Announcement from Isler NW

Important information for any business who has received a PPP loan – this will be of interest to you.

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.

This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their Lender.

Click the link below to fill or print the application.

Download Form Here

Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances

Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances

The coronavirus pandemic has changed our lives in many ways, and whether you’re thinking about the physical and social aspects or the financial aspects, there is no clear end in sight. The American economy has fallen to a dramatic degree, and an astounding number of people have lost their jobs or been furloughed for an indefinite period of time.

If you and your partner are among the millions whose finances have been impacted by current events, now is the time to make sure you have a plan in place to allow you to work together through the crisis. There are many positive, constructive steps you can take that will make sure you’re both on the same page and understand your priorities and needs. We suggest starting with the following five steps.

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Big Tax Break for Adoptive Parents

Big Tax Break for Adoptive Parents

If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age of 18 or a person who is physically or mentally incapable of self-care.

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Tips to Keep Your Business Afloat During COVID-19

COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:

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New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats

New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats

As the coronavirus continues to lay waste to the American economy, legislators are hoping to provide additional relief and to shore up the country’s healthcare system. To that end, Democrats in the House of Representatives have proposed a new relief bill encompassed in an 1,800-page document. The entire body will vote on this bill on Friday.

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Delaying Payment of Old Tax Bills Is A Big Mistake

Delaying Payment of Old Tax Bills Is A Big Mistake

You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere is a bit mind-boggling, but it’s apparently what’s happening as the Treasury Department focuses on generating the stimulus checks that American taxpayers need to get through the crisis.

If you don’t owe the IRS money and you’re not looking to amend a previously filed tax return, this shift won’t mean much to you. You can rest easy knowing that the tax return and payments that would have been due in April are now not due until July 15th. But if you were hoping to get a refund from a previous year’s return via a return you amended (or need to amend), or if you owe the IRS money, you need to pay attention.

For the first of these two categories – the folks with amended returns – what you need to know is that you’re not likely to see any kind of response for quite a while. There’s no way to find out what the status is and the agency is pointedly advising people not to interpret the lack of response as a need to send in a new one. Doing so would just confuse things more. You need to sit tight.

If, however, you owe the IRS money from before the crisis occurred, there are no breaks on the penalties and interest that are stacking up. It may take the agency a while to get around to figuring it out, but if you decide to sit and wait ‘til you hear from them, you’re going to be in for a big shock. Your liability is not only still there, it’s adding on interest from the time that it was due. This is true on amended returns that reflect a liability as well.

How much could the interest and penalty add up to?

In a word – it could add up to a lot. Not only do you owe the original amount, you are also subject to accruing interest and a failure-to-pay penalty of 0.5% of your original liability for each month (or partial month) that it hasn’t been paid. That can rack up to 25% of the liability. There’s also a penalty if you failed to file on time, and that can add up to another 5% of the amount that you owe each month. Even if you can’t afford to pay your entire liability all at once, you’re much better off paying small parts over time than waiting and having all of that interest added to your debt. You can contact the IRS online to arrange for one of their installment agreements.

Remember that mountain of returns piling up somewhere? Keep that in mind when you’re ready to send the IRS your money. If you write a check it’s going to just sit there, and your interest is going to keep adding up. Opt for paying electronically via direct payment. Don’t worry about the fact that the paperwork is sitting in that big pile. The agency will eventually get around to going through it, and they’ll figure out which payment goes with which amended return.

If you have any questions about your old tax bills or current IRS operations, please contact this office.

Not All PPP “Forgivable” Loans Will be Forgiving

Not All PPP “Forgivable” Loans Will be Forgiving

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed forgivable, the requirements for forgiveness are not as broad as many borrowers originally thought.

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Checking Your Federal Refund Status Is Easy

Learn how to Check your Federal Tax Return Status

If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

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Are You Eligible For a 2018 Tax Refund?

Are You Eligible For a 2018 Tax Refund?

You may be one of the many taxpayers eligible for a refund from their 2018 tax return. Last December, tacked on to an Appropriations Act, Congress passed the long-awaited extenders bill. This bill had been lingering in Congress for about 2 years and extended several beneficial tax provisions that had expired after 2017.

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Announcement from Isler NW

Spotlight: How to Apply for Advance Payment (Refund)

The IRS has issued a final version of Form 7200 (Advance Payment of Employer Credits Due to COVID-19) and its accompanying instructions on March 31, 2020. Sick and family leave credits. The Families First Coronavirus Response Act (FFCRA) requires eligible employers to provide paid sick leave and expanded family and medical leave for COVID-19 related reasons and offsets the costs of providing required leaves with refundable paid tax credits for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family leave under the FFCRA.

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