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Showing posts from June, 2020

What Does It Mean to Extend Your PPP Covered Period From 8 Weeks to 24 Weeks?

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On June 8, 2020, the Paycheck Protection Program Flexibility Act was signed which allows for more flexibility for small businesses participating in the Paycheck Protection Program. Our Mid-MO CPA firm is here to give you more information on this in this week's blog. If you end up having any questions about what you are about to read, please give us a call at Wilson Toellner CPA . Our CPA firm in Central MO consists of four offices throughout Mid-MO, one in Sedalia, Marshall, Camdenton, and Lake Ozark. All phone numbers can be found on our website at www.WTCPA.com . The bill will allow more time and flexibility for small businesses to keep their employees on payroll and continue operations by extending the covered period for loan forgiveness from eight weeks to 24 weeks.  Borrowers have the flexibility to keep the eight weeks covered period if they already received their PPP loans. If you opt for the 24 weeks covered period below is where you will receive additional flexibi...

How The CARES Act Has Changed Charitable Giving Deductions

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Many of you have likely heard about the CARES Act by now, but you may not realize HOW MUCH of an impact it really has. Our Mid-MO CPA firm has talked about how the CARES Act has affected small businesses and individuals, but have you ever wondered how it may be affecting charitable donation deductions? If so, this is the blog for you. Our CPAs in Central Missouri are here to explain how the CARES Act has changed charitable giving deductions in this week's blog. If you have any questions, please do not hesitate to give us a call at Wilson Toellner CPA . We have four offices throughout Mid-MO, one in Sedalia, Marshall, Camdenton, and Lake Ozark. All of our phone numbers can be found on our website at www.WTCPA.com . The CARES Act has resulted in changes to deductions for charitable donations. Individuals (who do not itemize) can receive a deduction from gross income for up to $300 for qualified charitable contributions for tax years beginning 2020 Individual taxpayers are ...

Did You Know That There is Financial Aid Out There For Students From Higher Education Institutions Under The CARES Act?

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If you haven't heard by now, you should know that there is financial aid available for students from higher education institutions under the CARES Act. That being said, if you are a student that receives this financial aid under the CARES Act, how will this affect your taxes? Keep reading this week's blog for some important information on this very topic from the IRS. Have any questions about any of this? Please do not hesitate to call our CPA firm in Mid-MO today. We have four locations throughout Mid-MO and all of our phone numbers can be found on our website at www.WTCPA.com . Source:  https://www.irs.gov/newsroom/faqs-higher-education-emergency-relief-fund-and-emergency-financial-aid-grants-under-the-cares-act Important Information From The IRS Q1: I am a student who received an emergency financial aid grant under section 3504, 18004, or 18008 of the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operation...

Changes to the Paycheck Protection Program Forgiveness are Coming!

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If you haven't heard about the changes coming to the Paycheck Protection Program Forgiveness, this is the blog for you. Our CPAs in Mid-MO are here to explain some of the main points concerning the changes that will be put into place after the Paycheck Protection Flexibility Act goes into effect, in this week's blog. If you have any questions about any of this, please do not hesitate to give us a call at our CPA firm in Mid-MO . We have four locations throughout Central Missouri and all phone numbers can be found on our website at www.WTCPA.com . Changes to the Paycheck Protection Program Forgiveness are Coming The Paycheck Protection Flexibility Act will go to the President, who is expected to sign, after the Senate approved the House bill. Below is a summary of the main points: The eight week covered period can be extended to 24 weeks, or December 31 The requirement for forgiveness that 75% of the funds be spent on payroll now changes to 60%.  But there is a cat...