Integrity Squared, CPA's

Questions about how the new stimulus bill might affect you? A summary of the new stimulus bill is now on our website for both business & individual taxpayers. https://www.integritysquaredcpa.com/covid-19-updates

*****PPP Loan forgiveness gets more flexibility***** President Donald Trump is expected to sign a bill giving farms and businesses more flexibility in how and when they can spend their Paycheck Protection Program loans and still get them forgiven. A House measure the Senate approved by unanimous consent Thursday evening increases from eight weeks to 24 weeks the time that businesses have to spend the proceeds of a PPP loan on payroll and other qualified expenses.... The bill also lowers to 60% the amount of the loan that must be spent on payroll expenses in order for the loan to be forgiven. The minimum is now 75%. The rest can be used for expenses such as rent and utilities.

Our office is being overwhelmed with phone calls and emails regarding the "Status not available" message some people are receiving when using the IRS portal for their stimulus checks. The IRS released the following statement regarding this message: https://www.irs.gov//irs-statement-on-get-my-payment-appli We advise you to be patient as not everyone has received their stimulus checks yet. We do not know what will trigger this message, but we believe the IRS will release fur...ther guidance in the next week regarding steps to take to receive your stimulus payment. This is a 2020 tax credit and if you qualify for the stimulus check you will get it at some point. On a lighter note...a client informed us that "Payment status not available" is trending on twitter

The IRS website has gone live with its stimulus COVID-19 portals. If you received a Federal tax refund for either 2018 or 2019 and your banking information is correct do NOT put in your information. You will receive your stimulus check via direct deposit in the coming weeks. You can update your information, input banking information or apply if you do not file a tax return here https://www.irs.gov/coronavirus/economic-impact-payments