Dear Clients, Colleagues and Friends,
As we enter the second half of the year, we look back on the challenges we have faced thus far and welcome what the future holds for our Firm. July was an unexpectedly busy month for us with the delay of the individual tax filing deadline as well as assisting our client the business economic opportunities that came as part of the CARES act. You will notice that our tax team is growing! This is in order to meet these challenges and help serve you, our valued clients, better.
At this time of year we also would like to remind you that now is the time to start getting your information organized and to make an appointment for tax planning. Shilts CPA professionals have the ability to have face-to-face discussions via Zoom calls, conference calls, and on a limited-basis, for in-person meetings. We want you to know our Firm, has the technology, resources and training to be remote and still service your needs during this difficult time.
On the topic of tax planning, a couple of tax changes we would like to make you aware of include:
Josh Shilts, CPA/ABV/CFF/CGMA, CFE
Some of the articles and content we want to make you aware of are
- 5 Reasons Borrowers Shouldn’t Rush Their PPP Forgiveness Applications
- PPP Updates: Extension of the Application Deadline, Disclosure of PPP Borrowers Receiving Greater than $150,000 in PPP Loans, and the “Owner-Employee” Dilemma
- Paying off Debt the Smart Way – Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first, and these tips will help you to do just that.
- Small Business Financing: Securing a Loan – Most small business owners will visit a bank or other lending institution to borrow money, and understanding what your bank is looking for can mean the difference between getting a loan or scrambling to find cash from other sources.
- Here’s How to Pay If You Owe Money to the IRS – The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – six options are available that let you make quick and easy electronic payments.
- Q & A: Returning an Economic Impact Payment – If you’ve received an economic impact payment for a deceased family member or another taxpayer who is not eligible to receive one, you may have questions about what to do. Here are some answers.
Tax Tips
Quickbooks Tips
Upcoming Events
The following are events Mr. Shilts will be speaking at. If you have questions or are interested in attending refer to the links below or contact us by clicking here.
Tax Due Dates
Tax Related Identity Theft
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.