The coronavirus pandemic has shaken the world in unprecedented ways, including economically. The president signed the CARES Act into law on Friday, March 27, 2020. This act set aside $376 billion to help workers and small businesses keep their jobs and businesses open. These funds were approved for borrowing from the U.S. Small Business Administration in four new programs:
Each loan program has different requirements and terms. As the end of 2021 nears, many business owners that participated in one of these loan programs are wondering what the tax implications will be. Also, a second round of PPP loans has come and gone.
If you have not already gotten a PPP loan, it is likely too late. In 2021 all the funding got used up and was never replaced. IF it gets re-instated, contact us immediately. We have one of our staff who can do the application with you.
EIDLs (Economic Injury Disaster Loans) ARE still available but only if applied for by 12/31/2021. In fact, many who got the loans in the first months of the program can get a second loan. The loan limits have been raised substantially since the original release, and the credit scores required have been substantially reduced. The terms are very good. Check your own documents when you apply, but I believe it 30 year payback at 3.75% interest with first payment starting in two years. On a $100,000 loan, the payment is around $500 per month. Please be sure to check your documents when you apply, because interest rates and terms can change. If you submit your loan by 12/31/2021, they can still process it in 2022. But if you do not apply by 12/31/2021, then you will have missed your chance (unless they extend it AGAIN).
Responding to the needs of our clients, Torchlight Tax has offered inexpensive assistance in getting loan applications completed and needed bookkeeping done.
Understanding all of these implications as you prepare your taxes for this year can be overwhelming. Torchlight Tax of Las Vegas is here to help. Our team of professional EAS and CPAs (backed up by expert tax secretarial staff) will do any needed bookkeeping and accounting, file personal and business returns of all types, and maximize your tax savings.
Also, our job is also, in addition to legally saving you money, is to make the tax process as pleasant and painless as possible. Advising on tax savings strategies is part of this. Advising you of how to handle a tax debt and handling your questions is part of this.
Unlike the big franchise tax mills, we are here to answer your questions year round. We look forward to hearing from you.
Additionally, we are offering expert assistance in getting EIDL loans approved. The credit scores necessary to get a loan have gone down dramatically since the program began. And the amount of loan dollars available has gone up. Even if you have already gotten an EIDL, you may be eligible for another one. Even if you got disapproved earlier, you may now be able to get an EIDL approved.
Responding to the needs of our clients, Torchlight Tax has offered inexpensive assistance in getting loan applications completed and needed bookkeeping done. Contact us today. Free consultations are available.
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.
Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.
When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>
Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.
Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.