Important CARE Act Relief Information

POSTED: April 10, 2020 5:00pm

Dear Client:

We hope that you and your families are continuing to be safe and healthy thru this pandemic.

There has been much discussion, information available to assist taxpayers through this economic disaster. We would like to give you some highlights which may pertain to your situation:

Economic Stimulus Payments: The federal government has implemented payments to be sent to individuals. This has been passed, however, we are unsure as to when the funds will be rolled out.

Single Individuals: $1,200.00 as long as adjusted gross income is $75,000 or less
Couples: $2,400.00 as long as adjusted gross income is $150,000 or less
Qualifying Dependent Children: $500.00 each

Payments will be made using information from 2019 filings. If you have not filed in year 2019, they will refer to year 2018. If you have supplied direct deposit information when filing, the payments will be directed to your account directly. If you have not supplied direct deposit information, paper checks will be sent out.

Disaster Loans/Payroll Protection Program: If you are self employed (with or without employees) or a business with employees, these two programs are available to you. These payments can be forgiven in full or partially forgiven if used for qualified business expenses.

1. EIDL LOAN/GRANT up to $10,000 grant: fastest application:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

2. PPP loan/grant based on 2.5 times monthly average payroll costs for 2019, funds used to retain or hire new employees over 8 weeks after receipt of loan can be forgiven, also including rent, utilities and interest:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

3. NYC small business assistance regarding COVID disaster: Per the NYC site:  the NYC relief applications are on hold now until further notice
https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page

Businesses (including self-employed individuals) can apply for both programs listed as 1 & 2 above.

NYC site goes on to explain both NYC and federal assistance available and has a substantial amount of useful info with links to the other programs.

Note: For item 1 (SBA PPP) you must apply through your bank or another SBA approved lender and there is more due diligence required.

Unemployment Insurance: The federal government has expanded the individuals eligible for unemployment and has included self-employed individuals, 1099 recipients, etc.

New York Unemployment Benefits and Eligibility

Note: For self-employed individuals you cannot claim unemployment and apply for EIDL/PPP assistance—it is one or the other.

Again, there are other provisions in the COVID 19 legislator, however, we have indicated highlights which may apply to our clients. Additional information is available on the internet.

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POSTED: March 20, 2020 6:00PM
LAST UPDATED: March 22, 2020 2:32PM

OUR OFFICES WILL BE TEMPORARILY CLOSED:

As part of the emergency mandate announced by the State of New York, we will be temporarily closing our offices, until further notice.

Below is some important information that we want you to know.

TAX DEADLINE RELIEF:
Please be aware that the IRS has extended all tax filing deadlines to July 15, 2020.

In addition, they have announced a waiver of penalties and interest until July 15, 2020 for individual tax payers with a tax liability of less than $1MM.

WHAT WE ASK OF YOU WHILE OUR OFFICES ARE TEMPORARILY CLOSED:

All mail “in-transit” and “new” will be safely delivered because we have a mail-slot.  WE DO NOT RECOMMENDING SENDING ANY MAIL VIA UPS OR FEDEX THAT MIGHT REQUIRE A SIGNATURE.

You can make a payment to us in the following manner. (Your timely payment is much appreciated at this time).
– Mail a check using the USPS.   DO NOT SEND VIA UPS or FEDEX OR IN ANY WAY THAT REQUIRES A SIGNATURE.
– Send a payment using Zelle to: rwisdom@kwllc.us

– Our staff will have access to email and voicemail during this time so please email us at our regular email addresses.

– Should you have general inquiries, please email us at info@kwllc.us

– Please visit this site for our latest announcements. We will be posting updated information as it becomes readily available.

As we work through this national crisis together, we hope that you and your family stay safe and take the necessary precautions to help prevent the spread of the Coronavirus.