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"When will I get my stimulus check?" Some payments have already started to arrive via direct deposit. Technically, the IRS has until the end of 2021 to issue the payments. Like in the last two rounds, it depends on how and when you last filed.

All Things PPP For Businesses in Atlanta https://bit.ly/38G74vT

We want to maximize your stimulus. Once the IRS issues you a stimulus payment, it's yours. TIMING matters, and so might how you file (in certain unusual cases). TIMING: If your 2020 income increased (vs 2019) ...... - If it didn't take you over the phase out thresholds, there is nothing needed for you to think about. - If it brought your AGI above the phaseout thresholds (especially if over the 75K or 160K joint), and you have not filed your return: we will be waiting to file it until after you receive your stimulus. If for some strange reason you are reading this and you are NOT our client, I urge you NOT to file until you receive payment. If your increase brought your AGI above these thresholds, and you have already filed ... We are sorry. :( The IRS goes by the most recently-filed information for these decisions. Congratulations on your income increase ... and let's work on other ways to reduce your tax obligations in the future. If your 2020 income decreased (vs 2019) ... - If your income was already under the phaseout thresholds, you will not be affected -- you will receive the stimulus no matter what. - If your income decreased below the thresholds (i.e. your income in 2019 was above 75K or 150K filing joint and now it is below), you do NOT have to rush to get your return in. The way this bill works is that there are two phases of how these stimulus payments will be distributed. In phase 1, the IRS will take the data it already has and pay out of that. If you didn't file a return in 2019 or 2020, you will not get a stimulus. But fret not ... in phase 2, there will be a second date on which the IRS will calculate stimulus payments. This will be for those who had an income decrease. That date will be the earlier of 90 days after the tax deadline day (whatever it might be -- more on that later), or September 1. So as long as we get your taxes filed on time, you WILL get it. You do not have to FILE YOUR TAXES RIGHT NOW. Don't let any scammy tax pros or marketers tell you differently. Fortunately, this issue was (miraculously) considered within the text of the bill.

The American Rescue Act passed, which means there are a host of new provisions available for taxpayers and businesses. We'll break these down in more detail in future days, but here are some of the broad strokes: - $1,400 stimulus checks for individuals AND dependents - $300/week federal unemployment insurance payments - Expanded child tax credit to $3,000 for children ages 6-17 and $3,600 for children under age 6... - $7.25 billion in new PPP funds See more

2020 Tax Filing Tip: If your income significantly increased in 2020 versus 2019 (i.e. if it took you OVER the threshold for the next round of stimulus checks), you should WAIT to file your 2020 taxes. Here are the income limits in the current Senate bill (these are not yet final):... - Single filers with AGIs of 75 K or less - Head-of-household filers with AGIs of 112,500 or less - Married joint filers with AGIs of 150 K or less The phaseouts happen fast. If your income gets above 160, then you'll be out of luck.

How about some good news? Here's an inspirational story about serving those we love and reminding us we're never too old to do great things. https://bit.ly/3snnbXr

PPP updates: Deductible PPP Expenses Under the new COVID relief bill (CAA), businesses are now allowed to deduct expenses associated with their forgiven PPP loans -- this is big news. ... New PPP Funds Further, the new law provides $284.45B to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. The requirement in order to receive a second PPP is that the small business has less than 300 employees and can demonstrate a revenue reduction of 25% in any quarter. PPP Forgiveness There are now simplified forgiveness applications for loans under $150K. Every lender will handle slightly differently, but what the bill indicates is that the borrower signs and submits a one-page certification that requires the borrower to list the loan amount, the number of employees retained, and the estimated total amount of the loan spent on payroll costs. That's it! Eligible Expenses The bill also expands the list of eligible expenses to include covered operations (software, cloud computing and other human resources and accounting needs), PPE, covered supplier costs and damage costs due to public disturbances. Related to EIDL The bill repeals the CARES Act provision that requires borrowers to deduct their EIDL Advance from their PPP loan forgiveness amount. ...That's a lot of info, but we wanted to simply summarize the basics of the new PPP provisions for you. (Yes, that was the simplified version.) Let us know what questions you have. We can help.

Check on the status of your latest stimulus payment here: https://bit.ly/3ciFvIs

More (easily-digestible) news from the latest stimulus bill from Congress: College students and parents with federal student loans will receive an additional extension on student loan payments, and won't be required to make payments on federal student loans until April 1, 2021. This includes both principal and interest payments.