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.
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:
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 15 – Estimated Federal Quarterly Taxes
October 20 – Pennsylvania Quarterly Sales Taxes (July-September)
October 31 – Quarterly Employment Tax Payments for 3Q 2020 (July-September)
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:
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. . 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!
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:
learn new savings and spending habits
secret tips to balancing your budget and bank account,
understanding and restoring your credit
learn how to calculate your net worth
feel empowered and leave with tools to help you get on the road to financial stability and wellness
gain confidence and peace of mind around money
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.
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:
Budget your dream vacation: Take some time to look through some of your favorite hotels, resorts and beach spots and start pricing the cost of your trip. Make a budget which will include travel (gas/tolls or airfare/train/bus), food (see #7 below) and lodging.
Decide on your vacation date(s): This step is important because it determines how much time you have to save for the vacation you want. The great thing about time is it’s flexible, so you can move the date if you need more time!
Open a vacation savings account: If your bank doesn’t have a vacation savers account, open up an online savings account. It doesn’t matter where, just so it’s either at a bank or credit union far from you or online where you’re able to have it automatically transferred from your personal checking account. Make sure it’s not connected to a debit card so that you cannot make any impulsive decisions to tap into that money for anything slight of a medical emergency!
Have a family meeting: Financial freedom is a family affair so get the family together and make the committment to plan and save for the vacation if you plan to go with family. Share the ideas and budget for the trip and get everyone involved in decisions about where to go and how they can help keep down spending until the vacation date. Empower the children by giving them the role of keeping lights off when not needed and saving some of their allowance to spend on vacation or earning a few dollars helping a neighbor rake the lawn.
Place a photo of your destination in a central place for inspiration: Sometimes you need help to keep your committment to save. I know for myself it helps to have the picture of my goal in my face when those shoe or clothing store sales fill my mail box and I get the urge to buy a new pair of shoes that I really don’t need. It is a good reminder for me to stay the course!
Keep an eye out for sales: If you know you or the family will need beach gear, keep an eye out for sales on the items you need. The one trick I share in my online workshop is to create a separate email address to be used solely for signing up on retail websites to get the specials, coupons and discount codes. When I’m ready to shop online or in stores, I just do a search for the store’s name and pull up their latest coupon and shop!
Splurge on the memories, not the meals: You don’t have to splurge on every experience just because you’re on vacation. The best part about involving the family is finding out what experience is most important for everyone involved. The best memories made on vacations are usually those related to quality time, and you should consider that when you are budgeting. Whether it’s Disney or the local beach, we save by going to the nearest market, buying easy breakfast and lunch ingredients the children can make for themselves and one or two family dinners we can have together. We splurge on the kites we buy for the beach, the waffle cones and that one incredible restaurant, theme park or overpriced adventure that we all wanted to enjoy just for fun or to celebrate a special occassion.
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