2021 Year-End Tax Planning Seminar Final
Author Archives: Donna Miller
Stancil Business Tax Planning & Individual Tax Strategies
A Stancil “thank you” to all who attended our webinars. The video is provided below for further viewing and also links to the .pdf formats. Please feel free to contact our firm and let us know how we may be of service to you in the coming year. 2020 Stancil...
PPP Loan Forgiveness – 3 Phases of Documentation
We are here with another PPP update and message. By now, dealing with the PPP Loan program has become a daily conversation that you are probably ready to bring to an end. Please do not get discouraged. We are here to help as you go through the “Covered” period to...
SBA’s April 23 FAQ 31/37 – More Guidance on PPP Loans
In light of some public companies and some other large and/or wealthy organizations (for example, the LA Lakers) receiving PPP loans, the government has expounded on who should have and have not received a PPP Loan. Under the original CARES Act, the PPP funding was intended to help businesses where...
PPP Application Submitted, Loan Approved, Money Received – now what do I do to make sure the money will be forgiven tax free?
In a year that is full of twists and turns, we now turn our attention to the next stage of funding from the Government – Calculation of Forgiveness of the PPP Loan. The SBA has not issued final guidelines on many issues relating to the forgiveness calculation, but based on...
Tracking Receipt & Disbursements of PPP Loan Funds
Once you have applied and been approved for your Paycheck Protection Program Loan (PPP), your attention needs to be turned towards tracking the receipt and subsequent disbursement of the funds. We recommend establishing a new bank account for these funds. Money Market or Savings accounts will be the quickest and...
Resource Articles re: Coronavirus Stimulus Packages
Payroll Assistance Families First Act Summary CARES Act – Individual Tax Provision CARES Act – Business Tax Provisions
SECURE Act (Setting Every Community Up for Retirement Enhancement)
The SECURE Act was signed into law on December 20, 2019. It is the largest retirement planning bill enacted since the Pension Protection Act of 2006. This Act affects four main areas of consideration: 1) IRAs, 2) Retirement Plans, 3) 529 Plans and 4) specific tax extenders along with disaster...
2019 Form 1099 Process and Reporting Requirements
2020 is just around the corner! Let’s work together to make it a good start as we prepare for the 1099 filing deadline of January 31st. If we are preparing your 1099s, it is extremely important that we receive your information early. We cannot begin processing your 1099’s until we...
Making Federal and NC Tax Payments Online
When making tax payments to the IRS or to the NC Department of Revenue (NCDOR), paying online is an available option. Payments for Tax Due with Returns, for Estimated Taxes and for Extensions can be made using this method. To Make A Federal Tax Payment: Go to the IRS website...