March 7, 2019
As the month “Marches” on, and we at LBF are in full tax season mode, we want to remind those of you whose returns we have finished to please get us your 8879 electronic filing form ASAP so we can file your return (which we will not do without this form), and assure your filing is timely. Also, remember that even if you owe taxes (we hope you don’t), the IRS will not be looking for your money until April 15th.
In addition, if you haven’t gotten us your work yet because you might still be missing some information (i.e. a K-1 or brokerage firm 1099), please still submit to us what you do have, so we can review, evaluate and be in a position to finish your work timely when we do receive that missing piece.
Once again, thank you for your patronage. We at LBF appreciate your support and will continue to do our best to earn and keep your confidence in all we do.
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...
Frequently Asked Questions
If I am applying or already received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?
Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus).