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Showing posts from April, 2020

How Wilson Toellner CPA Can Help Your Business With Loan Forgiveness

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By now, you have probably heard about the Paycheck Protection Program (PPP), which was created by Congress under the CARES Act and provides businesses with a forgivable loan (one that potentially does not have to be paid back) equal to ten weeks of average payroll expenses. Initially, Congress funded the PPP with $349 billion dollars, which had all been loaned to businesses in about two weeks and was gone by April 16th. In the coming days (maybe even by the time you read this), Congress is expected to add roughly $300 billion more to the program. There is speculation that this additional $300 billion will be loaned very quickly, and perhaps may already be gone, based on applications already on file with banks. Our advice has been, and continues to be for clients to reach out to their lender to discuss participation in the PPP, and to let us know if you’d like help with your application. Over the last several weeks, our Mid-MO CPA firm has been working closely with our clients a...

Important Information Regarding Stimulus Checks

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Many of you likely have questions about stimulus checks. If you are unsure on: How to get your stimulus check How to check the status of your stimulus check How long it will take approximately to get your stimulus check ...this is the blog for you. Keep reading this week's blog for some important information from the IRS regarding stimulus checks, otherwise known as economic impact payments. Have any questions? Please feel free to call our Mid-MO CPA firm today. Our Central Missouri CPA firm can be reached via phone and all of our phone numbers can be found on our website at www.WTCPA.com . Wilson Toellner CPA is here for you. Source:  https://www.irs.gov/coronavirus/economic-impact-payments The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most s...

The CARES Act

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The CARES Act, otherwise known as the Coronavirus Aid, Relief, and Economic Security Act has been put into effect to help the economy stay afloat during this crisis. Our Mid-MO CPA firm is here to go over a few of the highlights of the CARES Act with you in this week's blog. We encourage you to reach out to us if you have any questions whatsoever on this act. We are here for you during this difficult time. Our CPAs in Central MO are available via phone and all of our phone numbers can be found on our website at www.WTCPA.com . We can all get through this together! Wilson Toellner CPA is here for you! The CARES Act Contact us if you’d like to discuss these critical individual and business topics: Individual stimulus payments of $1,200 per adult and $500 per child Options to withdraw penalty-free money from your retirement plan to help cover expenses Requirements that your business pay sick leave if between 50 and 500 employees Potential for reduced or deferred payrol...

MO Unemployment During the COVID-19 Crisis

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The COVID-19 crisis is an uncertain, unique time in history. Many business owners and individuals are doing everything they can to just "stay afloat." As for employees, there has been a RECORD-BREAKING number of people who have filed for unemployment. Recent news stories have come out and stated that the unemployment office has been incredibly busy, at times, their website has locked up and the phones have been jammed. Our Mid-MO CPAs don't mean to alarm you with any of this information, we simply want you to be prepared. You can still get your unemployment benefits, it just may take longer than what you were expecting. On that note, keep reading this week's blog to learn about the Missouri unemployment benefits due to the coronavirus. If you have any questions, please do not hesitate to call Wilson Toellner CPA . All of our phone numbers can be found on our website at www.WTCPA.com. MO Unemployment During the COVID-19 Crisis  Wondering about MO Unemployment B...