Soprano Accounting & Tax Services

Hello to our valued Friends & Clients,

With the safety and well-being of you and our staff in mind, we have closed the office to everyone except our staff.

We are among those industries deemed essential during this pandemic and while we cannot take appointments, you can mail your tax documents,  ask us for a ShareFile link in which you can securely upload your documents or we have a drop box outside of our office door where you can place any documents you are dropping off. 

TAX RELIEF

President Donald Trump on Wednesday signed into law the “Families First Coronavirus Response Act” to address mandated sick leave for those infected with COVID-19 and the Treasury IRS and Department of Labor have also instituted relief.    For more information visit https://www.irs.gov/coronavirus.

 

Key Takeaways –

·       Filing Deadline Extended to July 15: All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. 

·        90-Day Relief for Tax Payments Due: Federal tax payments up to $1 million for individuals can be deferred for 90 days.  Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived.  **We are unsure of state tax payments at this time but expect them to follow suit. 

·       Refund issuance will not be affected for those who file. 

·        Emergency paid sick leave: Full-time employees of companies with less than 500 employees and government employees are provided up to 80 hours of emergency paid leave. Part-time employees are also eligible based on the number of hours they would normally work in a two-week period.  

·        Family and Medical Leave Expansion Act: Employees eligible for emergency paid leave also may qualify for the new Family and Medical Leave Expansion Act expansion (FMLA) of paid leave (for weeks three through twelve.)  

·        Small Business Disaster Assistance Loans: There are two loans that we believe apply to businesses - 

The first is the $10k disaster relief and that application can be submitted now (https://covid19relief.sba.gov/#/).  Please read the application carefully as they are using one streamlined application for various entity types.

             The second is the Paycheck Protection Program Loan (PPP).  Based on the information we currently have, you will need to work with an SBA approved banker                      to receive the PPP loan.  The banks hope to have final regulatory guidelines on this loan & begin accepting applications on April 3rd, however we HIGHLY stress                  contacting your banker asap so they can assist you once the program begins accepting loan applications.  We have attached the most recent version of that                      application.

From what we have heard you will need the following information:

                Payroll summaries (Form 941) for 2019

                Gross Revenue 

              Cost of Goods Sold


                Business checking routing number and account number

 

   





Frank P Soprano, EA
Soprano Accounting & Tax Services Inc
311 S Arlington Heights Rd Ste 30
Arlington Heights IL 60005-1986

Phone 847.398.3737
Fax 847.792.4316
frank@franksoprano.com 



    Accounting
    Taxes and Compliance
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