>during<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: 1.4pt;"> </span>COVID-19<span style="letter-spacing: -.1pt;"> </span>crisis.<span style="letter-spacing: -.1pt;">
</span>The<span style="letter-spacing: -.1pt;"> </span>credit<span style="letter-spacing: -.1pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>available<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>employers<span style="letter-spacing: -.1pt;"> </span>whose<span style="letter-spacing: -.05pt;"> </span>(1)<span style="letter-spacing: -.1pt;"> </span>operations<span style="letter-spacing: -.1pt;"> </span>were<span style="letter-spacing: -.1pt;"> </span>fully<span style="letter-spacing: -.05pt;"> </span>or partially<span style="letter-spacing: -.05pt;"> </span>suspended,<span style="letter-spacing: -.1pt;"> </span>due<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">COVID-19-related</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">shut-down</span><span style="letter-spacing: -.1pt;"> </span>order,<span style="letter-spacing: -.1pt;"> </span>or<span style="letter-spacing: -.1pt;"> </span>(2)<span style="letter-spacing: -.1pt;"> </span>gross<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">receipts</span><span style="letter-spacing: 3.05pt;"> </span>declined<span style="letter-spacing: -.1pt;">
</span>by more<span style="letter-spacing: -.1pt;"> </span>than<span style="letter-spacing: -.05pt;"> </span>50<span style="letter-spacing: -.1pt;"> </span>percent<span style="letter-spacing: -.05pt;"> </span>when<span style="letter-spacing: -.05pt;"> </span>compared<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>same<span style="letter-spacing: -.05pt;"> </span>quarter<span style="letter-spacing: -.05pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>prior<span style="letter-spacing: -.1pt;"> </span>year.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-weight: normal; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Delay<span style="letter-spacing: -.15pt;"> </span>of<span style="letter-spacing: -.15pt;"> </span>Payment<span style="letter-spacing: -.15pt;">
</span>of<span style="letter-spacing: -.15pt;"> </span>Employer<span style="letter-spacing: -.15pt;"> </span>Payroll<span style="letter-spacing: -.15pt;">
</span>Taxes<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Allows<span style="letter-spacing: -.1pt;"> </span>employers<span style="letter-spacing: -.05pt;">
</span>and<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">self-employed </span>individuals<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>defer<span style="letter-spacing: -.05pt;">
</span>payment<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>employer<span style="letter-spacing: -.05pt;"> </span>share<span style="letter-spacing: -.05pt;">
</span>of<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: 1.2pt;"> </span>Social<span style="letter-spacing: -.1pt;"> </span>Security<span style="letter-spacing: -.05pt;"> </span>tax.<span style="letter-spacing: -.05pt;"> </span>The<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.05pt;"> </span>requires<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>deferred<span style="letter-spacing: -.1pt;">
</span>employment<span style="letter-spacing: -.05pt;"> </span>tax<span style="letter-spacing: -.05pt;"> </span>be<span style="letter-spacing: -.05pt;"> </span>paid<span style="letter-spacing: -.1pt;"> </span>over<span style="letter-spacing: -.1pt;"> </span>the
following<span style="letter-spacing: -.15pt;"> </span>two<span style="letter-spacing: -.15pt;"> </span>years.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-weight: normal; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->5-year<span style="letter-spacing: -.25pt;"> </span>Net<span style="letter-spacing: -.2pt;"> </span>Operating<span style="letter-spacing: -.2pt;">
</span>Loss<span style="letter-spacing: -.2pt;"> </span>(NOL)<span style="letter-spacing: -.2pt;"> </span>Carryback<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Provides<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.05pt;"> </span>a<span style="letter-spacing: -.05pt;"> </span>loss<span style="letter-spacing: -.1pt;"> </span>from
2018,<span style="letter-spacing: -.05pt;"> </span>2019,<span style="letter-spacing: -.05pt;"> </span>or<span style="letter-spacing: -.1pt;"> </span>2020<span style="letter-spacing: -.05pt;"> </span>can<span style="letter-spacing: -.05pt;"> </span>be<span style="letter-spacing: -.1pt;"> </span>carried<span style="letter-spacing: -.05pt;">
</span>back<span style="letter-spacing: -.05pt;"> </span>five<span style="letter-spacing: -.05pt;"> </span>years<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>removes<span style="letter-spacing: -.05pt;">
</span>the 80%<span style="letter-spacing: -.1pt;"> </span>taxable<span style="letter-spacing: -.1pt;"> </span>income<span style="letter-spacing: -.1pt;"> </span>limitation<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>allow<span style="letter-spacing: -.1pt;"> </span>an<span style="letter-spacing: -.1pt;"> </span>NOL<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>fully<span style="letter-spacing: -.05pt;"> </span>offset<span style="letter-spacing: -.1pt;">
</span>income.</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-weight: normal; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Suspension<span style="letter-spacing: -.3pt;"> </span>of<span style="letter-spacing: -.3pt;"> </span>the<span style="letter-spacing: -.3pt;"> </span>Limitation<span style="letter-spacing: -.3pt;"> </span>on<span style="letter-spacing: -.3pt;"> </span>Losses<span style="letter-spacing: -.3pt;"> </span>from<span style="letter-spacing: -.3pt;"> </span>Pass-through<span style="letter-spacing: -.3pt;"> </span>Businesses<span style="font-weight: normal;"><o:p></o:p></span></h2>
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Allows<span style="letter-spacing: -.1pt;"> </span>all<span style="letter-spacing: -.05pt;"> </span>losses<span style="letter-spacing: -.1pt;"> </span>from a<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">pass-through </span>business<span style="letter-spacing: -.05pt;"> </span>to<span style="letter-spacing: -.1pt;"> </span>offset<span style="letter-spacing: -.05pt;"> </span>other<span style="letter-spacing: -.1pt;"> </span>sources<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>individual’s<span style="letter-spacing: 1.1pt;"> </span>income,<span style="letter-spacing: -.1pt;"> </span>suspending<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>new<span style="letter-spacing: -.1pt;"> </span>rule<span style="letter-spacing: -.1pt;"> </span>imposed<span style="letter-spacing: -.1pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>TCJA<span style="letter-spacing: -.1pt;"> </span>[IRC<span style="letter-spacing: -.1pt;"> </span>section<span style="letter-spacing: -.1pt;">
</span>461(l)].</div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-weight: normal; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]-->Acceleration<span style="letter-spacing: -.2pt;"> </span>of<span style="letter-spacing: -.2pt;"> </span>Recovery<span style="letter-spacing: -.15pt;">
</span>of<span style="letter-spacing: -.2pt;"> </span>Corporate<span style="letter-spacing: -.2pt;"> </span>AMT<span style="letter-spacing: -.15pt;"> </span>credits<span style="font-weight: normal;"><o:p></o:p></span></h2>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b>Relaxation<span style="letter-spacing: -.3pt;">
</span>of<span style="letter-spacing: -.25pt;"> </span>Business<span style="letter-spacing: -.3pt;"> </span>Interest<span style="letter-spacing: -.25pt;">
</span>Deduction<span style="letter-spacing: -.3pt;"> </span>Limits</b></div>
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Increases<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">30-percent </span>limitation<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>50<span style="letter-spacing: -.1pt;"> </span>percent<span style="letter-spacing: -.05pt;">
</span>of<span style="letter-spacing: -.1pt;"> </span>taxable<span style="letter-spacing: -.05pt;"> </span>income<span style="letter-spacing: -.1pt;">
</span>for<span style="letter-spacing: -.05pt;"> </span>2019<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>2020.</div>
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<br /></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-font-width: 99%;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><b>More<span style="letter-spacing: -.15pt;"> </span>Money<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.15pt;"> </span>a<span style="letter-spacing: -.15pt;"> </span>Longer<span style="letter-spacing: -.15pt;">
</span>Period<span style="letter-spacing: -.15pt;"> </span>for<span style="letter-spacing: -.15pt;"> </span>More<span style="letter-spacing: -.15pt;"> </span>Workers:<span style="letter-spacing: -.15pt;"> </span></b>Makes<span style="letter-spacing: -.15pt;"> </span>benefits<span style="letter-spacing: -.15pt;"> </span>more<span style="letter-spacing: -.1pt;"> </span>generous<span style="letter-spacing: -.15pt;">
</span>by adding<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.05pt;"> </span>$600/week<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">across-the-board </span>payment<span style="letter-spacing: -.1pt;"> </span>increase<span style="letter-spacing: -.05pt;">
</span>through<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>end<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>July.<span style="letter-spacing: -.1pt;"> </span>In<span style="letter-spacing: -.05pt;"> </span>addition,</div>
</div>
<span style="font-family: Arial; font-size: 12.0pt; line-height: 106%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
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for<span style="letter-spacing: -.1pt;"> </span>those<span style="letter-spacing: -.1pt;"> </span>who<span style="letter-spacing: -.05pt;"> </span>need<span style="letter-spacing: -.1pt;"> </span>it,<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.1pt;"> </span>provides<span style="letter-spacing: -.05pt;">
</span>an<span style="letter-spacing: -.1pt;"> </span>additional<span style="letter-spacing: -.05pt;"> </span>13<span style="letter-spacing: -.1pt;"> </span>weeks<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>benefits<span style="letter-spacing: -.1pt;"> </span>beyond<span style="letter-spacing: -.05pt;">
</span>what<span style="letter-spacing: -.1pt;"> </span>states typically<span style="letter-spacing: -.1pt;"> </span>allow.</div>
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</span></span><!--[endif]--><b>Temporary<span style="letter-spacing: -.1pt;"> </span>Provisions:<span style="letter-spacing: -.1pt;"> </span></b>The<span style="letter-spacing: -.1pt;">
</span>expansion<span style="letter-spacing: -.15pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>unemployment<span style="letter-spacing: -.1pt;"> </span>benefits<span style="letter-spacing: -.15pt;"> </span>expires<span style="letter-spacing: -.1pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>end<span style="letter-spacing: -.15pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>2020 in<span style="letter-spacing: -.1pt;">
</span>recognition<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>temporary<span style="letter-spacing: -.05pt;"> </span>nature<span style="letter-spacing: -.05pt;">
</span>of<span style="letter-spacing: -.1pt;"> </span>this<span style="letter-spacing: -.1pt;"> </span>challenge.</div>
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UNEMPLOYMENT<span style="letter-spacing: -.75pt;"> </span>BENEFITS<span style="font-weight: normal;"><o:p></o:p></span></h2>
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</span></span><!--[endif]--><b>Includes<span style="letter-spacing: -.2pt;"> </span>$250<span style="letter-spacing: -.2pt;"> </span>billion<span style="letter-spacing: -.2pt;">
</span>to<span style="letter-spacing: -.2pt;"> </span>Expand<span style="letter-spacing: -.2pt;"> </span>Unemployment<span style="letter-spacing: -.2pt;"> </span>Benefits:<span style="letter-spacing: -.2pt;"> </span></b>Provides<span style="letter-spacing: -.2pt;"> </span>economic<span style="letter-spacing: -.2pt;">
</span>relief<span style="letter-spacing: -.2pt;"> </span>and much-needed<span style="letter-spacing: -.1pt;"> </span>support<span style="letter-spacing: -.1pt;">
</span>for<span style="letter-spacing: -.05pt;"> </span>workers<span style="letter-spacing: -.1pt;"> </span>by<span style="letter-spacing: -.05pt;"> </span>making<span style="letter-spacing: -.05pt;"> </span>a<span style="letter-spacing: -.1pt;"> </span>significant<span style="letter-spacing: -.1pt;"> </span>investment<span style="letter-spacing: -.05pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>unemployment benefits.</div>
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</span></span><!--[endif]--><b>Unemployment<span style="letter-spacing: -.15pt;">
</span>Benefits<span style="letter-spacing: -.15pt;"> </span>for<span style="letter-spacing: -.15pt;"> </span>More<span style="letter-spacing: -.15pt;"> </span>Americans:<span style="letter-spacing: -.1pt;"> </span></b>Makes<span style="letter-spacing: -.15pt;">
</span>sure<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.05pt;">self-employed</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">and independent</span><span style="letter-spacing: 1.3pt;"> </span>contractors,<span style="letter-spacing: -.1pt;"> </span>like<span style="letter-spacing: -.1pt;"> </span>Uber<span style="letter-spacing: -.1pt;"> </span>drivers<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.05pt;"> </span>gig<span style="letter-spacing: -.1pt;"> </span>workers,<span style="letter-spacing: -.1pt;">
</span>can<span style="letter-spacing: -.1pt;"> </span>receive<span style="letter-spacing: -.05pt;"> </span>unemployment<span style="letter-spacing: -.1pt;"> </span>during<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>public health<span style="letter-spacing: -.1pt;"> </span>emergency.<span style="letter-spacing: -.1pt;"> </span>The<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.05pt;"> </span>also<span style="letter-spacing: -.1pt;"> </span>includes<span style="letter-spacing: -.1pt;">
</span>support<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>state<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>local<span style="letter-spacing: -.05pt;"> </span>governments<span style="letter-spacing: -.1pt;"> </span>and<span style="letter-spacing: -.1pt;"> </span>nonprofits
so<span style="letter-spacing: -.1pt;"> </span>they<span style="letter-spacing: -.05pt;"> </span>can<span style="letter-spacing: -.05pt;"> </span>pay<span style="letter-spacing: -.05pt;"> </span>unemployment<span style="letter-spacing: -.1pt;"> </span>to<span style="letter-spacing: -.05pt;"> </span>their<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">employees.</span></div>
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</span></span><!--[endif]--><b>More<span style="letter-spacing: -.15pt;"> </span>Money<span style="letter-spacing: -.1pt;"> </span>for<span style="letter-spacing: -.15pt;"> </span>a<span style="letter-spacing: -.15pt;"> </span>Longer<span style="letter-spacing: -.15pt;">
</span>Period<span style="letter-spacing: -.15pt;"> </span>for<span style="letter-spacing: -.15pt;"> </span>More<span style="letter-spacing: -.15pt;"> </span>Workers:<span style="letter-spacing: -.15pt;"> </span></b>Makes<span style="letter-spacing: -.15pt;"> </span>benefits<span style="letter-spacing: -.15pt;"> </span>more<span style="letter-spacing: -.1pt;"> </span>generous<span style="letter-spacing: -.15pt;">
</span>by adding<span style="letter-spacing: -.1pt;"> </span>a<span style="letter-spacing: -.05pt;"> </span>$600/week<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">across-the-board </span>payment<span style="letter-spacing: -.1pt;"> </span>increase<span style="letter-spacing: -.05pt;">
</span>through<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.05pt;"> </span>end<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>July.<span style="letter-spacing: -.1pt;"> </span>In<span style="letter-spacing: -.05pt;"> </span>addition,<span style="letter-spacing: 1.5pt; mso-font-width: 99%;"> </span>for<span style="letter-spacing: -.1pt;"> </span>those<span style="letter-spacing: -.1pt;"> </span>who<span style="letter-spacing: -.05pt;"> </span>need<span style="letter-spacing: -.1pt;"> </span>it,<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>bill<span style="letter-spacing: -.1pt;"> </span>provides<span style="letter-spacing: -.05pt;"> </span>an<span style="letter-spacing: -.1pt;"> </span>additional<span style="letter-spacing: -.05pt;"> </span>13<span style="letter-spacing: -.1pt;"> </span>weeks<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>benefits<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">beyond
</span>what<span style="letter-spacing: -.1pt;"> </span>states<span style="letter-spacing: 1.25pt;"> </span>typically<span style="letter-spacing: -.1pt;"> </span>allow.</div>
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</span></span><!--[endif]--><b>Temporary<span style="letter-spacing: -.1pt;"> </span>Provisions:<span style="letter-spacing: -.1pt;"> </span></b>The<span style="letter-spacing: -.1pt;">
</span>expansion<span style="letter-spacing: -.15pt;"> </span>in<span style="letter-spacing: -.1pt;"> </span>unemployment<span style="letter-spacing: -.1pt;"> </span>benefits<span style="letter-spacing: -.15pt;"> </span>expires<span style="letter-spacing: -.1pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>end<span style="letter-spacing: -.15pt;"> </span>of<span style="letter-spacing: -.1pt;"> </span>2020 in<span style="letter-spacing: -.1pt;">
</span>recognition<span style="letter-spacing: -.1pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>the<span style="letter-spacing: -.1pt;"> </span>temporary<span style="letter-spacing: -.05pt;"> </span>nature<span style="letter-spacing: -.05pt;">
</span>of<span style="letter-spacing: -.1pt;"> </span>this<span style="letter-spacing: -.1pt;"> </span>challenge.</div>
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For<span style="letter-spacing: -.5pt;"> </span>questions,<span style="letter-spacing: -.45pt;"> </span>please<span style="letter-spacing: -.5pt;">
</span>contact<span style="letter-spacing: -.45pt;"> <a href="mailto:gpp@icsc.com"><span style="color: #cc1837; letter-spacing: 0pt; text-decoration-line: none;">gpp@icsc.com.</span></a></span><span style="font-weight: normal;"><o:p></o:p></span></h2>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-49294416462265199142020-03-30T10:35:00.003-07:002020-03-30T10:35:20.843-07:00Highlights of the CARES ActHighlights of the Stimulus Bill (CARES Act)<br />
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• Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will get $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.</div>
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• Unemployment: The program provides $250 billion extended unemployment insurance program and expands eligibility and offers workers an additional $600 per week for four months, on top of what state programs pay. It also extends UI benefits through Dec. 31 for eligible workers. The deal applies to the self-employed, independent contractors and gig economy workers.</div>
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• Payroll taxes: The measure allows employers to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022.</div>
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• Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.</div>
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• 401(k) Loans: The loan limit is increased from $50,000 to $100,000.</div>
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• RMD’s suspended: Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.</div>
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• Charity. There is a new provision that provide an above-the-line deduction for charitable contributions, plus the limits on charitable contributions are changed.</div>
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• Small business relief: $350 billion is being dedicated to prevent layoffs and business closures while workers have to stay home during the outbreak. Companies with 500 employees or fewer that maintain their payroll during coronavirus can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.</div>
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• Net Operating Losses: The Tax Cuts and Jobs Act (TCJA) net operating loss rules are modified. The 80% rule is lifted, and losses can now be carried back five years.</div>
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• Excess Loss Limitations: The excess loss limitation (ELL) rules for pass-through entities are suspended. • Interest Expense Limitation: The interest expense limitations are is increased to 50% from 30% for tax years beginning in 2019 or 2020. Taxpayers can also elect to calculate the interest limitation for 2020 using their 2019 adjusted taxable income as the relevant base, which often will be significantly higher. • Large corporations: $500 billion will be allotted to provide loans, loan guarantees, and other investments, overseen by a Treasury Department inspector general. These loans will not exceed five years and cannot be forgiven. Airlines will receive $50 billion (of the $500 billion) for passenger air carriers, and $8 billion for cargo air carriers.</div>
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• Hospitals and health care: The deal provides over $140 billion in appropriations to support the U.S. health system, $100 billion of which will be injected directly into hospitals. The rest will be dedicated to providing personal and protective equipment for</div>
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health care workers, testing supplies, increased workforce and training, accelerated Medicare payments, and supporting the CDC, among other health investments.</div>
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• Coronavirus testing: All testing and potential vaccines for COVID-19 will be covered at no cost to patients.</div>
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• States and local governments: State, local and tribal governments will get $150 billion. $30 billion is set aside for states, and educational institutions. $45 billion is for disaster relief, and $25 billion for transit programs.</div>
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• Agriculture: The deal would increase the amount the Agriculture Department can spend on its bailout program from $30 billion to $50 billion.</div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span><br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;"><br /></span>Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-88629643457556264312019-11-12T13:55:00.004-08:002019-11-12T13:55:55.488-08:00File your return - even if not required too<div class="separator" style="clear: both; text-align: left;">
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Why you should file a tax return, even if you are not required to.</div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Written by:</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span></div>
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A couple of times a year I get asked the question, "do I need to file a tax return?". Maybe the question is from a student, or someone who didn't earn a lot. </div>
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Well, there is a <a href="https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return" target="_blank"><span style="color: #cc0000;"><<FLOW CHART>></span></a> that can help you determine whether or not you are required to file a tax return.</div>
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In the example below, we have a situation where a taxpayer owned a business then retired. He thought that because he no longer has income except for Social Security, that he no longer has to file, so he just stopped filing returns. Turns out that there are some small balances owing for some old tax returns, and the taxpayer just forgot about them. Because the taxpayer has "unfiled" tax returns, he doesn't qualify for an installment agreement (as he tried) Being retired and having a limited income, the taxpayer probably qualifies for an offer in compromise, but until those old returns are caught up, he can't apply for that either. </div>
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When in doubt, just complete the return, even if its all zeroes. There are tax credits that you may qualify for, and there are numerous unknown situations that come up where you want to avoid a notice like the one below. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUi22pfSKvlN7U71hwN6eU7JNsiceieepQcOqU3Gd9VB2rXdI6ef6VyjJjA7I4bEPwHfckT4sxBSEZEvtuln-oOa5ifvMKZuyBEP3wq_THsI81lOUoI4KJnJVXmJWUpU_sDl7c-15eDmw/s1600/20191112150500051.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1237" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUi22pfSKvlN7U71hwN6eU7JNsiceieepQcOqU3Gd9VB2rXdI6ef6VyjJjA7I4bEPwHfckT4sxBSEZEvtuln-oOa5ifvMKZuyBEP3wq_THsI81lOUoI4KJnJVXmJWUpU_sDl7c-15eDmw/s640/20191112150500051.png" width="488" /></a></div>
<br />Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-49730086201966965612018-02-26T16:36:00.002-08:002018-02-26T16:36:56.627-08:00Fines and Penalties for Late Filing S Corporation and Partnership Returns<br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Written by:</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Doug Zandstra CPA, CFE, EA</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Public Accountant</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Certified Fraud Examiner</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Enrolled Agent</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">29 Pearl St NW, Ste 225</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">Grand Rapids, MI 49503</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">616 970 3000</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><a href="http://dougzandstra.com/" style="background-color: white; color: #7c93a1; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; text-decoration-line: none;"><span style="font-size: xx-small;">dougzandstra.com</span></a><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: xx-small;">email dougzandstra@gmail.com</span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">So you are going to set up a new business. An LLC is one of the most common forms of entities. </span></span><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;">What happens when you register and apply for an <b>E</b>mployer <b>I</b>dentification <b>N</b>umber with the IRS? </span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">Well, you give them little bits of information, and they give you a number. They also tell you what form you need to file and when. </span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">What happens if this is not the form that you expected to fill out? What do you do? </span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">I can tell you what not to do - and that is to not send in the form that they are expecting. If you apply to be an LLC, and you are instructed to submit a 1065, then do not send in a 1120S. The late filing clock starts the day after the return is (was) due. </span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">T</span></span><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;">hink about it, when you applied for that EIN, you gave them some personal information including your name, address and your social security number. They gave you an EIN and your filing requirements. If you do not file the return that they are expecting you will get one of these nasty little notices that I have below. CP162</span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">So what are the penalties? </span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">Well - if you registered to be an S Corporation or a Partnership, the are $195 per partner, per month.</span></span><br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;">There are elections and things that you can do when you are registering your business to notify the IRS that you are intending to file something other than what your initial registration is, but these elections must be made timely, and following established procedures. </span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">Avoid penalties. File the returns that you registered for. Document that you made elections timely.</span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">Business registrations are mostly computerized, when you register, your application is processed by a computer, and making changes requires human interaction. </span></span><br />
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="background-color: white;">So be careful because these little notices are generated by that same computer. </span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmx9fGFyeFLqo-Nc15AK3BFt0eo90yP9vCdDrTM_hnP1K7ytGyShgE5AYxr16FfltADb8cGtVNbh2vDdHvpOTs9yivSnSK3QqU6kVnrlMc8-OQ8H7aygVUdF9JGtvmWvefawwCm8-Bp1E/s1600/Notice-CP162-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="911" data-original-width="661" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmx9fGFyeFLqo-Nc15AK3BFt0eo90yP9vCdDrTM_hnP1K7ytGyShgE5AYxr16FfltADb8cGtVNbh2vDdHvpOTs9yivSnSK3QqU6kVnrlMc8-OQ8H7aygVUdF9JGtvmWvefawwCm8-Bp1E/s640/Notice-CP162-1.jpg" width="464" /></a></div>
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<br />Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-29326614272609234322018-02-23T12:46:00.003-08:002018-02-23T12:46:56.284-08:00Unconscionable Fines and Penalties Imposed by The State of Michigan Department of Talent and Economic Development - Talent Investment Agency<span style="font-size: x-small;">Written by:</span><br />
<span style="font-size: x-small;">Doug Zandstra CPA, CFE, EA</span><br />
<span style="font-size: xx-small;">Certified Public Accountant</span><br />
<span style="font-size: xx-small;">Certified Fraud Examiner</span><br />
<span style="font-size: xx-small;">Enrolled Agent</span><br />
<span style="font-size: xx-small;">29 Pearl St NW, Ste 225</span><br />
<span style="font-size: xx-small;">Grand Rapids, MI 49503</span><br />
<span style="font-size: xx-small;">616 970 3000</span><br />
<a href="http://dougzandstra.com/"><span style="font-size: xx-small;">dougzandstra.com</span></a><br />
<span style="font-size: xx-small;">email dougzandstra@gmail.com</span><br />
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In a prior<a href="http://dougzandstra.blogspot.com/2018/02/why-even-i-do-not-do-my-own-payroll.html" target="_blank"> blog post</a>, I gave a stern warning, and also provided a few examples of the potential for penalties and interest that can be imposed if you do your own payroll and have some kind of mixup. <br />
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Here we have another example of how the State of Michigan inflicts horrendous fines and penalties on small businesses.<br />
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Before I explain what is below, I want to compare the practices of cash advance stores to the State of Michigan using a very recent illustration. <br />
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Scott Tucker, the owner of a Cash Advance business was recently sentenced to 16 years in federal prison for various illegal lending practices <i><span style="font-size: xx-small;"><a href="https://www.justice.gov/usao-sdny/pr/scott-tucker-sentenced-more-16-years-prison-running-35-billion-unlawful-internet-payday" target="_blank"> <span style="background-color: white; color: #242424; font-family: Georgia, "Times New Roman", Times, serif; text-align: center;">Scott Tucker Sentenced To More Than 16 Years In Prison For Running $3.5 Billion Unlawful Internet Payday Lending Enterprise</span></a></span></i><br />
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The State of Michigan is able to gets away with even worse IN ADDITION the State of Michigan collection authority is much stronger. Once imposed, these penalties are difficult, almost impossible to get removed. If you are unable to afford a lawyer, or a CPA or someone who knows the system to represent you, you cannot win.<br />
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Below is an example of a taxpayer who apparently owes $169.20 to the State of Michigan, Department of Talent and Economic Development - Talent Investment Agency. This group used to be referred to as the Unemployment Agency. <br />
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<b><span style="font-size: large;">The tax owed is $169.20</span></b></div>
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<b><span style="font-size: large;">The penalty is $4,480.00 </span></b></div>
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<span style="font-size: large;"><b>this is a</b></span></div>
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<b><span style="font-size: large;">2,650% PENALTY</span></b></div>
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Scott Tucker who was sentenced to 16 years in Federal Prison.<br />
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Below the first example is an example of the weapon of choice by the State of Michigan to ensure that you do pay. Liens. The document shows a lien was filed by the State of Michigan for a $30.00 debt.<br />
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Just beware of the billing and collection practices used by the State of Michigan<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOzCRGpqWL7tSSC2WKXVwo7v6385rBQwbzdyowMpuX_FZKag1fIAsYm5JdcCwqnoY5QFzo8pJiVpSrsQ8jxnHvMEO68rQ_vq_jfm7QOob-cgKGMwGyLJpqJWFmSYoa-ybehg0Bk2iGSSI/s1600/MESC.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="977" data-original-width="791" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOzCRGpqWL7tSSC2WKXVwo7v6385rBQwbzdyowMpuX_FZKag1fIAsYm5JdcCwqnoY5QFzo8pJiVpSrsQ8jxnHvMEO68rQ_vq_jfm7QOob-cgKGMwGyLJpqJWFmSYoa-ybehg0Bk2iGSSI/s640/MESC.png" width="516" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeViBcueH_clN9aN4RhbkpW6Vz8ciWlzNxZPfyJiT268TPaMQAgubXYk_dqs364pkq-VxRoL64mUJKtQoEL5octtzcjug4s-d3GRloFFiXb_gWQ-JTm-CF9PJ7KaGqeaF3bWzzqeHlYyI/s1600/MESC+2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="493" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeViBcueH_clN9aN4RhbkpW6Vz8ciWlzNxZPfyJiT268TPaMQAgubXYk_dqs364pkq-VxRoL64mUJKtQoEL5octtzcjug4s-d3GRloFFiXb_gWQ-JTm-CF9PJ7KaGqeaF3bWzzqeHlYyI/s640/MESC+2.png" width="492" /></a></div>
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Doug Zandstra CPA CFE EA<br />
Certified Public Accountant<br />
Certified Fraud Examiner<br />
Enrolled Agent<br />
29 Pearl St NW, Ste 225<br />
Grand Rapids, MI 49503<br />
616 970 3000<br />
dougzandstra.com<br />
email doug@dougzandstra.comDoug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-31543273664474516862018-02-23T12:10:00.000-08:002018-02-23T12:11:18.823-08:00<br />
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The Michigan Unemployment Insurance Agency (MESC) has another revenue source. Effective October 1, 2016, if a business owner has a a lien from the MESC, there will be an additional assessment to have the lien released.<br />
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The new SB-599 mandates that local register of deeds offices collect the additional fees and remit them to the State of Michigan. <br />
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Michigan Department of Treasury issued and released approximately 73,000 liens, and the Unemployment Agency issued and released 113,595 liens <a href="http://www.legislature.mi.gov/documents/2015-2016/billanalysis/House/htm/2015-HLA-0599-E55F507D.htm" target="_blank">(house fiscal agency report)</a><br />
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According to the SBA there were about 160,000 small businesses in Michigan with 1 - 20 employees <a href="https://www.sba.gov/sites/default/files/advocacy/MI_0.pdf" target="_blank">(SBA.gov)</a><br />
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Doug Zandstra CPA CFE EA<br />
Certified Public Accountant<br />
Certified Fraud Examiner<br />
Enrolled Agent<br />
29 Pearl St NW, Ste 225<br />
Grand Rapids, MI 49503<br />
616 970 3000<br />
dougzandstra.com<br />
email doug@dougzandstra.comDoug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0tag:blogger.com,1999:blog-2834539785514009462.post-47427142915337046252018-02-02T09:24:00.001-08:002018-02-23T12:09:15.343-08:00Hire A Payroll ProfessionalFirst of all - I do not do Payroll. I do not even do my own payroll.<br />
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There are some things a business owner needs should NOT do. I see this all of the time, in an effort to save money, keep costs down, there is a mentality of doing everything you can to save money instead of hiring a professional.<br />
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Personally I have made valiant attempts at : plumbing, electrician, welding, car repairs, oil changes, roof repairs, and even small engine repair.<br />
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What did I learn? How to flood a basement, how much voltage it takes to stop your heart, how a a flying spark can set your pants on fire, what a car engine sounds like when the oil leaks out, how long it takes a tow truck operator to reach you in the middle of the night. Did you know a lawnmower can keep running with no oil? Do you know that duct tape does not stick to a copper pipe when there is water squirting out of it.<br />
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All of these "learning experiences" came at a cost. What was learned? I learned that some things are better left to the professionals, and that in the end, your time and energy is better spent doing what you do.<br />
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In the world of payroll, I can say without a doubt that using a payroll service will save you from :<br />
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<ul>
<li>Notices from the IRS</li>
<li>Endless deadlines,</li>
<li>IRS Rules (which never make sense)</li>
<li>Payroll tax tables</li>
<li>Passwords and security for IRS, Michigan, and Unemployment web sites.</li>
</ul>
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Make a mistake and you will get :<br />
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<ul>
<li>Penalties</li>
<li>Liens - you won't be able to buy that house</li>
<li>If your Federal balance is more than $50,000 your passport will be revoked. Goodbye Mexican vacation.</li>
<li>Lower credit</li>
<li>Installment agreements</li>
<li>Your name and address will be published in the legal news</li>
</ul>
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Then simply consider the cost- a payroll service for a small business with 2 - 3 employees may cost $600 - $1,200 a year.<br />
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A mistake can cost you thousands, and below I have some examples of what can happen when you do payroll yourself.<br />
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I will happily take your money to fix your payroll problems. In the end, it will cost you more than you can imagine.<br />
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If a doctor told you to do something, you would do it. If a lawyer told you should do something, you would do it. If a CPA tells you to hire a professional service to do your payroll, you should do it.<br />
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I recommend ADP<br />
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<b>Emily Hoffman 616 482 1242</b><br />
<b><a href="mailto:emily.hoffman@adp.com">emily.hoffman@adp.com</a></b><br />
<a href="mailto:emily.hoffman@adp.com"><br /></a>
<b><u>Example 1 - Mystery Unemployment Liability</u></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrjEwbi-NS1s3mvKacHA37lI7Ud9xGN-Wr1k_dreE164o8u1zdsEa0CDKKA039ztuBfN3fQXjvE9CuM1EnJPZJo6PyMf_9Evh5hc1cVh-U9qF0UTsHtaut1OjS9TotBEDeiM187OaXv30/s1600/Untitled.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="634" data-original-width="709" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrjEwbi-NS1s3mvKacHA37lI7Ud9xGN-Wr1k_dreE164o8u1zdsEa0CDKKA039ztuBfN3fQXjvE9CuM1EnJPZJo6PyMf_9Evh5hc1cVh-U9qF0UTsHtaut1OjS9TotBEDeiM187OaXv30/s400/Untitled.png" width="400" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13.2px; line-height: 18.48px;"><b><u>Example #2 Installment agreement</u></b></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxPoKnJN_eEA2eqD0hHd9Gm53frhpH5zoOQp5925Zo3AIanWC3qyvVAc9bpZXx4yhREBdUQqOVTbPDAw_P8432mUSbtNUmJ3V2Zf6X8jSGPMzgLvTCAFlZjzTw_iUFNhtzDX139e1OmEw/s1600/Installment.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="773" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxPoKnJN_eEA2eqD0hHd9Gm53frhpH5zoOQp5925Zo3AIanWC3qyvVAc9bpZXx4yhREBdUQqOVTbPDAw_P8432mUSbtNUmJ3V2Zf6X8jSGPMzgLvTCAFlZjzTw_iUFNhtzDX139e1OmEw/s400/Installment.png" width="342" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13.2px; line-height: 18.48px;"><b style="font-size: 13.2px;"><u>Example #3 Michigan Penalty and interest from "Missing Payment" </u></b></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFMql6zVqpmzd8NcJGP8IJBAEtxntzMYukGbpGAsJs1LFMCR-Zq3Up8fEL8A7vSqzRwdeJSCmr_X2Tit8LJMOvi-ew_z6_3gyXbmKzDYHe3cZcVU0wvGPoExH9ARQqobj4WjYH48R7LeQ/s1600/State.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="787" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFMql6zVqpmzd8NcJGP8IJBAEtxntzMYukGbpGAsJs1LFMCR-Zq3Up8fEL8A7vSqzRwdeJSCmr_X2Tit8LJMOvi-ew_z6_3gyXbmKzDYHe3cZcVU0wvGPoExH9ARQqobj4WjYH48R7LeQ/s400/State.png" width="348" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCcUifKuGPFO8NYe9S-i2yKRo18ga1PUoI9pbg5sZUXPGQBt67vrAHxDbAqvHrAAFltaxRM31EK24Zm9HqfN8cKoyTd_SSgmcdGhKZeifQMUSEVnlIuRsM56uaUYTIzIy4xQmml37DWuU/s1600/3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1064" data-original-width="759" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCcUifKuGPFO8NYe9S-i2yKRo18ga1PUoI9pbg5sZUXPGQBt67vrAHxDbAqvHrAAFltaxRM31EK24Zm9HqfN8cKoyTd_SSgmcdGhKZeifQMUSEVnlIuRsM56uaUYTIzIy4xQmml37DWuU/s400/3.png" width="285" /></a></div>
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<b style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><u>Example #5 Mystery Tax "Internal Adjusment" ?????</u></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif_EEW7q3l9tKteaixvCuIPkQ_18H9rdJhmeUoKlnxlOTy2Qm9Ov7xSVD0J5dcP1I46_qswhzJEces0TTXfQ_0AZhcvnfSdfF7fzq2SQDy47aQ-D7z4srTR_mXcbRcUKl15-_EsIRPwx8/s1600/1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1011" data-original-width="753" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif_EEW7q3l9tKteaixvCuIPkQ_18H9rdJhmeUoKlnxlOTy2Qm9Ov7xSVD0J5dcP1I46_qswhzJEces0TTXfQ_0AZhcvnfSdfF7fzq2SQDy47aQ-D7z4srTR_mXcbRcUKl15-_EsIRPwx8/s400/1.png" width="297" /></a></div>
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<b style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;"><u>Example #6 Math Error?</u></b><br />
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<span style="background-color: white; color: #222222; font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; font-size: 13.2px;">Doug Zandstra CPA CFE EA</span><br />
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">Certified Public Accountant</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">Certified Fraud Examiner</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">Enrolled Agent</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">29 Pearl St NW, Ste 225</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">Grand Rapids, MI 49503616 970 3000</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">dougzandstra.com</span></div>
<div style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; line-height: 18.48px;">
<span style="font-size: xx-small;">email doug@dougzandstra.com</span></div>
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<br />Doug Zandstra CPA CFE EAhttp://www.blogger.com/profile/10521569597271129737noreply@blogger.com0