Abacus CPA, LLC

April 2020 Newsletter

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, 

feel free to click the button below.

Chat With My CPA

In addition to scheduling your 30 Minute Consultation, you can also join us bi-weekly starting on April 29, 2020.

Chat With My CPA is a webinar series where Abacus CPA, LLC is

 Taking the Fear Out of Finance.

Our Topics include: Money Mindset, Investing for the New Investor, 

Building Generational Wealth & more.

Register for the next event here.

Things You Should Know...

Families First Coronavirus Response Act (FFCRA)

The U.S. Department of Labor has implementing new regulations. 

Frequently asked questions can be found here:

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Economic Impact Payments (aka Stimulus Check)

These payments will start to go out in 3 weeks. More about these payments can be found at:

https://www.irs.gov/coronavirus

For Business Owners 

here is a quick write up on the

SBA Loans and Grants available during this time:

SBA Economic Disaster Injury Loan:

https://covid19relief.sba.gov/#/

SBA Paycheck Protection Program:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Other Small Business Grants:

James Beard Independent Restaurant Relief Fund

For Pestaurant workers & Bartenders

GoFund Me Disaster Relief

Go Fund Me is teaming up with Yelp and Intuit Quickbooks. If you raise $500 through your Go Fund Me campaign, they will match an additional $500

https//www.gofundme.com/small-business-relief-fundraisers

Kabbage

Sign your business up today and people will be set up to sell gift certificates

https://www.kabbage.com/helpsmallbusiness

Google Small Business Grant Relief

Capital Investments to small business and free google ads

Facebook

Grants to small business based on certain requirements

https://www.facebook.com/business/boost/grants

Miscellaneous Deductions You Can Still Take

Despite the 2017 Tax Cut & Job Act Rule Changes:

• Gambling losses up to the amount of your winnings
• Interest on money you borrow to buy an investment 
• Casualty and theft losses on income-producing property
• Federal estate tax on income from certain inherited items, such as IRAs and retirement benefits
• Impairment-related work expenses for people with disabilities
• Interest on student loans (deductible even if you don't itemize)

You can also get more information on the IRS YouTube channel. 

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:

1. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
2. 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.

https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19

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

WWW.ABACUSCPALLC.COM

Abacus CPA, LLC

3340 Peachtree Rd Suite 1010

Atlanta, GA 30324