If you are fiscally responsible for a calendar year S-Corporation (Form 1120S) or Partnership (Form 1065) and you filed a request for an extension, your six month extension is about to expire and your tax return must be filed by September 15th, 2022. Non filing fees and penalties are applied after this date so please contact your tax accountant right away to confirm your filing status.
Wishing you many happy returns!
MT Austin
Volume 5, Issue 4
Happy Love Day!
The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in an October 8 press release. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he added. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
Notably, instructions for SBA Form 3608S state that the new application requires fewer calculations and less documentation for eligible borrowers. “Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages,” the instructions state. Additionally, SBA Form 3508S does not require borrowers to show the calculations used to determine the loan forgiveness amount, though SBA may request such information and related documents as part of its loan review process.
The PPP Loan Forgiveness Application Form 3508S can be accessed online along with instructions. Download Form 3508s here.
If you need assistance with your PPP loan forgiveness application, don’t hesitate to contact our office by email:
support@mtaustinandassoc.com
Stay well!
September 6th was Fight Procrastination Day. Although we missed the opportunity to write something witty around the theme of procrastination, we want you to be proactive in keeping your personal and business finances in order. So, please make sure you meet these important tax deadlines if they apply to you or your business:
September also marks the end of the third quarter so if you prepare quarterly budgets now is the time to start preparing your 4th quarter budget.
The 2019 tax filing extension date, October 15th, is fast approaching, so don’t forget to provide your documentation by September 30, 2020. If you haven’t requested your secure portal yet, please email us. Please note if your information is not provided by September 30th, there will be an expediting fee of $100.We are also continuing to offer our free courses for a limited time:
We hope you will do as we say and not as we did and don’t procrastinate!
Mary T. Austin
CEO, MT Austin and Associates
Please check out our former issues of Financial Freedom Press and contact us if there is a question you have that we can cover in our next issue!
You have the passion, you have the vision but you still worry. Will I ever stop living paycheck to paycheck? How do I manage the finances in my business? I’ve started my business now what do I do? Let me help you activate the wealth within you. I am a business visionary and accounting expert with 30 years of experience. It’s time to get beyond the vision and feel confident about your financial future.
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Click the link below to register for this FREE event sponsored by the African American Chamber of Commerce.
Looking forward to seeing you September 12th at 5pm!
https://aaofpanjde.chambermaster.com/eventregistration/register/1730
What good is a budget if you have not first uncovered the reasons behind your frustration and struggle with savings and spending?
Do you want to understand and change your money mindset?
Join M Tonita Austin, the Wealth Activator for a two part money management series at an intimate and judgement-free environment at our Media office.
ONLY 10 seats for this intimate, hands-on event.
In the first session Tonita will teach you holistic tools and rituals, meditations and through journal writing help you discover your money mindset. The goal is to help you understand personal blockages to abundance and wealth in all areas of your life.
The second session, two weeks later will provide you with practical tips and tools for money management and the opportunity to get answers to questions about your personal finances. In the two hour session you will:
All attendees will receive a workbook for the second session and there is an option to pay in two installments. This is the only time this workshop will be offered at this price point.
I hope I get the opportunity to support you! 💙
At the Restoration Station we believe the first step to financial freedom is creating a budget. When you are able to see your income and spending habits you can make better choices and begin to build wealth.
We’ve created for you, a three step video series and an easy to follow worksheet to not only walk you through the steps but to also help you move past the fear and uncertainty that often arises when thinking about your finances.
Sign up for our affordable online webinar TODAY and get on track with your spending!
Summer is coming (finally!) or at least summer-like weather, and it’s the time we start thinking about taking a few days, a week or if you’re lucky, a few weeks off to go away and enjoy some time alone or with your family and or friends. We want to splurge and live carefree yet vacations can be expensive. Can you have the best of both worlds, enjoying a few days away at your favorite vacation spot, without blowing the budget?
Yes you can, and the earlier you begin planning, the better. If you signed up for our budgeting webinar, you’re half way there! If you haven’t , it’s not too late to check it out or follow these seven tips to a carefree, guilt-free summer vacation:
So get started dreaming about your ultimate vacation and make it happen. You have time and now you have a plan. Let us know if this was helpful and share those amazing vacation photos too!
~ Financial health is the pathway to wealth~
If you’d like information about our personal financial wellness services for individuals and small business owners, visit our store at: bit.ly/shopmtaa
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