At Proactive Accounting Solutions,

the health and well-being of our customers, employees, 

and communities is a top priority.


In light of the Coronavirus (COVID-19) outbreak, we have implemented some new procedures in both of our offices in Houghton and Ontonagon. As of March 24th, our doors are closed to the public until the State of Michigan's "Stay Home, Stay Safe" executive order has lifted. (Click here to view the executive order). However, we will still continue to work on tax returns. We are committed as ever to ensure your taxes get done. Haven't filed your 2019 taxes yet? We are offering two ways to get your tax documents to us. You can mail them to our office at: 

850 W. Sharon Ave. Suite 8 Houghton, MI 49931 

OR you can call us for directions on how to upload your documents to our secure online file-sharing system. 


Is COVID-19 affecting you or your business? We have gathered information for you that can help during these uncertain times.


The Tax Deadline Has Changed

At the end of March 2020, the Treasury Department and the IRS announced that the federal income tax filing date is automatically extended from April 15th to July 15th of this year. Michigan followed suit and has granted an extension of the April 15th Michigan income tax filing deadline to July 15th, 2020 as well.


Refunds

The IRS is processing tax returns and issuing refunds. 

File your taxes now to get your refund.


Economic Impact Payments

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, $2,400 for marred filing jointly if they are not a dependent of another taxpayer and have a work eligible SSN with adjusted gross income up to specific amounts. Click here to view those numbers. Payment amounts will be based on the adjusted gross income on your most recent tax return (2018 or 2019). Eligible retirees and recipients of social security, disability, veterans benefits, railroad retirement or taxpayers who dont make enough money to normally file a tax return will automatically receive the payment. To see who is not eligible, Click Here.

If you haven't filed yet, we recommend you file your 2019 tax return now, and if you are getting a tax refund, choose direct deposit, so the IRS has the most recent

information. If you already filed this year and didn't add in your direct deposit, watch the IRS.gov website. They are creating a web-based portal that allows you to enter your banking information so you don't have to wait for your check in the mail.


Paycheck Protection Program

The Michigan Paycheck Protection Program (MiPPP) provides small businesses in Michigan COVID-19 relief, giving funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Who is eligible? Michigan Small businesses with 500 or fewer employees—including

nonprofits, veteran organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— affected by COVID-19 are eligible. Michigan businesses with more than 500 employees are eligible in certain industries. Paycheck Protection Program loans are only available through your local SBA certified bank or credit union. Start by calling your existing bank or credit union!

You should apply as quickly as you can because there is a funding cap.


Economic Injury Disaster Loan (EIDL)

The EIDL is a low-interest, fixed-rate loan that can provide up to $2 million in

assistance for a small business. SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury. Applicants do not go through a bank to apply, and instead, apply directly to SBA’s Disaster Assistance Program. Actual loan

amounts are based on the amount of economic injury. These loans provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing because of COVID-19. The EIDL helps meet the necessary financial obligations that your business or private non-profit organization could have met had the disaster not occurred. EIDLs do not replace lost sales or revenue. These working capital loans may be used to pay: fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Applications forthe Economic Injury Disaster Loans are now open in Michigan. 

To begin the application process,

Visit: https://disasterloan.sba.gov/ela/

For tips on how to fill out the loan application,

Visit: https://sbdcmichigan.org/disaster-loan-help/


We know these are challenging times and that there has been a lot of news out there regarding the coronavirus (COVID-19). Rest assured Proactive Accounting Solutions has your back with up-to-date news about any changes in tax filing deadlines, as well as stimulus check payment updates. Follow us on Facebook or Instagram for new information as it becomes available.


  

Information about coronavirus (COVID-19)


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