DIRECT LINKS TO OFFICIAL AGENCIES
• Stimulus Check Status - View Status, Payment Type, or Update Bank Account Information
• Congress.gov - List of Legislations created in response to Coronavirus
- Federal Coronavirus Landing Page
• Michigan.gov - State of Michigan
Coronavirus Landing Page
-Sales Tax & Withholding Portal
• UIA Home - State of Michigan Unemployment Agency
U.S. TREASURY, SBA HOMEPAGE, AND MORE.
• U.S. Treasury - Official PPP Loan Forgiveness Application: Downloadable/Printable PDF for EZ-Application & Full Application
• Disaster Assistance - U.S. SBA
(Disaster Assistance Landing Page)
• SBDC - Small Business Development Center (Provides information & Webinars RE: SBA Loans)
- Coronavirus and Forebearance Info
Federal student loan garnishments issued by the Federal government are suspended until September 30, 2020.
This does not apply to private student loan garnishments or any other garnishment.
Doors Are Open for Pick-ups / Drop-offs
LAST UPDATED: JULY 29, 2020 2: 54 PM
UPDATE: We have officially re-opened our doors. Although we want to remain cautious at this time, we are only recommending that a mask is worn to enter, but it is NOT a requirement. Hand sanitizer and disposable masks will be available up front for use. Please be mindful and only take or use items as needed, as we have a limited supply.
Tax Appointments: We are NOT scheduling face-to-face appointments at this time. Telephone or video conferences are available upon request, but we are strongly urging clients to drop-off their tax information. Please include the best contact number to allow your accountant to reach out if there are any additional questions or items needed to complete your return. One of our staff members will communicate with you once your return is available for pick-up. Provide your full name, last and then first, upon pick-up.
Thank you for understanding and bearing with us as we continue to adhere and implement practices that ensure our office is a safe space for both our clients and employees. We truly appreciate your patience with us in the midst of this pandemic.
Sincerely, All of Us at Tri-County Bookkeepers
PPP Loan: NEW Forgiveness Application
LAST UPDATED: JULY 29, 2020 2: 54 PM
The PPP Flexibility Act of 2020 was signed by The President of the United States on June 5, 2020. As mentioned previously, the original forgiveness application that was made available near the end of May has been completely revised into a more borrower-friendly application.
Highlighted Revisions Include:
To retrieve a copy of the NEW Forgiveness Application, please visit:
Please note that it is unclear whether this is the FINAL revision to the PPP Loan Forgiveness Application or if the application may be revised closer to the end of the year. We ask that you continue to have patience with us as we learn more about the forgiveness process through new or upcoming legislations and direct updates from the Small Business Administration or the United States Treasury.
IF YOU DID NOT APPLY FOR THE PAYROLL PROTECTION PROGRAM OR RECEIVE A PPP LOAN, YOU MAY BE ELIGIBLE FOR THE 'EMPLOYEE RETENTION CREDIT'.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages that an eligible employer pays to employees between March 12, 2020 through December 31, 2020. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:
A significant decline in gross receipts begins:
The significant decline in gross receipts ends:
The credit applies to qualified wages (including certain health plan expenses) paid during this period or any calendar quarter in which operations were suspended.
For Full Details, please visit:
• https://covidhelp.thomsonreuters.com/erc/index.html#start (Eligibility Tool)
Updates Regarding Personal/Business & Payroll Tax Filing
TAX DEADLINE FOR EXTENSIONS
LAST UPDATED: JULY 29. 2020 2: 48 PM
Individuals who filed an extension for their 2019 Tax Return have until October 15, 2020 in order to file their return. Deadlines for State taxes may vary from state to state.
• State Tax Agencies - Directory for State Tax Agencies
Contemplating Potential Layoffs?
If your business is being affected by the Coronavirus (COVID-19) pandemic, we urge you to follow the link below. The Department of Labor and Economic Opportunity has provided a guide for Michigan employers on how to avoid potential layoffs related to COVID-19.
Click Here: State Provided Guidance
The State of Michigan is temporarily expanding unemployment eligibility and cost-sharing. For more information, please click the link below:
The Office of Governor Gretchen Whitmer - Executive Order 2020-10 (COVID-19)
Work Share Program:
Information for EMPLOYERS - Fact Sheet #156 (PDF)
Information for EMPLOYEES - Fact Sheet #160 (PDF)
Notice to Employers & Seeking Work Waivers:
Please visit MiWAM to read the notice to employers who are temporarily laying off workers. The Agency provides a link with information about the time-frame for requesting the waiver, as well as the instructions on how to request the waiver.