COVID-19 INFORMATION

I hope you and your families are all doing well, taking precautions but staying calm and grounded at this time.

We are still processing tax returns but are taking steps to practice social distancing that is being preached everywhere for your safety and ours as follows:

  1. All client meetings will be phone meetings only. If you have an existing meeting set up, please be aware that we will be calling you instead of meeting in person.
  2. We will increase work from home hours. Please do not stop by the office as we do not know how often someone will be present.
  3. Please make every effort to Scan and Upload documents to our Secure Portal.
  4. We are trying our best to respond to everyone immediately, however please give us until the end of the week to get back to you.

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In order to assist businesses' survival with the current lockdowns, we are offering a number of services:

Small Business Association (SBA) loan applications - Reyes Accounting & Tax Service, LLC will handle all of the necessary paperwork and financials needed to apply for the current loan relief being provided by the SBA.

The SBA, as you know, has its purpose - to bolster and promote the economy in general by providing assistance to small businesses - so they are now coming to the rescue during this very difficult time.

In addition, whether or not you qualify for an SBA loan - we are also providing strategies for our business clients on how to navigate the changes - including how to diversify by developing new services, where possible, how to handle any necessary layoffs, and how to forecast cashflow needs to keep your business afloat.

Please contact Courtney (courtneyg@reyestaxplanning.com) to set up a call to discuss your needs and the options available to you.

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Do you have questions about Coronavirus tax relief? Here are some answers for you;

1. Tax Day is now July 15: Treasury, IRS extended the filing deadline and federal tax payments regardless of amount
2. Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
3. IRS: High-deductible health plans can cover coronavirus costs
For additional information or explanations on the above information, please follow the link below.

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Do you have questions about filing and payment deadlines? Here are some answers for you;
1.  Any person with a Federal income tax return or payment due on April 15, 2020, is eligible for relief under the Notice.
2. You do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. You only need to have a Federal income tax return or payment due on April 15, 2020, as described above.
3. Normal filing and payment due dates continue to apply to estate and gift taxes.
4.  Normal filing, payment, and deposit due dates continue to apply to both payroll and excise taxes.

For additional information, Q&A's, and explanations on the above information, please follow the link below.

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COVID-19 Working Capital Access Program (CWCA):

The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak.

All CWCA loan applications must be submitted through a Certified Economic Development Organization (CEDO).

For additional information on the above information, please follow the link below.

https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/

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Governor Wolf Announces Financial Assistance Available to Small Businesses:

Governor Tom Wolf announced that new funding is available to help small businesses impacted by the novel coronavirus, COVID-19, through a new program under the Pennsylvania Industrial Development Authority’s (PIDA) Small Business First Fund, the COVID-19 Working Capital Access Program (CWCA).

For additional information on the above information, please follow the link below.

https://www.governor.pa.gov/newsroom/governor-wolf-announces-financial-assistance-available-to-small-businesses/

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New Employer Tax Credits

Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit. 

Sick and Family Leave

Credit for Sick and Family Leave

An employee who is unable to work (including telework) because of coronavirus quarantine or self-quarantine or has coronavirus symptoms and is seeking a medical diagnosis, is entitled to paid sick leave for up to ten days (up to 80 hours) at the employee’s regular rate of pay, or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $511 per day, but no more than $5,110 in total.

Caring for someone with Coronavirus

An employee who is unable to work due to caring for someone with coronavirus, or caring for a child because the child’s school or place of care is closed, or the paid child care provider is unavailable due to the coronavirus, is entitled to paid sick leave for up to two weeks (up to 80 hours) at two-thirds the employee’s regular rate of pay or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $200 per day, but no more than $2,000 in total.

Care for children due to daycare or school closure

An employee who is unable to work because of a need to care for a child whose school or place of care is closed or whose child care provider is unavailable due to the coronavirus, is also entitled to paid family and medical leave equal to two-thirds of the employee’s regular pay, up to $200 per day and $10,000 in total. Up to ten weeks of qualifying leave can be counted towards the family leave credit. 

Credit for eligible employers

Eligible employers are entitled to receive a credit in the full amount of the required sick leave and family leave, plus related health plan expenses and the employer’s share of Medicare tax on the leave, for the period of April 1, 2020, through December 31, 2020.  The refundable credit is applied against certain employment taxes on wages paid to all employees. Eligible employers can reduce federal employment tax deposits in anticipation of the credit.  They can also request an advance of the paid sick and family leave credits for any amounts not covered by the reduction in deposits. The advanced payments will be issued by paper check to employers.

Employee Retention Credit

Eligible employers can claim the employee retention credit, a refundable tax credit equal to 50 percent of up to $10,000 in qualified wages (including health plan expenses), paid after March 12, 2020 and before January 1, 2021.  Eligible employers are those businesses with operations that have been partially or fully suspended due to governmental orders due to COVID-19, or businesses that have a significant decline in gross receipts compared to 2019.

The refundable credit is capped at $5,000 per employee and applies against certain employment taxes on wages paid to all employees.  Eligible employers can reduce federal employment tax deposits in anticipation of the credit.  They can also request an advance of the employee retention credit for any amounts not covered by the reduction in deposits. The advanced payments will be issued by paper check to employers.

For additional information on the above information, please follow the link below.

https://www.irs.gov/coronavirus/new-employer-tax-credits



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