Blog

5 hours ago

KJ Law & CPA

COVID 19 UPDATE
It has been published that the PPP application will be accepted by banks starting tomorrow April 3, 2020. However, I spoke with several banks. They do not have guidance regarding the PPP loan application, attachments to include with the application or what to do with the application upon receipt. Also, please be very careful if you calculate your average payroll costs because many items are included in this figure that you may not consider payroll. As always, please call us at (972) 923-2881 if you need guidance.
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5 hours ago

KJ Law & CPA

We are automatically extending the due date for 2020 franchise tax reports to July 15, 2020, providing Texas franchise taxpayers some relief from #COVID19 disruptions and keeping us consistent with the IRS. Learn more here: bit.ly/3dKzNk6 ...

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7 hours ago

KJ Law & CPA

COVID 19 LOANS – PLEASE READ
Late yesterday the PPP loan application was released to banks. We have a copy of the application and reviewed it in detail. The monthly average payroll calculation is a bit tricky. Please call us if you need assistance with this calculation or completing the loan application at (972) 923-2881. Also, please contact us to review and consider the SBA disaster loan and see what is in your best interest.
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1 day ago

KJ Law & CPA

COVID 19 LOANS - PLEASE READ!
Thanks for the calls regarding the loans for businesses the government is offering. Please call us at (972) 923-2881 to discuss the loans before you apply. There are distinctions between the SBA disaster loan and the payroll forgiveness loan, which is related to the CARES act that passed last Friday. The payroll forgiveness loan is made through a bank and the loan forms are not presently available. Therefore, if you are currently applying for a loan you are likely applying for the SBA disaster loan.
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2 days ago

KJ Law & CPA

ARE YOU PRESSURED?
Relieving the April 15 "pressure point"
In this podcast, Ed Karl, CPA, the AICPA's vice president-Tax Policy & Advocacy, outlines how the Internal Revenue Service's tax filing delay has come about -- and what it means for CPA tax practitioners and their clients.
Full Story: Journal of Accountancy online (3/28)
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2 days ago

KJ Law & CPA

RETIREMENT AND PANDEMIC!
How to protect retirement savings amid the pandemic
Having a written plan can help people who are near retirement navigate the coronavirus crisis. Here are several strategies to consider, starting with bolstering cash reserves.
Full Story: Kiplinger online (3/30)
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2 days ago

KJ Law & CPA

ARE YOU STRESSED?
How to reduce stress throughout the day
The coronavirus has disrupted many people's routines, and uncertainty associated with the pandemic has created additional stress. Certain tactics, such as giving yourself small breaks throughout the day, can ease the burden.
Full Story: Fast Company online (3/26)
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3 days ago

KJ Law & CPA

WILL THIS HELP?
US aims to begin making small-business loans by Friday
The Trump administration promises to get a loan program for small businesses up and running by Friday, aiming to prevent companies from going out of business or laying off workers. Companies with fewer than 500 employees can seek as much as $10 million to pay expenses, including wages and rent, for two months.
Full Story: MarketWatch (3/29)
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3 days ago

KJ Law & CPA

HAVE YOU NOTICED?
Retirement plans disrupted by coronavirus
The coronavirus pandemic is upending retirement plans and eroding investment value for Americans, particularly for older baby boomers who rely on 401(k) plans.
Full Story: Bloomberg Businessweek (tiered subscription model) (3/26)
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3 days ago

KJ Law & CPA

DO YOU HAVE QUESTIONS?
How much will you receive from the stimulus?
The stimulus package signed by President Donald Trump gives a one-time payment of up to $1,200 to individuals and $2,400 to married couples, with money added for each child. Here is a personal finance calculator that shows how much you are likely to receive.
Full Story: CNBC (3/27), The Associated Press (3/27)
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