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:
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 is here to help. Our team of professional tax preparers works closely with CPAs 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 services team is here to help you!
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:
If you are trying to manage PPP loan expenses as you prepare your taxes, Paramount Tax is the accountant that you can rely on.
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 professional CPAs and tax preparers are here to help. From the 2018 Tax Plan to Stimulus Checks and now PPP loans, our accountants 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.
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax & Accounting, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements. Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 2018 Tax Plan Accounting Firm firm in America. So when you ask yourself, "Where can I find 2018 Tax Plan Accounting Firm services near me?"... think no further than Paramount Tax & Accounting!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, 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 a call or visit our tax and accounting firm for a free consultation.
Chandler, AZ (Coming Soon!)Chandler, AZ 1490 South Price Road,
Desert Ridge, AZ (Coming Soon!)Desert Ridge, AZ 20860 N Tatum Blvd,
Gilbert, AZ (North) (Coming Soon!)Gilbert, AZ (North) 1166 East Warner Road,
Gilbert, AZ (South) (Coming Soon!)Gilbert, AZ (South) 4365 East Pecos Road,
Glendale, AZ (Coming Soon!)Glendale, AZ 18275 N 59th Ave,
Globe, AZ (Coming Soon!)Globe, AZ 656 North Broad Street,
La Mirada, CA (Coming Soon!)La Mirada, CA 6 Centerpointe Drive ,
Rancho Cucamonga, CA (Coming Soon!)Rancho Cucamonga, CA 9267 Haven Ave,
Riverside, CA (Coming Soon!)Riverside, CA 14604 Ashton Ct,
San Jose, CA (Coming Soon!)San Jose, CA 2103 Lincoln Ave,
Woodland Hills, CA (Coming Soon!)Woodland Hills, CA 6931 Topanga Canyon Blvd #1,
Bradenton, FL (Coming Soon!)Bradenton, FL 1201 6th Avenue West,,
Doral, FL (Coming Soon!)Doral, FL 7791 NW 46th St,
Lake Worth, FL (Coming Soon!)Lake Worth, FL 2328 10th Ave N,
Port St. Lucie, FL (Coming Soon!)Port St. Lucie, FL 1586 Southwest Bayshore Boulevard,
Stuart, FL (Coming Soon!)Stuart, FL 400 SE Flamingo Ave,
Weston, Pembroke Pines FL (Coming Soon!)Weston, Pembroke Pines FL 1820 N Corporate Lakes Blvd,
Treasure Valley, ID (Coming Soon!)Treasure Valley, ID 167 NE Beaman Street,
Annapolis, MD (Coming Soon!)Annapolis, MD 1997 Annapolis Exchange Parkway,
Charlotte, NC (Coming Soon!)Charlotte, NC 5835 Executive Center Drive ,
Henderson / Boulder City, NV (Coming Soon!)Henderson / Boulder City, NV 170 S. Green Valley Parkway,
Las Vegas, NV (Central) (Coming Soon!)Las Vegas, NV (Central) 8170 W Sahara Ave,
Las Vegas, NV (South) (Coming Soon!)Las Vegas, NV (South) 8275 South Eastern Avenue,
Las Vegas, NV (West) (Coming Soon!)Las Vegas, NV (West) 8430 W Lake Mead Blvd,
Moapa Valley, NV (Coming Soon!)Moapa Valley, NV 120 N Moapa Valley Blvd,
Houston, TX (Coming Soon!)Houston, TX 6575 W Loop S,
Katy, TX (Coming Soon!)Katy, TX 24044 Cinco Village Center Blvd.,
Plano, TX (West) (Coming Soon!)Plano, TX (West) 7250 Dallas Pkwy,
San Marcos, TX (Coming Soon!)San Marcos, TX 325 E Hopkins St,
Sugar Land / Richmond, TX (North) (Coming Soon!)Sugar Land / Richmond, TX (North) 15500 Voss Road,
Sugar Land / Richmond, TX (South) (Coming Soon!)Sugar Land / Richmond, TX (South) 77 Sugar Creek Center Blvd,
Bountiful, UT (Coming Soon!)Bountiful, UT 190 N Main St,
Cottonwood Heights, UT (Coming Soon!)Cottonwood Heights, UT 6900 S 900 E,
Draper, UT (Coming Soon!)Draper, UT 12481 S. Fort St.,
Herriman, UT (Coming Soon!)Herriman, UT 13212 S Woods Park Dr,
Lehi, UT (Coming Soon!)Lehi, UT 3450 N. Triumph Blvd.,
Orem, UT (Coming Soon!)Orem, UT 1441 South 550 East,
Provo, UT (Coming Soon!)Provo, UT 180 N University Ave,
Salt Lake City, UT (Coming Soon!)Salt Lake City, UT 136 East South Temple,
Sandy, UT (Coming Soon!)Sandy, UT 9295 S 1300 E,
Saratoga Springs, UT (Coming Soon!)Saratoga Springs, UT 1305 N Commerce Drive,
South Jordan, Riverton UT (Coming Soon!)South Jordan, Riverton UT 10808 S. River Front Parkway ,
Springville, UT (Coming Soon!)Springville, UT 940 S 2000 W,
St. George, UT (Coming Soon!)St. George, UT 1283 E. Galilee Way,
Sugar House, UT (Coming Soon!)Sugar House, UT 2150 S 1300 E,
West Jordan, UT (Coming Soon!)West Jordan, UT 8823 S Redwood Road,
West Valley, UT (Coming Soon!)West Valley, UT 3624 West Bawden Ave,
Annandale, VA (Coming Soon!)Annandale, VA 7023 Little River Turnpike,
Richmond, VA (East) (Coming Soon!)Richmond, VA (East) 7300 Hanover Green Drive,