April 2020 Tax & Accounting Insight

Newsletter

Dear Clients, Colleagues and Friends,

At Shilts CPA, every day we solve challenges for our clients whether they are forensic and valuation or tax and accounting related.

Recently we have a new challenge.

As Coronavirus (COVID-19) has grown to a pandemic level, it has impacted our daily lives at work and home. We want you to know that we are doing everything we can to support the safety, well-being, and financial health of the clients and communities in which we live, work, and serve.

At the onset of this disaster we prioritized our outreach, organized our team, and raised issues and ideas in order to best serve our clients. Even working remotely, the Shilts CPA Team started to and will continue assisting its clients with the financial details and stresses associated with outbreak.

From helping businesses and self-employed individuals with the Payroll Protection Loan Application (“PPP”) and other disaster loan application processes, to participating in and hosting webinars to educate taxpayers and businesses on recent developments, we are here to support you.

If you need any assistance, please don’t hesitate to contact us by clicking here or by phone at (844) 850-6166.

Josh Shilts, CPA/ABV/CFF/CGMA, CFE

Some of the articles and content we want to make you aware of are

  1. Tax Returns & Estimated Taxes Now Due July 15 – Federal income tax filing and tax payments are now due on July 15, 2020, along with estimated tax payments and gift tax returns.
  2. CARES Act: Information for Individual Taxpayers – The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several tax provisions affecting individual taxpayers.
  3. Tax Breaks Help Small and Medium-sized Employers – Small and medium-sized employers affected by the Coronavirus pandemic may be able to take advantage of tax breaks created by the Families First Coronavirus Response Act.
  4. The Tax-Smart Way to Loan Money to Friends & Family – Learn why it pays to plan before you loan money to a friend or family member – and how to avoid tax complications down the road.
  5. Relief for Other Coronavirus-related Tax Issues – Relief for taxpayers affected by COVID-19 – including certain payments related to Installment Agreements and Offers in Compromise – is now available.

Tax Tips

QuickBooks Tips

Tax Due Dates

  • April 30 – Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2020. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 11 to file the return.
  • April 30 – Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.