AccountingBookkeeping for Small Business Assistance Tax Services in Pembroke Pines / Miramar, FL
Tax Implications of COVID-19 Small Business Assistance Loans
The coronavirus pandemic has shaken the world in unprecedented ways, particularly economically. In order to prevent total economic crumble, the president signed the CARES Act into law on Friday, March 27, 2020. This act set aside $376 billion to help workers and small businesses in the United States keep their jobs and businesses open. These funds were approved for borrowing from the U.S. Small Business Administration in four new programs:
Payment Protection Program (PPP)
Economic Injury Disaster Loan (EIDL)
Express Loans
SBA Debt Relief
Each loan program has different requirements and terms. As the end of the year nears, many business owners that participated in one of these loan programs are wondering what the tax implications will be. While some of these loans are forgivable, the expenses that are paid for with loan funds are not tax deductible. This means that business owners who accepted a loan could face much higher tax payments than usual. As the pandemic has continued, additional orders were signed that have impacted payroll taxes and more.
Understanding all of these implications as you prepare your taxes for this year can be overwhelming. Paramount Tax Services of Pembroke Pines / Miramar is here to help. Our team of professional tax preparers in Pembroke Pines / Miramar works closely with EAs to ensure the most accurate understanding of tax code and annual implications. We can help you understand how any COVID-19 relief funds will impact your taxes and prepare an accurate return. Additionally, we will ensure you are taking every possible deductible to minimize your total amount owed. Every penny counts, especially in a time of economic hardship. The Paramount Tax team is here to help you!
Tax Implications of Paycheck Protection Program (PPP) for Small Businesses Tax Services in Pembroke Pines / Miramar
As the tumultuous year of 2020 comes to an end, many small business owners are left wondering what their tax returns will look like. The unpredictable economic damage caused by the COVID-19 led to the passing of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Through the Paycheck Protection Program, or PPP, this act allotted up to $349 billion in forgivable loans to small businesses for payroll assistance and certain other expenses. If your business applied for a PPP loan, you may be wondering about the tax implications. While loan forgiveness was promised for PPP loans (if at least 60% was used to cover payroll), expenses paid with forgiven PPP loan proceeds are not deductible. That means that expenses that are typically deductible, like utilities and rent, will not be deductible if you used the loan funds to cover them.
PPP loan forgiveness is possible if loan proceeds were used to cover the following expenses:
Payroll costs and employee retention
Interest payments on covered mortgage obligations
Payments for covered rent obligations - Under this covered expense, "lease agreements for real or personal property" is included, which covers equipment and vehicles.
Economic shocks are hard to navigate and the implications of this past year are no different. Trying to understand how the PPP loan will affect your taxes is much more difficult on your own. Our talented team of professionals and tax preparers are here to help. From the 2018 Tax Plan to Stimulus Checks and now PPP loans, our professionals have worked around the clock to ensure our clients recieve accurate assistance and credible information. Taxes are already overwhelming; you can expect this year’s filing to be doubly frustrating. With help from our expert tax preparers, however, you can rest assured that your taxes will be filed accurately.
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I came to Paramount as a new client close to the tax deadline after some confusion with Turbo Tax Experts. Max accepted me as a client, cleared up the confusion very easily, and got my returns done in no time. Pricing was transparent and affordable. Max seems very knowledgeable - I’m very impressed and happy that I f...
— Naomi Wentworth, Posted April 8th 2024 on google
The process to file my taxes was painless and smooth.
— Lydia Antonatos, Posted April 6th 2024 on google
I am so glad to have found Paramount Tax. Rafael and Alexandria are a great team. They do all of my bookkeeping and accounting, as well as taxes for my 2 small businesses. They are very helpful and knowledgeable. They are fast to respond and answer every question quickly. I highly recommend them for any tax and account...
(Translated by Google) What a good experience, willing to listen and clarify my doubts, responsible professional!!!! Recommended 1000% (Original) Que buena experiencia vivida , dispuesto a oír y aclarar mis dudas , profesional responsable !!!! Recomendado 1000%
— Mariela Soledad Pimentel Avilan, Posted March 30th 2024 on google
(Translated by Google) To say that it is excellent would be very little compared to the service he provided me. I highly recommend Mr. Luis Aguilera. (Original) Decir que es excelente sería muy poco comparado con el servicio que me prestó recomiendo altamente al Sr Luis Aguilera
— ALPHENIX JOSE JIMENEZ MENDEZ, Posted March 30th 2024 on google
I have been doing my taxes with Paramount for the last 2 years. Rafael is very detailed, he knows his stuff and also gives good tax advice. I’ll be back again next week for my taxes and refer them to family and friends.
— rimpa choudhury, Posted March 26th 2024 on google
Excellent support!!! My tax Return fast and efficient !
— Maria Eugenia Aguilera, Posted March 25th 2024 on google
(Translated by Google) I highly recommend Paramount Tax & Accounting Miramar. Luis Aguilera and his team are not only professional and knowledgeable but also patient and understanding. They take the time to understand your complete tax situation and provide exceptional service. Their availability to answer questions an...
— Alirio Aranguren, Posted March 23rd 2024 on google
Rafael was great and since this was our first time filing in Florida I felt great after he did our taxes. Scared to say the least since we were out of our comfort zone and this is all new to us here. He made us feel right at home and taxes were done in no time. Thanks again.
— Kristy Bessler, Posted March 23rd 2024 on google
(Translated by Google) Excellent services and first-class attention ❤️ super recommended! (Original) Excelentes servicios y atención de primera ❤️ súper recomendados !
— Arianna Morales, Posted March 23rd 2024 on google
Very nice and knowledgeable. Able to complete in a short time without having a problem. Received a nice rebate.
(Translated by Google) I recommend them 100%, very professional, I loved the simple way of explaining. If I could give them more than 5 stars I would. Thank you (Original) Los recomiendo 100% muy profesionales, me encantó la forma de explicar tan sencilla. si les pudiera dar más de 5 estrellas se las daría. Gracias
Started my own business in 2023 and needed help through the tax process. Max at Paramount was super helpful and promptly answered all my questions via phone call, text or email. Made the process super easy. Outstanding customer service and Tax Knowledge. Thanks Max!
— jonathan lopez, Posted March 19th 2024 on google
Paramount Tax made it so easy for me to book an appointment through their website to file my personal taxes. I chose a Zoom appointment that worked with my schedule and received a text/email to upload my documents prior to my appointment, so easy. Rafael C. was great! He helped me better understand my filing status an...
— Stephanie Mahoney, Posted March 14th 2024 on google
(Translated by Google) Rafael is very professional, kind and pleasant. I am very pleased with his work and the time he takes to help me with my tax return. (Original) Rafael es muy profesional, amable y agradable. Estoy muy complacido con su trabajo y el tiempo que dedica para ayudarme con mi declaración de impuestos.
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting in Pembroke Pines / Miramar, is that we know taxes!
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Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting in Pembroke Pines / Miramar a call or visit our tax and accountingbookkeeping firm in Pembroke Pines / Miramar for a free consultation.
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