Baxter & Harbin, LLC

To check on the status of your federal refund: https://www.irs.gov/refunds

The portal to unenroll from advanced payments of the child tax credit is up: https://www.irs.gov/credits-/child-tax-credit-update-portal

The IRS has now extended to May 17, 2021 deadlines for: IRAs and Roth IRAs Health and education accounts

IRS has delayed the filing deadline for 1040's to May 17.

PPP has expanded to allow schedule C filers to use gross income instead of net profit to qualify. The new forms were issued last night to apply.

Great News! The Covid-19 bill allows for deduction for expenses covered by PPP.

An update on where we are on PPP forgiveness: PPP Loans under $50,000 o There is a new streamlined form for those PPP loans under $50,000 but it expires on 10/31. We are waiting for the SBA to update those forms so that we can begin completing them once we know that the 3rd quarter payroll tax returns have been completed. Hopefully, the new form will simplify the process enough that we can begin completing forms for loans that were under 50,000 in the first round. Waitin...g increases your odds in receiving more forgiveness on the loan. PPP loans over 50,000 but under 150,000 o Congress has been instructed to wait until after the election to work on a second stimulus which may yield automatic forgiveness for those loans under 150,000. Currently, the long form application will be costly to prepare as we have to analyze weekly payroll and hours for each employee. If we see automatic forgiveness on the horizon, this application will mean too much cost to you for something you never needed in the first place. We will wait to see if a second stimulus produces automatic forgiveness on these loans and complete those applications in the second round. Waiting increases your odds in receiving more forgiveness on the loan. PPP loans over $150,000 o We will wait and see if there is any relief granted for these loans. We will prepare these applications in the last round. PPP Loans that don’t qualify for forgiveness. o If you did not spend the PPP money on qualified expenses and do not qualify for loan forgiveness, we can go ahead and prepare the application to convert your PPP to a loan so that you can begin making payments. You have 10 months from the end of your PPP period to complete it. Please note that the PPP program rules and forms have changed many times. Getting ahead on the process could end up wasting time and money. As we view time as a valuable resource, we don’t have any interest in wasting yours. You have 10 months from the end of your PPP period to complete the application, we advise waiting and increasing your odds of a higher loan forgiveness amount. Thank you for your patience in this process. We are on it and we will let you know when we plan to proceed. If we prepared your application, we will call for approval to prepare your forgiveness forms when the time is right.