We are opening our office for in person appointments beginning Tuesday May 26th, 2020. We want to see our clients and understand taxes need to be completed before the July 15th deadline, but we also want to be safe and follow precautions for the protection of our clients and staff. We will be offering a limited number of appointments in each hour time slot in order to follow the CDC guidelines on social distancing. We ask that our clients please follow the CDC’s recommendations as well by social distancing and wearing a mask, if medically able, in order to better protect everyone involved. If you still need to get your taxes completed please call the front desk and schedule your appointment.
There are many worries from small business owners during this ever changing and unknown time in our country. Many small businesses have had to shut down or limit operations in order to comply with government orders created to prevent the spread of COVID-19. This has left many small business owners wondering how they are going to keep their business afloat during these trying times. There are two different programs currently released by the Small Business Administration that were created to help these business owners pay their expenses while they are forced to be closed.
Program 1: Economic Injury Disaster Advance Loan
This program is a loan of up to $10,000 that can be applied for on the Small Business Administration website. This loan advance is designed to help those who are experiencing a loss of revenue due to COVID-19 and can be used for regular business expenses such as payroll, rent, or utilities. This loan advance will not have to be repaid.
Program 2: Payroll Protection Program
This program is a loan of up to 2.5 times your average monthly payroll. It can be used for expenses such as payroll, rent, utilities, mortgage interest, and interest on debt acquired before 02/15/2020. This loan can be applied for at any local bank. With approval of spending on necessary expenses this loan is eligible for up to 100% forgiveness.
You can apply for one or both of these options through the correct outlets to help your small business during a loss of revenue due to COVID-19. Check out the links above to see if you qualify.
*Please keep in mind that if this money is not spent on payroll and other necessary expenses it may be required to be repaid with interest.
IRS has automatically extended the deadline to file and pay until July 15 – no extension needs to be filed
At Parks & Co, we understand the important role our firm plays in providing an essential service to our customers. As of 3/20 our office (accounting/tax) is considered essential. We are open, but in an effort to serve our clients, yet keep the health and safety of everyone in mind, we are not allowing any face to face meetings or pickups at this time.
We will be accepting drop offs only; to the right of the door is a slot that you can place your packet of information, so that it is safely inside our building. Pleased do not leave boxes or other information at the door. Because of safety concerns, we will not be able to talk to anyone when they drop off. With your packet of information, please include your name, telephone number, email address and accountant’s name.
Also communicate if you would prefer your final return be mailed to you, or held until we are allowed to open the doors to the public when the threat of COVID-19 has passed.
Anyone wanting to have a sit down meeting, we will resume appointments at a future date to be determined
We are sorry for the inconvenience, but due to Governor Wolfe’s announcement on 3/19, we will be closed until non-essential businesses are permitted to reopen.
To protect our clients and our staff, we are trying to eliminate traffic in our office and are only completing drop off returns until further notice. If you are dropping off your return, please place it in the mail slot to the right of the door. If you would like to pick up your return, please call from your car. We will bring it out and set it on the table for you to retrieve. Please have payment ready and place it in the mail slot or take an envelope to mail your payment in. We will continue to work diligently in our office in order to complete as many returns as possible. We will contact you with any questions or needed information.
Due to the constantly changing nature of our countries current health situation, Parks & Company wanted to release a new statement concerning all appointments.
We are advising that our clients please consider dropping off or mailing in your tax information to our office, especially those considered to be at a high risk of contracting the current COVID-19 virus. This category includes but is not limited to elderly, pregnant, immune compromised, those in contact with immune compromised persons, or those who have traveled recently. Our accountants would be happy to complete your taxes and contact you by phone or email to discuss any questions or results.
We are releasing this new update and encouraging our “high risk” clients to drop off information in order to protect the health of our clients and staff members.
Best wishes for good health,
Parks & Company
With recent news of the COVID-19 outbreak we here at Parks & Company wanted to let you know that we will remain open for business with added precautions to our sanitation routine.
We already have additional sanitation guidelines in place during the tax filing time of year due to the high volume of client traffic. We have put in place further measures to provide our clients with the most sanitary space possible. These measures include a large focus on wiping down doorknobs, faucets, and desks, especially in client waiting areas based on the CDC recommendations.
We ask that you please leave any unnecessary guests at home to reduce the exposure to other clients as well as our staff. If you feel sick in any way we ask that you please reschedule your appointment or have someone drop your tax documents off and we will call you with any additional questions or information we may need.
Thank you for your understanding during this hectic time. We hope everyone stays healthy during these next few weeks.
Parks & Company
Happy New Year everyone!
This is a message to business owners who plan to hire subcontractors for the new 2020 tax year. You as a business owner need to make sure that your subcontractors fill out a W9 form before having them complete any work in the 2020 year. A new W9 form should be filled out every year their is an information change for the subcontractor. Keeping a new W9 on file every year is important so you have up to date information on the subcontractor, such as their address. This information helps to file the required 1099 forms at the end of the tax year. In order to download or print out a W9 form please visit the IRS Website.
One of the topics that will need to be discussed when a person files a claim to begin collecting Social Security benefits is whether to have any federal income tax withheld. Depending on a person’s tax situation, they may need to have federal income tax withheld from their Social Security benefits in order to cover the amount of taxes they will owe in to the IRS at the end of the tax year.
Federal income tax withholding can be elected on the original claim form for Social Security benefits. The options on this form are percentages of 7%, 10%, 12%, or 22%, they do not accept flat dollar amounts for withholding on Social Security benefits. In order to change the amount of federal income tax withheld a form W-4V needs to be completed. Once the form is completed, it should be signed and returned to the local Social Security office by mail or in person. In order to decide the best withholding percentage for your personal tax situation, it is best to contact your accountant to assist you.
The Department of Labor has released its update to the federal overtime regulations that they are calling The Final Overtime Rule. These regulations govern which employees receive the minimum wage, and also which employees are able to receive overtime pay under federal wage law. This new set of regulations will be in effective as of January 1st, 2020, and are making some changes that may affect small business owners.
One of the biggest updates of this regulation is the increase of the standard salary level from $455 a week to $684 a week. This level is the minimum amount that must be paid to salaried employees annually in order for an exemption from overtime pay, as long as the employees fall under the executive, administrative, professional, or outside sales category.
In order to meet the standard salary level 90% of the income needs to be paid out on a regular salary basis. While the additional 10% can be paid out by bonus, commission, or incentive payment. For further details on this change in regulation, and to make sure you are compliant for the January start date, please visit the Department of Labor Website or speak with your accountant.