Padgett Business Services

The Internal Revenue Service and the Treasury Department have announced that they are beginning to make direct deposits of the second round of stimulus for taxpayers! https://www.accountingtoday.com//irs-and-treasury-start-de

We are very excited to announce that the New Stimulus Bill has passed. If you received PPP funds, those expenses which we have planned to be non-deductible will now be fully deductible; families will receive additional payments starting as early as next week, and more.

Who doesn't enjoy opening gifts and spreading holiday cheer? Gift giving to your employees and customers is a great way to get in the holiday spirit and thank them for their hard work during this challenging year! Take a look at our most recent article to learn more about what type of gifts are tax deductible for your employees and customers! https://www.padgettbusinessservices.com//how-to-spread-so/

Many of the tax law changes, including the ones related to pandemic relief, currently expire at the end of 2020. Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting suggests that individuals and business taxpayers may need to act before the end of the year to take advantage of many of these tax breaks. https://www.accountingtoday.com//new-end-of-year-tax-plann

Don't Forget about the Tax Deadline this Thursday Oct. 15th! https://www.usatoday.com//this-important-tax-de/114169604/

https://www.irs.gov/identit/get-an-identity-protection-pin

https://www.padgettbusinessservices.com//ppp-loan-forgive/

Padgett's latest information for self-employed and small businesses with respect to PPP expansion, Economic Injury Disaster Loan expansion, other tax credits for retaining employees, and if you are self employed in GA - unemployment benefits for you as well even if you have no employees...

If you missed the SBA funding options (EIDL and PPP) during this past month please don't despair. Let's try again...help is again on the way.

A potential new source for Financial Small Business Assistance. If you've been unable to get the SBA EIDL or the PPP, give this one a try ...

If you need to update your direct deposit information with IRS in order to receive your stimulus payment more quickly, please have your most recently filed return in hand along with your direct deposit routing and accounting number and click the "Get My Payment" button on IRS.gov. If you need to change your address, you'll need to file 2019 ASAP to notify them of this change. Update: As of 3:12 pm NO one is successful at using this portal. Hopefully Treasury will respond with a fix. Keep trying over a few days.

Georgia Department of Labor is now prepared to disburse funds created by the CARES Act, specifically important to those of you who are sole proprietors or partners who are not W2 recipients. This is helpful for your sub-contractors that you issue 1099s to as well. Under normal circumstances these people would not qualify for unemployment, but now they may.

Our latest information comparing the SBA loan programs available to small businesses who are injured by the COVID 19 pandemic.

Here is my most recent update for business owners and individuals on the current CARES Act and other filing/paying deadlines. Feel free to subscribe at the top of the screen.