SBA Economic relief to businesses that are currently experiencing a temporary loss of revenue.
The CARES Act established several new temporary programs to address the COVID-19 outbreak. These are options you can apply for yourself or seek free assistance from organizations like the The Louisiana SBDC.
We have begin assisting businesses with seeking funding assistance as well. To get started, there are a number of items to collect to determine to the best approach for your business. If you are an Eagle Eye Tax Solutions monthly accounting client, you don’t need to provide items 1-6, we already have this information. Otherwise, we will need to gather all of the following.
- A copy of your Bookkeeping or access to QB online – we may need to submit a lot of information including P&Ls, Balance Sheets, Independent contract information, member equity payments, etc. (if you do not have QuickBooks or another accounting system, we will need to create your financials)
- Access to your payroll report system such as Paychex, ADP, Gusto, etc. – we will need to submit payroll by month, by employee, by type of pay, along with 940’s, 941’s, 1099’s. (if you do not have formal payroll system, we will need to recreate the payroll)
- Access to business bank account, or full bank statements with check copies from January 1, 2019 to March 31, 2020 (if you do not have QuickBooks)
- Copies of your 2018 & 2019 tax returns (2019 if filed)
- Copy of Driver’s licenses for all owners with 20% or greater ownership
- Articles of Incorporation
- Company paid Employee health insurance information showing premiums by employees (if applicable)
- 401k plans, Simple IRA, SEP information showing details of contributions (if applicable)
- The name of the bank of your business account, with the routing and account number.
For assistance with the preparation of tax, financials and the application process, email info@EagleEyeTax.com.
Filing and Payment Deadline Extended
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.
Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
The Families First Coronavirus Response Act (PDF) gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.