Tax & Financial Services of NY

One of our clients decided to think outside the box to keep his business going during the coronavirus shutdown. He will also be on News 12 tonight at 7 pm

The office will be closed until August 3rd so the staff can have a much needed, and deserved, vacation. #taxfirm #taxseason #familyfirm #ronkonkoma #taxes #incometax #tax #taxservices #gonefishin #staycation

The U.S. Treasury Department announced that a new tool will be available on the IRS Economic Impact Payment Web page on Friday, April 17. The Web application will be called "Get My Payment" and will serve several important functions: If you have not received your stimulus payment yet, it allows you to check the status of yours, so you will have an approximate date when the stimulus funds will reach your bank account or the post office. If you filed tax returns in 2018 a...nd/or 2019 and did not receive direct deposit, you will be able to share your banking information You can choose to receive your payment by direct deposit or check. https://www.irs.gov/coronavirus/economic-impact-payments #taxfirm #taxseason #familyfirm #ronkonkoma #taxes #incometax #taxservices #stimuluscheck

In response to the COVID-19 outbreak, the SBA has made loans available for qualifying businesses that have suffered economic injury as a result of the pandemic. Below is a summary of the requirements, application procedures, and general loan terms. The loans are available only to small businesses with less than 500 employees. The business must demonstrate that it has suffered "substantial economic injury" as a direct result of the COVID-19 outbreak, to qualify. A "substanti...al economic injury" means that the loss of income has left a business unable to meet its obligations and pay its ordinary and necessary expenses. Eligibility for the loan, and the final amount given, are based on actual economic injury, current funding needs, other potential sources of financial assistance, and business interruption insurance. The loan can be applied for by an online application or a paper form. Online applications are often processed more quickly than paper forms. An applicant must also submit the following documentation to the SBA 1. IRS Tax Information Authorization, completed and signed by anyone who has a 50% ownership interest. 2. Copies, including all schedules, of the most recent Federal income tax returns for the business 3. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant 4. Schedule of Liabilities listing all fixed debts (SBA Form 2202) The SBA will run a credit check of the owner and verify the business' financial information. The SBA may request additional financial information, including tax returns for owners, a current profit-and-loss statement, and balance sheets for the company. Typically, it takes 2-3 weeks to process an application. Given the anticipated volume of applications, the process will likely take longer. Once an application is approved, the applicant will need to sign and return all loan documents. The SBA will send out the funds within one week from its receipt of the loan documents.

Click the link to estimate your stimulus check. #taxfirm #taxseason #familyfirm #ronkonkoma #taxes #incometax #taxservices #stimuluscheck