See Below for information about the CARES Act and other Business and Individual Resources.
The IRS portal is now available for non-filers and those who need to provide or update their banking info for stimulus checks to be direct deposited. Check it out! https://www.irs.gov/coronavirus/economic-impact-payments
The CARES Act and other Business and Individual Resources.
SBA Loan Application
The SBA also released additional guidance for how to calculate your average payroll cost. The calculation no longer incurs individuals you pay as 1099 independent contractors. Here is how to calculate your payroll cost:
- Gross earnings (salaries and wages, paid time off, vacation pay, etc.)
- Minus Federal taxes (federal withholding)
- Minus Social Security and Medicare withheld from employees
- Plus State taxes paid by employer (in Virginia, it’s State Unemployment Insurance (SUI)
- Plus Other deductions (like expense reimbursements; things that the employer takes as business deductions)
- Plus the employer portion of Retirement benefits (like 401k or Simple IRA match)
Many of the major payroll processors (like ADP) have developed reports that will pull this info in one click (assuming your payroll is set up correctly).
At this point, I do not know of any banks that are accepting the PPP applications yet, except Bank of America, and then only if you are a BOA customer and even then, only if you meet certain criteria. I’ve heard from two local bankers who said it likely won’t open until Monday.
Remember: this is all new to them too, and they are scrambling to put in place processes and procedures. Please be patient with them.
Andrea MacDonald, CPA
President, Pro Tax & Accounting LLC
757-420-1539 | 757-633-0396
119 Byron Street, Chesapeake, VA 23320
At Pro Tax & Accounting, we keep you from breaking the bank!
Pro Tax & Accounting is your go-to resource for businesses bookkeeping, accounting services, payroll, QuickBooks Consulting and tax services. President and owner, Andrea MacDonald, CPA, is a Certified Public Accountant. Andrea and her team have the education, knowledge and experience and work with businesses throughout the Hampton Roads Virginia cities of Chesapeake, Norfolk, Virginia Beach, Suffolk, Newport News and Hampton, north into Williamsburg and throughout the mid-Atlantic region. And thanks to technology, Pro Tax & Accounting can work with clients anywhere in the world!
Call today and free up the time you need to run your business, and leave the bookkeeping and accounting up to the experts!
Call Pro Tax & Accounting for your
Bookkeeping & Accounting Services. (757) 420-1539