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Lic - B15983
PPP loans: For those of you who received funds from the PPP, you must file for “loan forgiveness” by DECEMBER 31 of this year. I am attaching a link to take you directly to the PPP loan forgiveness pamphlet that will guide you through the process of requesting forgiveness. It is crucial that you do this so you will not have to pay back those funds. There is some debate going on right now over whether these funds, if forgiven, will be considered INCOME, taxed at ordinary rates, not self-employment rates. Stay tuned for that determination. This could affect your estimated payments due in January. Please let me know if you have received these funds and will be receiving “forgiveness” status so I can help you with the estimated payment.
$300. above the line cash charity deduction: for those of you who no longer itemize, the CARES ACT allows you to deduct up to $300 from your income before tax. These donations must occur before Dec 31st (cash, check, or credit/debit card donations – no goods) and made to a qualified domestic charity. Following is a link to IRS list of those types of charities.
https://www.irs.gov/charities-non-profits/tax-exempt-organization-search
ECONOMIC STIMULUS PAYMENT: While NOT taxable, we will apparently still be reporting the amount you received on the return. It is just a reconciliation entry. If you did not receive the total amount due you, this is where you will “get” the rest of your stimulus payment. You should have received “notice 1444” two weeks after receiving your stimulus. Please add that notice to your documents if you still have it. It is not a required form, just informational. I will need to know the amount you received no matter what.
Just an FYI: If there is a second round of stimulus payments, those of you with dependents who work but for whom you are entitled to claim due to being under age19, or those that are full time students up to age 23, OR other dependents earning under the filing requirement / PLEASE DO NOT ALLOW THEM TO FILE FOR A STIMULUS PAYMENT as a non-filer on the IRS website. If they do, you will NOT be able to claim them.
CASUALTY LOSSES: For those of you with losses due to wildfires (or other casualty), we have several options when claiming these losses. I have attached a link to an IRS workbook to help you organize. Please only use columns 1,2 and 3. We will go over the rest and your options together.
https://www.irs.gov/pub/irs-pdf/p584.pdf