With the unending newsreel regarding this pandemic, we all need a remedy so that we can keep a positive attitude and be hopeful. Be deliberate in activities that are heartwarming, stress reducing and laughter inducing!
We'll get through
ALL of this together!
-Your CPA
As we navigate the next 30 days, Abacus CPA wants you to know we're here for any questions you have on financial or tax planning at this time.
Abacus wants to take the fear out of finance!!
We're offering free 30 minutes sessions to all businesses and individuals who want some guidance during this time,
Employee Retention Credit available for many businesses financially impacted by COVID-19
The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
Qualifying employers must fall into one of two categories:
The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
The employer's gross receipts are below 50% of the comparable quarter in 2019.
Once the employer's gross receipts go above 80% of a comparable quarter in 2019,
they no longer qualify after the end of that quarter.T
hese measures are calculated each calendar quarter.
April 10 — Employees who work for tips
If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.
ALL April 15 Deadlines have now been been moved to July 15th.
April 15 — Individuals
File a 2019 income tax return (Form 1040) and pay any tax due. If you want an automatic 6 month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. For more information, see Form 4868. Then, file Form 1040 by October 15.
April 15 - Final Contributions to IRA or HSA accounts for 2019
April 15 — Corporations
File a 2019 calendar year income tax return (Form 1120) and pay any tax due. Details
April 15 — Individuals
If you are not paying your 2020 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2020 estimated tax. Use Form 1040ES.
April 15 — Household Employers
If you paid cash wages of $2,100 or more in 2019 to a household employee, you must file Schedule H Details
April 15 — Corporations
Deposit the first installment of estimated income tax for 2019 Details
