Financial Crimes Enforcement Network created a new reporting requirement for businesses effective January 1, 2024. This reporting will give FinCEN information about the individuals who own and control each business.
For more information on this requirement, please refer to the BOI website at: https://www.fincen.gov/boi
Since advising on this matter can be considered “legal advice”, Parks & Company cannot consult on, nor assist in preparation of this reporting requirement.
We will need to know how much in stimulus money you received for the third stimulus payment. This was $1,400 for most people that received it. We will also need to know how much you received for advance child tax credit payments. These were payments starting in July of 2021 and ending December of 2021.
Without this information, we cannot accurately prepare your tax return! IRS will send you letters if the figures do not match their records.
The Consolidated Appropriations Act of 2021 was passed by Congress on 12/21/2020 which gave out further information and guidelines on PPP funds that have been distributed during the 2020 tax year. The act stated that all forgiven PPP funds would not be counted as income, and all expenses used in PPP forgiveness can be fully deducted on your tax return. This provision applies to the original PPP funding as well as any additional PPP funds that are granted to you.
Lebanon County has now received a portion of funding from the federal CARES Act which was created to assist individuals and businesses alike during the COVID-19 pandemic shutdown. This funding that was received is designated to businesses in order to support their economic recovery. The County Commissioners have decided on three categories of businesses that the grants will best serve during these challenging times which are Non-Profit Businesses, Tourism/Hospitality Industry, and Small Businesses ( less than 100 employees). They will review applications received by these types of businesses and determine who will be awarded grants based on need.
In order to receive a grant you must apply through the website www.lebanoncountycares.com. The first application period opened September 1st, 2020 and will close at 4 pm on September 15th, 2020 and the grants will be awarded on September 30th, 2020. There will be a second application session available as well, for any funds not distributed during the first phase, that begins October 15th, 2020 and ends October 30th, 2020. The second round of grants will be distributed November 15th, 2020 as all grant money needs to be distributed by the end of the year. Please visit the Lebanon County CARES website above with any further information needs.
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