Effective Monday April 6 through April 30
Your safety and that of my employees is my number one concern always. During this time, you can still reach us through voice mail and email. We will reopen Monday May 4th. If you have an appointment during this time-frame and have not yet been contacted by the front office to reschedule, please reschedule online or call the office by Saturday.
We are seeing clients through Saturday, so if you have an appointment tomorrow, Friday or Saturday, please call (256) 586-4111 to confirm that you will be keeping the appointment.
SBA Program Questions Abound
Since the CARES Act was signed by the President on March 27th, I fielded more than 100 telephone calls and emails. The SBA has up to 30 days following the enactment of the CARES Act to issue regulations implementing and providing guidance under certain provisions of the CARES Act. In addition, the Treasury Department is required to issue regulations implementing and providing guidance under certain provisions of the CARES Act. Issuance of regulations and guidance may delay loan approval and disbursement or modify/waive certain loan requirements.
The SBA has said that initial guidance should be out this Friday. If you have questions you can email them to me at greg@bara.net. Here’s a few tips that may help some of you right now:
- If you have an existing SBA 7(a) Loan, your payments will be paid by SBA to the lender beginning April 1 through September (6 months). These payments will not be considered taxable income to the borrower!
- If your biggest expense is payroll, then the Paycheck Protection Program (PPP or 3P) is the program you will likely want to apply for.
- If you own vacation rental properties that you manage through an outlet like Vacation Rentals By Owners (VRBO) you can qualify for an Economic Injury Disaster Loan (EIDL) for lost rental income due to the pandemic.
A lot of questions will be definitively answered in the coming days with the guidance from SBA and the regulations from the IRS. Both agencies are working quickly to get this information to us. Stay tuned.
Schedule Appointment for July 15 Tax FilingI’m encouraging everyone that has not yet filed their 2019 tax returns, to schedule your appointment between May 4 and July 14 now! My concern is that too many people may attempt to delay until the last minute and all of our available time slots will be filled.
NOTE: If you are unable to meet the July 15th deadline, we can still file an extension to October 15th.
Use our Secure Portal or Mail Documents!
We prepare more than 400 returns every year without the client making the trip to the office. We are very experienced at this and will walk you through the easy and best practices involved.