Paramount Tax & Bookkeeping in Plano Blog

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people - especially those of pre-retirement age. Instead, it's better to start by focusing on managing debt. When you handle debt wisely, you won't have to shell out every cent of your hard-earned money to your lender or feel like you're always on the verge of bankruptcy.

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for - and receive - a loan of up to $10 million under the Paycheck Protection Program (PPP). Businesses - including nonprofits, veterans' organizations, Tribal entities, self-employed individuals, sole proprietorships, and independent contractors - that were in operation on February 15 and that have 500 or fewer employees are eligible for the PPP loans. The deadline for applying for a PPP loan is June 30, 2020. If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements for gift and generation-skipping transfer taxes due April 15 are now due July 15, matching postponements granted to federal income taxes and returns.

In view of the pandemic that is gripping the world, Paramount is adjusting in ways that will still allow our clients to take care of their tax preparation needs in your area.