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Maximizing Paycheck Protection Program Loan Forgiveness

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Maximizing Paycheck Protection Program Loan Forgiveness

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Letter from our firm

Thank you so much for your patience. Normally tax seasons are busy and quite stressful but this one has been by far the most memorable. The country has literally shut down because of the coronavirus pandemic, and we have all been worried about the health of our clients, friends, and family. Sure, things can be hectic at this time of year here at the firm, but it pales in comparison to the pressures that some of our clients are dealing with at this time.

This past week we have focused our attention on helping our small business clients in their time of need to navigate the calculations necessary to complete the paperwork for the Paycheck Protection Program (PPP) thru the CARES Act. Many of them are experiencing severe financial hardships by having to reduce their operations or in some instances completely shutting down.

This has caused a delay in the timely processing of our 1040 tax returns, especially those that were provided to us for preparation prior to April 1st. Our 1040 clients are important to us and we are working long hours to try and process those returns in a timely fashion. If by chance we do not have your return ready by April 15th, please don’t worry as the IRS has automatically extended the normal April 15th tax deadline to July 15th with no additional steps necessary for the extension.

The first installment of the estimated tax payment (normally due on April 15th) has been extended to July 15th. Be aware that the 2nd installment due date of June 15th has not changed. Again, thank you for your understanding thru this unexpected event and please be safe. Thanks for your patience and understanding thru this unprecedented time and know that the above procedures are necessary to help keep everyone safe and prevent the spread of the COVID-19 virus.