The federal government also issued a $1,200 payment earlier this year with similar eligibility criteria. If you did not receive the first check, you can also use your tax return to claim the money. “For 2021, eligible taxpayers who did not receive the full amount can claim it as the Recovery Rebate Credit when they file their 2020 tax return,” the IRS said. “Use IRS Free File to file and claim this important benefit.” Some Americans aren't eligible to receive the cash payment: College students and dependents over the age of 17 won't receive the money, nor will immigrants who don't have a Social Security number. Some high earners who received a check during the first round of stimulus payments will also not qualify for the second round. Mike McVay, Tax Accountant
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| New PPP Loans Available On December 27, 2020, the President signed legislation to reopen the Paycheck Protection Program (PPP), with over $284B available in forgivable PPP loans. First-time borrowers must have 500 or fewer employees and meet other eligibility criteria. In addition, second PPP loans are available to businesses that received a PPP loan previously if they have 300 or fewer employees and meet other eligibility criteria. PPP loans are available until March 31, 2021, or until all allocated funds are disbursed. FFCRA Update: Mandated Leave Ending, Credits Extended The FFCRA created new paid family and paid sick leave provisions for certain reasons related to COVID-19. The COVID-related Tax Relief Act of 2020 (CTRA) extends the tax credit portion of the FFCRA for employers that voluntarily offer paid leave, but not the mandatory leave portion, through March 31, 2021. FFCRA earnings and memo codes needed for employers to claim these tax credits will be available for use through March 31, 2021. CARES Act Employee Retention Tax Credit, Extended The CARES Act provision for refundable tax credit against employer Social Security tax has been extended through June 30, 2021. CARES Act memo codes are applicable on qualifying wages paid through June 30, 2021. Mike McVay - Payroll & Tax Accountant 850-725-5696 Mike@MikeMcVay.com www.PensacolaFLTax.com |  |
 | New 1099 form requirements are in place for 2020 forms reporting. New forms (NEC) for your non-employee compensation (Independent Contractors) that make 600.00 for more in a calendar year. Heavy penalties for not reporting these earnings. In most cases, if you do not follow these requirements, you will not be able to take these paid expenses on your business tax return,. |
McVay's 1099 Proprietor system will track and send W-9 forms electronically and when prepared will send your 1099's to your vendors through our secure online portal electronically. McVay monthly clients will receive this service automatically.
Businesses can sign up for this service. If you sign up for our 1099 processing service we will waive the set-up fee for 2020-2021. A $150.00 savings. Call Mike McVay, Tax Accountant @ 850-725-5696
Mike@MikeMcVay.com * www.PensacolaFLTax.com
Mike@MikeMcVay.com * www.PensacolaFLTax.com
Trade or business reporting only.
Report on Form 1099-MISC only when payments are made in the course of your trade or business. Personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. However, nonprofit organizations are considered to be engaged in a trade or business and are subject to these reporting requirements. Other organizations subject to these reporting requirements include trusts of qualified pension or profit-sharing plans of employers, certain organizations exempt from tax under section 501(c) or (d), farmers' cooperatives that are exempt from tax under section 521, and widely held fixed investment trusts. Payments by federal, state, or local government agencies are also reportable.
Report on Form 1099-MISC only when payments are made in the course of your trade or business. Personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. However, nonprofit organizations are considered to be engaged in a trade or business and are subject to these reporting requirements. Other organizations subject to these reporting requirements include trusts of qualified pension or profit-sharing plans of employers, certain organizations exempt from tax under section 501(c) or (d), farmers' cooperatives that are exempt from tax under section 521, and widely held fixed investment trusts. Payments by federal, state, or local government agencies are also reportable.
Don't open yourself up for huge I.R.S penalties for not filing your business 1099's for 2020. We can do it all for you!
12/21/2020
McVay Business Services Q&A
Taxes:
Accounting Services:
- How do I upload my tax documents for a remote meeting?
- Can I upload my tax documents to the secure portal via my cell phone or tablet?
- How do I make a tax appointment?
- I want a remote meeting, however I don’t have any of the meeting apps.
- How can we get you our tax documents if we can’t upload to your secure portal?
Accounting Services:
- Do you only use QuickBooks in your practice for clients?
- Can I still get my accounting done by your firm if I still use QuickBooks Desktop?
- Do we have to subscribe to QuickBooks Online for you to do our bookkeeping?
12/19/2020
Why preparing your Individual taxes yourself and with individual tax software may land you an audit
Recent studies show that people that use individual tax software to prepare their own taxes could land you an I.R.S. Audit. Self-prepared returns are five time more likely to be targeted for an audit.
The I.R.S has special coding that looks at your return and scores the return based on many factors, including but not limited to if the return was self-prepared, expenses are not an average ratio based on others in your geographical area or by business industry type.
The IRS has a computer system called Discriminant Information Function (DIF) that's specifically designed to detect anomalies in tax returns. It scans every tax return the IRS receives. DIF looks for things like duplicate information—maybe two or more people claimed the same dependent—as well as deductions and credits that just don’t make sense.
The computer compares each return to those of other taxpayers who earned approximately the same income. For example, most people who earn $40,000 a year don’t give $30,000 of that money to charity and claim a deduction for it, so DIF is pretty much guaranteed to throw a flag if you do. DIF's flag prompts review by human agents.
Many of the current tax software use an array of questions to determine your ability to deduct or apply credits you may be intitled to. If one of these questions are answered wrong or by mistake, then your return could be incorrect when you complete it. Current law needs to be applied to your individual circumstances. These questions are broad and sometimes confusing.
Sole proprietors and freelancers are entitled to a host of tax deductions that most other taxpayers don’t get to share, such as home office deductions, mileage deductions, and deductions for meals, travel, and entertainment. These expenses are tallied up on Schedule C and are deducted from your earnings to determine your taxable income from your business.
DIF is on the lookout for deductions that are above the norm for various professions. It might be expected that you would spend 15% or so of your income on travel each year if you're an art dealer, because that's about what other art dealers spend. You can probably expect the IRS to take a closer look at your return if you claim 30%.
Have you noticed those occupational codes that appear on your tax return? The IRS uses those to make sure that your travel expenditures are in line with others who report those same codes. You'll most likely get a second look from the IRS if you've claimed a lot more than the average for your profession.
Likewise, if you use your car for business purposes and you want to deduct your expenses or mileage, the IRS doesn’t want to hear that 100% of your travel was solely for business purposes, especially if you have no other vehicle available for personal use. Presumably, you drove to do personal errands at some point.
Mike McVay is a licensed Tax Professional with over 25 years experience preparing individual, sole-proprietor, partnership, LLC, S-Corp and C-Corp tax returns. McVay charges fees that will fit your budget and has many options when it comes to tax appointments. Remote tax appointment available in 2021.
McVay says that many new clients have come to seek his professional tax preparation that used self-prepare tax software in the past. In some cases McVay has found additional money due to the taxpayer when reviewing past years returns. Many are not paying much more than the past years tax software cost to get their taxes done professionally.
Mike McVay, Tax Accountant * 850-722-5696 * Mike@MikeMcVay.com
The I.R.S has special coding that looks at your return and scores the return based on many factors, including but not limited to if the return was self-prepared, expenses are not an average ratio based on others in your geographical area or by business industry type.
The IRS has a computer system called Discriminant Information Function (DIF) that's specifically designed to detect anomalies in tax returns. It scans every tax return the IRS receives. DIF looks for things like duplicate information—maybe two or more people claimed the same dependent—as well as deductions and credits that just don’t make sense.
The computer compares each return to those of other taxpayers who earned approximately the same income. For example, most people who earn $40,000 a year don’t give $30,000 of that money to charity and claim a deduction for it, so DIF is pretty much guaranteed to throw a flag if you do. DIF's flag prompts review by human agents.
Many of the current tax software use an array of questions to determine your ability to deduct or apply credits you may be intitled to. If one of these questions are answered wrong or by mistake, then your return could be incorrect when you complete it. Current law needs to be applied to your individual circumstances. These questions are broad and sometimes confusing.
Sole proprietors and freelancers are entitled to a host of tax deductions that most other taxpayers don’t get to share, such as home office deductions, mileage deductions, and deductions for meals, travel, and entertainment. These expenses are tallied up on Schedule C and are deducted from your earnings to determine your taxable income from your business.
DIF is on the lookout for deductions that are above the norm for various professions. It might be expected that you would spend 15% or so of your income on travel each year if you're an art dealer, because that's about what other art dealers spend. You can probably expect the IRS to take a closer look at your return if you claim 30%.
Have you noticed those occupational codes that appear on your tax return? The IRS uses those to make sure that your travel expenditures are in line with others who report those same codes. You'll most likely get a second look from the IRS if you've claimed a lot more than the average for your profession.
Likewise, if you use your car for business purposes and you want to deduct your expenses or mileage, the IRS doesn’t want to hear that 100% of your travel was solely for business purposes, especially if you have no other vehicle available for personal use. Presumably, you drove to do personal errands at some point.
Mike McVay is a licensed Tax Professional with over 25 years experience preparing individual, sole-proprietor, partnership, LLC, S-Corp and C-Corp tax returns. McVay charges fees that will fit your budget and has many options when it comes to tax appointments. Remote tax appointment available in 2021.
McVay says that many new clients have come to seek his professional tax preparation that used self-prepare tax software in the past. In some cases McVay has found additional money due to the taxpayer when reviewing past years returns. Many are not paying much more than the past years tax software cost to get their taxes done professionally.
Mike McVay, Tax Accountant * 850-722-5696 * Mike@MikeMcVay.com
12/18/2020
Start Your 2021 Payroll off Right !
| Year-End is the perfect time to change your payroll service. At McVay Business Services we know payroll and we have great prices. Voted #1 for Payroll Customer Support Services! Call Mike for a quote ASAP and if you come on board we will reimburse all your set-up fees! Hurry don't wait! Best Price * No Compromise Need Workers Comp for your business? We have you covered 100% Mike McVay - 850-725-5696 Mike@MikeMcVay.com |  |
 | The coronavirus pandemic has caused an unemployment crisis unlike any other. While the jobless rate has declined since hitting a record high in April, millions of Americans are still out of work and have grown reliant on unemployment benefits to cover their bills. But it's these same workers who may be in for a very unpleasant surprise when they sit down to file their 2020 taxes next year. Many other tax surprises could be on your doorstep for 2020 taxes. PPP loans could increase your taxes and you did not even know it. |
Don't get caught off guard
If you've been collecting unemployment benefits, you may not realize that that income, like your regular paycheck, isn't yours to keep in full. While unemployment benefits aren't subject to the payroll taxes that are used to fund Social Security, you have to pay federal taxes on that income.
Generally, you'll be given the option to have 10% of your weekly benefit withheld for this purpose before you start collecting that money. Otherwise, you can collect your benefits in full and then make estimated quarterly tax payments to the IRS.
But you can't sit back and assume that you won't face any tax liability on those benefits, because that's just not reality. And unfortunately, a lot of people are uninformed in this regard. In a recent survey, 38% of respondents said they didn't know that unemployment benefits were taxable in the first place. Furthermore, 61% of respondents have not withheld or set aside money from their unemployment pay for their 2020 income taxes.
Generally, you'll be given the option to have 10% of your weekly benefit withheld for this purpose before you start collecting that money. Otherwise, you can collect your benefits in full and then make estimated quarterly tax payments to the IRS.
But you can't sit back and assume that you won't face any tax liability on those benefits, because that's just not reality. And unfortunately, a lot of people are uninformed in this regard. In a recent survey, 38% of respondents said they didn't know that unemployment benefits were taxable in the first place. Furthermore, 61% of respondents have not withheld or set aside money from their unemployment pay for their 2020 income taxes.
This year there is real potential for refund shock. A large number of people receiving unemployment benefits don't know that the benefits are taxable, that taxes are not automatically withheld, or that unemployment pay can impact other tax credits. This group, especially those accustomed to getting a refund, might be shocked to see that they actually owe taxes come April 15. This could be due to not withholding tax from unemployment pay.
If you're collecting unemployment benefits and don't want to deal with a tax headache later on, try having a portion of that income withheld for federal tax purposes -- even if you didn't do so initially. (Some states will allow you to change your tax withholding once you begin collecting benefits.) And if you've been collecting benefits for the better part of the year and haven't paid a dime of taxes on that money, plan to make an estimated quarterly payment to the IRS by Jan. 15. If you let that tax debt sit, thinking you'll just repay it when you go to file your 2020 return in April 2021, you'll risk racking up interest and penalties on that unpaid sum.
Remember, our tax system works on a pay-as-you-go basis. The IRS wants its share of your unemployment income as you collect it. The better you prepare now, the less likely you'll be to encounter a shock when April rolls around.
Remember, our tax system works on a pay-as-you-go basis. The IRS wants its share of your unemployment income as you collect it. The better you prepare now, the less likely you'll be to encounter a shock when April rolls around.
Mike McVay, Tax Accountant can help you navigate your way in the unpresented time. 2020 Taxes could be more confusing and hold many unexpected surprises. 850-725-5696 * Mike@MikeMcVay.com.
  | With the impending recall of all 2016 tax reform, most every income bracket may see a substantial tax increase over the next few years. Prepare now. There are options if you run your business as a sole-proprietor, some LLC's or partnership. These entities are taxed at the highest percent. Sole-proprietors can pay 25 to 45% of there net profit in income tax. We can save you 14-16% off these numbers. There are some requirements and rules we would need to follow, however the tax savings are real, they are guaranteed and completely legal. Come see why Mike McVay. Tax Accountant is saving his clients thousands of dollars on their business income taxes. S-Corp LLC's can provide substantial tax savings in 2021! Call Mike for a free consultation. A full tax review and recommendations are available. 850-725-5696 Mike@MikeMcVay.com |
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McVay Business Services 5336 N Blue Angel Pkwy Pensacola, FL 32526 850-725-5696 Mike@MikeMcVay.com |
No Set-up Fee until 12/31/2020
Mike McVay, Tax Accountant - Pensacola, FL
850-725-5696
Mike@MikeMcVay.com
| Mike McVay, Certified QuickBooks ProAdvisor for over 20+ years has become Pensacola's first elite program receipiate in 2020. With over 30 businesses currently on McVay's QuickBooks Accountant Online Platform, they have reached the top level of certification with Intuit. McVay provides top notch customer service when it comes to years of experience working with small businesses. McVay tunes-up, sets-up, reviews and manages many small business companies throughout the year. Payroll, income tax and entity formation is other top services they offer. Mike McVay, Tax Accountant 850-725-5696 Mike@MikeMcVay.com |  Best Price * No Compromise |
A Note from Mike McVay, Tax Accountant - With Congress not getting anything done, American businesses are seeing a bait and switch from Congress with current PPP forgiveness.
Basically the PPP money is not included in gross income, however the expense you paid with PPP money is not deductible. In short order, YES, it now becomes taxable. Unbelievable!
Mike McVay is a small business tax expert with extensive knowledge with PPP, EIDL and PUA loans. Very complicated formula's needed when figuring out your 2020 taxes.
Basically the PPP money is not included in gross income, however the expense you paid with PPP money is not deductible. In short order, YES, it now becomes taxable. Unbelievable!
Mike McVay is a small business tax expert with extensive knowledge with PPP, EIDL and PUA loans. Very complicated formula's needed when figuring out your 2020 taxes.
Your 2020 taxes are likely going to look a little different than they normally do. There have been a lot of new programs created to help small businesses, which means you’re probably going to deal with situations that you’ve never seen before including forgiven loans, grants, and unemployment benefits.
In this article, we’ll walk through how these three things will come into play when calculating your 2020 taxes.
In this article, we’ll walk through how these three things will come into play when calculating your 2020 taxes.
How the PPP loan affects taxes
The Paycheck Protection Program (PPP) is a lifeline for businesses who are currently struggling due to COVID-19. The PPP is a loan intended to provide cash flow help for eight weeks, backed by the SBA.
What makes the PPP even more enticing for business owners is the potential that the loan amount can be forgiven, as long the money was spent on payroll, mortgage interest, utilities, and rent (with the majority spent on payroll).
But with this new program came a question about the IRS will view the money. If you meet the criteria for getting the loan forgiven, will the government tax you on the free money you’re receiving?
Not directly, but it’s a little more complicated than that.
Will I be taxed for my forgiven PPP loan? The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. The aim of this loan is to provide businesses with the money to keep running and continue paying employees, not to create a tax burden for businesses receiving the funds.
But, there’s a catch. The IRS later released a notice clarifying how the forgiven loan amount would be treated when it comes to 2020 taxes:
“This notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with the forgiveness is excluded from gross income for purposes of the Code pursuant to section 1106(i) of the CARES Act.”
Put simply: if the forgiven loan isn’t included in a business’s taxable income, the expenses paid for with the forgiven loan aren’t able to be included as a tax deduction. That may sound like a small detail, but it can potentially have a big impact on your final tax bill at the end of the year.
What does this look like on your tax return?Normally if a business has payroll, rent, mortgage interest, or utility expenses, these are deductible from taxable income. That deduction lowers your taxable income. Without that deduction, you’d owe the government more in taxes.
And that’s what is going to happen in this situation: you lose out on some tax deductions, so you may have to pay more when it comes time to file your taxes.
For example, let’s say your business is a C corporation that received $100,000 in a PPP loan. You used that money entirely on payroll expenses and qualified for loan forgiveness. The $100,000 that you receive won’t be included in taxable income at the end of the year.
But you won’t get a $100,000 tax deduction for the expenses you incurred. That means you could have an extra $21,000 tax liability at the end of the year ($100,000 * 21% corporate tax rate) that you wouldn’t have if you were allowed to take the deductions as normal.
While the PPP did provide you with an extra $100,000, you’re losing $21,000 in tax deductions that you’d normally get. In this example, you’re still going to have a net benefit of $79,000 from the program—money that you probably wouldn’t have otherwise. But for some business owners, this could be a big tax surprise that could be waiting for you at the end of the year from a program that is supposed to help your business stay afloat.
What makes the PPP even more enticing for business owners is the potential that the loan amount can be forgiven, as long the money was spent on payroll, mortgage interest, utilities, and rent (with the majority spent on payroll).
But with this new program came a question about the IRS will view the money. If you meet the criteria for getting the loan forgiven, will the government tax you on the free money you’re receiving?
Not directly, but it’s a little more complicated than that.
Will I be taxed for my forgiven PPP loan? The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. The aim of this loan is to provide businesses with the money to keep running and continue paying employees, not to create a tax burden for businesses receiving the funds.
But, there’s a catch. The IRS later released a notice clarifying how the forgiven loan amount would be treated when it comes to 2020 taxes:
“This notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with the forgiveness is excluded from gross income for purposes of the Code pursuant to section 1106(i) of the CARES Act.”
Put simply: if the forgiven loan isn’t included in a business’s taxable income, the expenses paid for with the forgiven loan aren’t able to be included as a tax deduction. That may sound like a small detail, but it can potentially have a big impact on your final tax bill at the end of the year.
What does this look like on your tax return?Normally if a business has payroll, rent, mortgage interest, or utility expenses, these are deductible from taxable income. That deduction lowers your taxable income. Without that deduction, you’d owe the government more in taxes.
And that’s what is going to happen in this situation: you lose out on some tax deductions, so you may have to pay more when it comes time to file your taxes.
For example, let’s say your business is a C corporation that received $100,000 in a PPP loan. You used that money entirely on payroll expenses and qualified for loan forgiveness. The $100,000 that you receive won’t be included in taxable income at the end of the year.
But you won’t get a $100,000 tax deduction for the expenses you incurred. That means you could have an extra $21,000 tax liability at the end of the year ($100,000 * 21% corporate tax rate) that you wouldn’t have if you were allowed to take the deductions as normal.
While the PPP did provide you with an extra $100,000, you’re losing $21,000 in tax deductions that you’d normally get. In this example, you’re still going to have a net benefit of $79,000 from the program—money that you probably wouldn’t have otherwise. But for some business owners, this could be a big tax surprise that could be waiting for you at the end of the year from a program that is supposed to help your business stay afloat.
Waiting for 2021 to apply for forgiveness. Don’t want to worry about how your PPP loan will affect your 2020 taxes? You can wait until the dust settles and the forgiveness processes are all decided. You don’t have to apply for forgiveness until your loan maturity date (2 or 5 years after receiving the funds). This means you can wait until 2021 or later to apply for forgiveness and focus on your upcoming tax season.
Things still could change
While this is a frustrating (and expensive) update to the loan program, it may not be the final decision. Rules are still being written and plenty of people are unhappy that the IRS has taken a position that would negatively impact businesses that are struggling.
The American Institute of Certified Public Accountants (AICPA) is challenging the IRS decision that these expenses aren’t deductible, saying that this goes against Congress’s intent when they created the PPP.
There is also a potential update to the law that could be passed. The recent stimulus proposal, the HEROES Act, reverses the decision that these expenses can’t be deductible. While the HEROES Act is still just a proposal and hasn’t been signed into law, it’s clear that some lawmakers want to change the tax treatment of forgiven PPP loans.
There is a chance things could change in the future, but for now, it’s a good idea to assume that you won’t be able to deduct these expenses and you may have a higher tax bill as a result.
How the EIDL advance affects taxes The Economic Injury Disaster Loan (EIDL) is a loan option available through the SBA to help businesses struggling with financial hardship due to COVID-19. While it is a loan and doesn’t have any special treatment when it comes to taxes, there is one thing that may affect your taxes: the EIDL advance.
The EIDL advance is technically a grant for small businesses of up to $10,000. Because it’s a grant, it’s not part of the loan that needs to be repaid. That means it’s going to be treated differently than a loan on your financial statements and your tax return at the end of the year.
Unlike the PPP loan forgiveness, this grant will probably need to be included in taxable income. This isn’t definitive because the IRS hasn’t specifically said that this advance should be included in taxable income, but previously they’ve been pretty clear that any forgiven SBA loan amounts need to be included in income.
If you received an EIDL advance for the maximum amount of $10,000, that money will need to be added to your taxable income at the end of the year. But if it’s added to your taxable income, you’ll be able to deduct any expenses that you use to pay for this grant.
For example, say you received an EIDL advance of $10,000. You’ll increase your taxable income for the year by that amount. But you also used all of that money to pay for some of your business expenses, like inventory and rent. You’ll get to take that $10,000 that you spent as a deduction against your taxable income, which means you won’t pay taxes on the money you received.
How the Employee Retention Credit affects taxes You might find that the total amount of tax you owe has been reduced thanks to the Employee Retention Credit. This credit is eligible for business with fewer than 500 employees who either suspended or partially suspended their business due to COVID-19 because of a government order or they experienced a 50% decline in gross receipts when compared with the same quarter in the previous year. The catch is that you can’t have a PPP Loan and receive the Employee Retention Credit
Tax credits are incredibly valuable because unlike a deduction, which reduces your taxable income, tax credits reduce your tax liability on a dollar for dollar basis. So if you have a $10,000 tax liability and a $3,000 tax credit, the amount of tax you owe is now $7,000.
The credit is calculated per employee and is 50% of up to $10,000 in qualified wages paid per quarter. If you qualify for the credit and paid three employees $8,000 in qualified wages during a quarter, you’d be eligible for a credit of $12,000.
Because the government knows you need this money now, you won’t need to wait until the end of the year to claim the credit. It can be claimed on your quarterly form 941.
How unemployment affects taxes One thing that can sometimes take unemployment recipients by surprise is finding out that yes—unemployment benefits are considered taxable income. That means you will have to pay state and federal taxes on the amount of money you receive, though you won’t have to pay medicare or social security taxes on it.
You can pay these taxes in two different ways. One option is to fill out form W-4V, and request that the taxes are automatically withheld from your unemployment benefits payments. If you don’t request to have taxes automatically withheld, you’ll need to make estimated tax payments during the year. Beware of this to avoid an unexpected tax bill.
When you’re filing your 2020 tax return, you’ll need to report the income you received from unemployment compensation. You’ll get a 1099-G slip from your state labor office that details how much you received and how much, if anything, you had withheld for taxes.
There is still some uncertainty when it comes to 2020 taxes and how new programs like the PPP loan forgiveness will affect them. While lawmakers consider updates, the best thing to do is to stay organized and keep good records of your expenses, so you’re able to take full advantage of deductions if they’re allowed in the future.
Things still could change
While this is a frustrating (and expensive) update to the loan program, it may not be the final decision. Rules are still being written and plenty of people are unhappy that the IRS has taken a position that would negatively impact businesses that are struggling.
The American Institute of Certified Public Accountants (AICPA) is challenging the IRS decision that these expenses aren’t deductible, saying that this goes against Congress’s intent when they created the PPP.
There is also a potential update to the law that could be passed. The recent stimulus proposal, the HEROES Act, reverses the decision that these expenses can’t be deductible. While the HEROES Act is still just a proposal and hasn’t been signed into law, it’s clear that some lawmakers want to change the tax treatment of forgiven PPP loans.
There is a chance things could change in the future, but for now, it’s a good idea to assume that you won’t be able to deduct these expenses and you may have a higher tax bill as a result.
How the EIDL advance affects taxes The Economic Injury Disaster Loan (EIDL) is a loan option available through the SBA to help businesses struggling with financial hardship due to COVID-19. While it is a loan and doesn’t have any special treatment when it comes to taxes, there is one thing that may affect your taxes: the EIDL advance.
The EIDL advance is technically a grant for small businesses of up to $10,000. Because it’s a grant, it’s not part of the loan that needs to be repaid. That means it’s going to be treated differently than a loan on your financial statements and your tax return at the end of the year.
Unlike the PPP loan forgiveness, this grant will probably need to be included in taxable income. This isn’t definitive because the IRS hasn’t specifically said that this advance should be included in taxable income, but previously they’ve been pretty clear that any forgiven SBA loan amounts need to be included in income.
If you received an EIDL advance for the maximum amount of $10,000, that money will need to be added to your taxable income at the end of the year. But if it’s added to your taxable income, you’ll be able to deduct any expenses that you use to pay for this grant.
For example, say you received an EIDL advance of $10,000. You’ll increase your taxable income for the year by that amount. But you also used all of that money to pay for some of your business expenses, like inventory and rent. You’ll get to take that $10,000 that you spent as a deduction against your taxable income, which means you won’t pay taxes on the money you received.
How the Employee Retention Credit affects taxes You might find that the total amount of tax you owe has been reduced thanks to the Employee Retention Credit. This credit is eligible for business with fewer than 500 employees who either suspended or partially suspended their business due to COVID-19 because of a government order or they experienced a 50% decline in gross receipts when compared with the same quarter in the previous year. The catch is that you can’t have a PPP Loan and receive the Employee Retention Credit
Tax credits are incredibly valuable because unlike a deduction, which reduces your taxable income, tax credits reduce your tax liability on a dollar for dollar basis. So if you have a $10,000 tax liability and a $3,000 tax credit, the amount of tax you owe is now $7,000.
The credit is calculated per employee and is 50% of up to $10,000 in qualified wages paid per quarter. If you qualify for the credit and paid three employees $8,000 in qualified wages during a quarter, you’d be eligible for a credit of $12,000.
Because the government knows you need this money now, you won’t need to wait until the end of the year to claim the credit. It can be claimed on your quarterly form 941.
How unemployment affects taxes One thing that can sometimes take unemployment recipients by surprise is finding out that yes—unemployment benefits are considered taxable income. That means you will have to pay state and federal taxes on the amount of money you receive, though you won’t have to pay medicare or social security taxes on it.
You can pay these taxes in two different ways. One option is to fill out form W-4V, and request that the taxes are automatically withheld from your unemployment benefits payments. If you don’t request to have taxes automatically withheld, you’ll need to make estimated tax payments during the year. Beware of this to avoid an unexpected tax bill.
When you’re filing your 2020 tax return, you’ll need to report the income you received from unemployment compensation. You’ll get a 1099-G slip from your state labor office that details how much you received and how much, if anything, you had withheld for taxes.
There is still some uncertainty when it comes to 2020 taxes and how new programs like the PPP loan forgiveness will affect them. While lawmakers consider updates, the best thing to do is to stay organized and keep good records of your expenses, so you’re able to take full advantage of deductions if they’re allowed in the future.
With such a traumatic year for Restaurants and Bars, McVay Business Services is offering Pensacola Bars and Restaurants a FREE no obligation consultation: We are the leading small business accounting firm in Pensacola!
Consultation includes Info on:
QuickBooks Clean-up or Set-up
Payroll alternatives with pay as you go work comp Incl.
LLC, S-Corp Tax Alternatives - Save up to 16% if your company is structured properly
Monthly, Weekly, Quarterly bookkeeping services
Individual, Corp, LLC, Partnerships and S-Corp tax experts
All this can be customized to fit your needs and budget!
Mike McVay, Certified QuickBooks Pro Advisor and Licensed Tax Preparer - Mike@MikeMcVay.com
850-725-5696
www.QuickBooksPensacola.com
Consultation includes Info on:
QuickBooks Clean-up or Set-up
Payroll alternatives with pay as you go work comp Incl.
LLC, S-Corp Tax Alternatives - Save up to 16% if your company is structured properly
Monthly, Weekly, Quarterly bookkeeping services
Individual, Corp, LLC, Partnerships and S-Corp tax experts
All this can be customized to fit your needs and budget!
Mike McVay, Certified QuickBooks Pro Advisor and Licensed Tax Preparer - Mike@MikeMcVay.com
850-725-5696
www.QuickBooksPensacola.com
NONEMPLOYEE COMPENSATION REPORTABLE ON REVIVED FORM 1099-NEC FOR 2020 PAYMENTS
| The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. Failure to report all non-employee 1099 income on form 1099-NEC for 2020 could land you with many penalties and a non deduction for paid independent contractors making over $600.00 for the year. |  |
The Internal Revenue Service (IRS) released its final version of Form 1099-NEC, Nonemployee Compensation, on December 6, 2019, to be used for reporting current and deferred compensation paid to independent contractors (including corporate directors) for the 2020 tax year. Form 1099-NEC (previously retired in 1982) replaces Box 7 of the pre-2020 Form 1099-MISC for reporting nonemployee compensation and accelerates the due date for reporting nonemployee compensation to the IRS to January 31 (or the Monday after January 31 if this deadline falls on a weekend).
“Nonemployee compensation” generally includes payment of $600 or more in fees, commissions, prizes, and awards for services performed as a nonemployee, and other forms of compensation for services performed for a trade or business by an individual who is not an employee. The deadline for filing Form 1099-NEC for the 2020 tax year with both the IRS and the individual workers is February 1, 2021 (since January 31 is a Sunday). However, the deadline for filing the redesigned Form 1099-MISC is March 1, 2021 (since February 28 is a Sunday).
“Nonemployee compensation” generally includes payment of $600 or more in fees, commissions, prizes, and awards for services performed as a nonemployee, and other forms of compensation for services performed for a trade or business by an individual who is not an employee. The deadline for filing Form 1099-NEC for the 2020 tax year with both the IRS and the individual workers is February 1, 2021 (since January 31 is a Sunday). However, the deadline for filing the redesigned Form 1099-MISC is March 1, 2021 (since February 28 is a Sunday).
McVay Business Services complies all your 1099's for 2020 on the new NEC forms. We securely email your non-employees, mail hard copy and efile to the IRS. W-9 compliance services are also available. All 1099's info must be received in our office by 01/15/2021 for a timely filed report.
Catching Up On Catch-up Contributions
When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it. However, there are other important aspects to truly doing everything you can to grow your nest egg.
One of them is celebrating your 50th birthday. This is because those age 50 or older on December 31 of any given year can start making “catch-up” contributions to their employer-sponsored retirement plans that year (assuming the plan allows them). These are additional contributions to certain accounts beyond the regular annual limits.
Maybe you haven’t yet saved as much for retirement as you’d like to. Or perhaps you’d just like to make the most of tax-advantaged savings opportunities. Whatever the case may be, now is a good time to get caught up on the 2020 catch-up contribution amounts because you might be able to increase your contributions for the year.
401(k)s and SIMPLEs
Under 401(k) limits for 2020, if you’re age 50 or older, you can contribute an extra $6,500 after you’ve reached the $19,500 maximum limit for all employees. That’s a total of $26,000.
If your employer offers a Savings Incentive Match Plan for Employees (SIMPLE) instead, your regular contribution maxes out at $13,500 in 2020. If you’re 50 or older, you’re allowed to contribute an additional $3,000 — or $16,500 in total for the year.
But be sure to check with your employer because, while most 401(k) plans and SIMPLEs offer catch-up contributions, not all do.
Self-employed plans
If you’re self-employed, retirement plans such as an individual 401(k) — or solo 401(k) — also allow catch-up contributions. A solo 401(k) is a plan for those with no other employees. You can defer 100% of your self-employment income or compensation, up to the regular 2020 aggregate deferral limit of $19,500, plus a $6,500 catch-up contribution in 2020. But that’s just the employee salary deferral portion of the contribution.
You can also make an “employer” contribution of up to 20% of self-employment income or 25% of compensation. The total combined employee-employer contribution is limited to $57,000, plus the $6,500 catch-up contribution.
IRAs, too
Catch-up contributions to non-Roth accounts not only can enlarge your retirement nest egg, but also can reduce your 2020 tax liability, generally if made by Dec. 31, 2020.
Keep in mind that catch-up contributions are available for IRAs, too. The deadline for 2020 IRA contributions isn’t until April 15, 2021, but deductible contributions may be limited or unavailable based on your income and whether you (or your spouse) is covered by a retirement plan at work. Please contact us for more information.
Mike McVay, Accountant * 850-725-5696 * Mike@MikeMcVay.com
When it comes to retirement planning, many people tend to focus on two things: opening a retirement savings account and then eventually drawing funds from it. However, there are other important aspects to truly doing everything you can to grow your nest egg.
One of them is celebrating your 50th birthday. This is because those age 50 or older on December 31 of any given year can start making “catch-up” contributions to their employer-sponsored retirement plans that year (assuming the plan allows them). These are additional contributions to certain accounts beyond the regular annual limits.
Maybe you haven’t yet saved as much for retirement as you’d like to. Or perhaps you’d just like to make the most of tax-advantaged savings opportunities. Whatever the case may be, now is a good time to get caught up on the 2020 catch-up contribution amounts because you might be able to increase your contributions for the year.
401(k)s and SIMPLEs
Under 401(k) limits for 2020, if you’re age 50 or older, you can contribute an extra $6,500 after you’ve reached the $19,500 maximum limit for all employees. That’s a total of $26,000.
If your employer offers a Savings Incentive Match Plan for Employees (SIMPLE) instead, your regular contribution maxes out at $13,500 in 2020. If you’re 50 or older, you’re allowed to contribute an additional $3,000 — or $16,500 in total for the year.
But be sure to check with your employer because, while most 401(k) plans and SIMPLEs offer catch-up contributions, not all do.
Self-employed plans
If you’re self-employed, retirement plans such as an individual 401(k) — or solo 401(k) — also allow catch-up contributions. A solo 401(k) is a plan for those with no other employees. You can defer 100% of your self-employment income or compensation, up to the regular 2020 aggregate deferral limit of $19,500, plus a $6,500 catch-up contribution in 2020. But that’s just the employee salary deferral portion of the contribution.
You can also make an “employer” contribution of up to 20% of self-employment income or 25% of compensation. The total combined employee-employer contribution is limited to $57,000, plus the $6,500 catch-up contribution.
IRAs, too
Catch-up contributions to non-Roth accounts not only can enlarge your retirement nest egg, but also can reduce your 2020 tax liability, generally if made by Dec. 31, 2020.
Keep in mind that catch-up contributions are available for IRAs, too. The deadline for 2020 IRA contributions isn’t until April 15, 2021, but deductible contributions may be limited or unavailable based on your income and whether you (or your spouse) is covered by a retirement plan at work. Please contact us for more information.
Mike McVay, Accountant * 850-725-5696 * Mike@MikeMcVay.com
 |  |
How Can an S Corp Help?
| If you are a real estate agent or broker, you are most likely subject to the self-employment tax. Read this to discover how you can potentially save thousands on your tax bill by electing to be taxed as an S Corp. If you're like many real estate agents and brokers, you are paid as independent contractor (1099) and not an employee (W-2). As an independent contractor, you are considered self-employed and subject to the full 15.3% self-employment tax. Whereas W-2 employees pay 7.65% and their employer pays the other 7.65%. (I guess it costs to be the boss, right?) www.PensacolFLTax.com * 850-725-5696 |  These S-Corp Tax Benefits Are 100% Legal and Available to all Small Business Now! |
Creating an S Corp, or an LLC taxed as an S Corp, allows you to hire yourself as a W-2 employee and split your earnings between salary and distributions.
In this strategy, you only pay the 15.3% SE tax on the part of your income considered salary, not on the distributions.
It is important to note that the wage or salary you pay yourself must be reasonable, otherwise the IRS might charge you back taxes and penalties (i.e. your wages can’t be $1 and dividends $99,999).
Example: Jane is a real estate broker with earnings of $167,830 for the 2017 tax year. If she were simply a sole proprietor, then all of her income would be considered wages, and up to $118,500 would be subject to the 15.3% SE tax – totaling $18,130.50.
However, if she were to set up an LLC and elect to be taxed as an S Corp, she can split the earnings between salary and distributions. With the help of her CPA, they determine $65,000 to be a reasonable salary. This means that she will only pay the SE tax on $65,000, saving $8,361.
In this strategy, you only pay the 15.3% SE tax on the part of your income considered salary, not on the distributions.
It is important to note that the wage or salary you pay yourself must be reasonable, otherwise the IRS might charge you back taxes and penalties (i.e. your wages can’t be $1 and dividends $99,999).
Example: Jane is a real estate broker with earnings of $167,830 for the 2017 tax year. If she were simply a sole proprietor, then all of her income would be considered wages, and up to $118,500 would be subject to the 15.3% SE tax – totaling $18,130.50.
However, if she were to set up an LLC and elect to be taxed as an S Corp, she can split the earnings between salary and distributions. With the help of her CPA, they determine $65,000 to be a reasonable salary. This means that she will only pay the SE tax on $65,000, saving $8,361.
Potential Pitfalls of this Strategy
Of course, Uncle Sam wants his money, so it’s never that easy.
Service companies are more likely to be scrutinized by the IRS when using this strategy because most of your earnings come from personal efforts, and not of that of other employees. That is why it is imperative to work with your CPA to research and document the reasons behind the reasonable salary you decide to pay yourself.
The IRS requires companies with W-2 employees to pay Federal Unemployment Tax (FUTA) of 6.20% on the first $7,000 of income for each employee. In some states you could also be subject to the State Unemployment Tax (SUTA). Once you implement this strategy, you will considered a W-2 employee and will have to pay this tax.
Since the S-Corp is a separate entity, a separate tax is required, which comes with additional tax preparation costs. Also, S Corps have other compliance requirements such as setting up a board of directors and holding meetings.
The Bottom Line
Creating an entity and electing to be taxed as an S Corp has its advantages and can potentially lower your tax liability, but may not be for everyone.
There are costs involved with setting up and maintaining the entity, which will have to be weighed against the actual tax savings you will receive. In many cases this strategy will make sense for higher income earners.
You will want to discuss the advantages and disadvantages this strategy with a qualified tax professional to find out if this makes sense for you. McVay offers a complementary consultation to evaluate your situation to see if you are eligible for this great tax benefit. Mike McVay, Tax Accountant * Mike@MikeMcVay.com
850-725-5696
Of course, Uncle Sam wants his money, so it’s never that easy.
Service companies are more likely to be scrutinized by the IRS when using this strategy because most of your earnings come from personal efforts, and not of that of other employees. That is why it is imperative to work with your CPA to research and document the reasons behind the reasonable salary you decide to pay yourself.
The IRS requires companies with W-2 employees to pay Federal Unemployment Tax (FUTA) of 6.20% on the first $7,000 of income for each employee. In some states you could also be subject to the State Unemployment Tax (SUTA). Once you implement this strategy, you will considered a W-2 employee and will have to pay this tax.
Since the S-Corp is a separate entity, a separate tax is required, which comes with additional tax preparation costs. Also, S Corps have other compliance requirements such as setting up a board of directors and holding meetings.
The Bottom Line
Creating an entity and electing to be taxed as an S Corp has its advantages and can potentially lower your tax liability, but may not be for everyone.
There are costs involved with setting up and maintaining the entity, which will have to be weighed against the actual tax savings you will receive. In many cases this strategy will make sense for higher income earners.
You will want to discuss the advantages and disadvantages this strategy with a qualified tax professional to find out if this makes sense for you. McVay offers a complementary consultation to evaluate your situation to see if you are eligible for this great tax benefit. Mike McVay, Tax Accountant * Mike@MikeMcVay.com
850-725-5696
Mike McVay, Tax Accountant Mike@MikeMcVay.com
www.PensacolaFLTax.com
850-725-5696
 How the SBA justifies the $50,000 limit for simplified PPP loan forgivenessThe SBA rationale to remove these requirements for loans of $50,000 or less is that almost all borrowers in this loan amount category are sole proprietors, independent contractors, or employers with one employee. The SBA stated as follows: “Within this population of potentially affected loans, SBA believes that most borrowers would not be affected by the loan forgiveness reduction requirements because (1) the borrowers did not reduce FTE employees or reduce employee salaries or wages, or (2) the borrowers would qualify for one of the existing exemptions from loan forgiveness amount reductions. Excluding such borrowers, the aggregate dollar amount of PPP funds affected by these exemptions relative to the aggregate dollar amount of all PPP funds is de minimis.” The SBA issued some data points to further justify its analysis that removing these borrowers from the requirements regarding the need to keep head count and salaries at close to pre-COVID levels in order to receive full forgiveness is de minimus. According to the SBA, there are 3.57 million outstanding PPP loans of $50,000 or less out of the 5.2 million issued, totaling approximately $62 billion of the $525 billion in PPP loans. Approximately 1.7 million PPP loans of $50,000 or less were made to businesses reporting zero employees other than the owner, or one employee. The SBA made the calculation that owners would obviously not furlough themselves, and employers with just one employee only represented $49 billion or 9% of this loan range. Therefore, even if these borrowers laid off or reduced the salary of that one employee, the impact would be minimal. This exemption was long sought by lenders and the business community, albeit at a higher level. Initially, these interested parties sought “check the box” forgiveness at $1 million or in the $250,000 to $500,000 range. Those numbers proved too ambitious and the number floated for the potential new stimulus bill was $150,000, a level covering most PPP loans. The SBA likely settled on the $50,000 level so it could make the above argument that the impact on employees would be small, and so the goal of the PPP loans would still be maintained. While this new Interim Final Rule resolves one issue that resulted in $135 billion in PPP funds being left on the table when the program closed on August 8, 2020, and the reticence of many employers to file for forgiveness without more clarity, many issues are outstanding, giving businesses pause. This is reflected in the fact that the SBA has received 96,000 forgiveness applications to date and has reviewed none of them. The SBA has stated it will begin reviewing applications “shortly.” This new regulation will certainly reduce the SBA’s administrative burden on loan forgiveness. IRS rule on deducting expenses remains an issueThe main outstanding issue is the deductibility of expenses used with PPP funds. While the original CARES Act creating the PPP program made clear that once the loan is forgiven and becomes a grant, the funds are NOT income and not taxable as such. However, the Internal Revenue Service then issued guidance (Notice 2020-32) on April 30, 2020, stating that expenses normally deductible for a business CANNOT be taken if used with PPP money. Again, every lender and business advocacy group has been lobbying against this and have been hoping to see a fix in the new stimulus bill. The main argument against this rule was simply one of fairness: if the intent was a grant, why create a new tax burden on these businesses the government was trying to bail out? The IRS rationale, however, was the businesses should not be allowed to “double dip” by both getting tax-free government money and taking these deductions. Again, the IRS is alone in that assessment. More important, the rule created a grey area many businesses are now facing. Prior to forgiveness, PPP is a loan and remains one until forgiveness is received. As lenders have 60 days to review forgiveness applications and the SBA 90 days, most borrowers won’t receive a forgiveness decision until Q1 or Q2 of 2021, if then, with the likely backlogs to come. So, the question becomes, do borrowers take the deductions now and amend their tax returns upon full or partial forgiveness, or not take the deduction and receive a refund if all or part of their PPP loan is not forgiven? And, what of any potential penalties and interest? Should businesses file now for PPP loan forgiveness?Since the PPP covered period is now 24 weeks, most businesses should easily qualify for full forgiveness. While the rules dictate that 60% of the PPP funds must be used on payroll, and 40% on expenses such as rent, utilities, mortgages, and loan interest, it is advisable and easier to document if all the funds are used on payroll if possible. If borrowers can do so, the conservative approach would be to not take the deductions and assume full forgiveness. However, if borrowers want to hold onto cash, or have concerns about forgiveness, they can still take the deductions now. This is a business decision borrowers should make in consultation with their accountant, lawyer, and lender. Either way, for most borrowers of smaller loans, especially those with loans of $50,000 or less, applications for forgiveness should be filed sooner rather than later. Many businesses have held off filing for forgiveness, waiting to see what new legislation would bring, such as more clarity, easing of rules, and a second chance at PPP money. The House version of the stimulus bill offered a second round of PPP funds to those businesses with 2020 revenue down 50% over 2019. In addition, there were set asides for employers with under 300 employees, $25 billion for employers with 10 or fewer employees, and $10 billion for community lenders. The intent was to address complaints that women and minority-owned businesses were largely shut out from the first and second round of PPP loans. The bill also expanded the list of forgivable expenses to include supplier costs, worker protective gear, and operations. Unfortunately, none of these improvements or additional funds have come to pass. The talk now is of scaled down and targeted bailout money for the airline industry and perhaps restaurants and hospitality. The chances of anything happening prior to the election on November 3rd remain slim to none. In the meantime, while things may and likely will change with future regulations, at least the 3.57 million borrowers of loans of $50,000 or less have much more clarity on both full forgiveness and the tax deduction issue. | In the wake of the failed effort to sign a new stimulus package into law, the Small Business Administration (SBA) along with the Treasury Department issued new guidance on October 8, 2020, allowing borrowers with Paycheck Protection Program (PPP) loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness. While this latest Interim Final Rule addressing the PPP loans created under the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act) will still require borrowers to provide documentation, such as a payroll provider report, it offers a new, simplified form and a “check the box” process for forgiveness. Borrowers can use new SBA Form 3508S for their application or wait for their lender to update their online application portals. The new rules also remove the need to show that the borrower did not reduce head count or salaries and, therefore, suffer a reduction in loan forgiveness. Previous regulations outlined that if an employer reduced salaries by over 25%, the amount over 25% would not be forgivable. Borrowers would also have to document that if they did furlough employees, they tried in good faith to rehire them or couldn’t hire similarly qualified individuals, or also be subject to an unforgiven portion of their PPP funds.   |
10/9/2020
Pensacola Top Small Business Accountant
| Come home to the Top Small Business Bookkeeping and Taxes in Pensacola Florida. McVay Business Services has been serving our small businesses in Pensacola for 25+ years. Excellent customer service, quality and timely work all with a 5-star rating. We customize your services to fit your needs and budget. Stop overpaying for your bookkeeping and tax service, stop accepting the lack of customer service and missed deadlines. See why McVay Business Services was voted #1 in Pensacola for several years in a row. FREE Consultation * New businesses set-up will get you FREE QuickBooks Online Subscription for life of your account with us. Mike McVay, Certified QuickBooks Pro Advisor 850-725-5696 Mike@MikeMcVay.com www.QuickBooksPensacola.com |  |
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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Mike McVay, Accountant Experienced IRS Tax Resolution Specialist
With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
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Mike@MikeMcVay.com
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