Anthony Sykes & Company

The uncertainty brought on by the Coronavirus pandemic has touched every area of our lives. The income of so many has been reduced because of having their hours cut, or because of being laid off. With so many in this situation, what is being done to help those with student loans? The answer comes from the Coronavirus Aid, Relief, and Economic Security ( CARES ) Act.           Those with student loans owned by the Department of Education will automatically have interest and payments paused until September 30, 2020 because of the CARES Act. Those who have Federal student loans through private lenders can have their payments and interest paused for up to 60 days. This is not automatic . They must reach out to the lenders to start this process. For those who have lost their jobs, unemployment deferment can be applied for. Another option is an economic hardship deferment. We are living in a time of unprecedented change. As we learn about more options, we will share them with you.

         It has been well documented that there is a lot of confusion and chaos in the world today. Even as the government does its best to provide support, there are still more questions than answers. That is especially true for Small Business owners. There are a variety of programs available for Coronavirus relief. Do you know about them? Do you know how to apply for them? We are working remotely so that we can support you and be a guide through the process. Please fill out our simple form so we can show you the options available.

One of the most anticipated parts of the Coronavirus Aid, Relief, and Economic Security ( CARES ) Act is the Economic Impact Payment ( EIP ), otherwise known as the Stimulus Check. These payments have started earlier than expected, which everyone appreciates. However, this leads to the question of: When will I get my check? Millions have already received their payments, when is made simple when they use Direct Deposit. Everyone else may be waiting in a state of COVID-19 induced anxiety while playing the waiting game. The Internal Revenue Service ( IRS ) has provided a tool to help with this situation. The IRS launched a new website called Get My Payment to help Taxpayer understand when they might receive their EIP . It was overwhelmed with traffic and now it has been reported to be working efficiently. Many do not understand why the website will at times respond “Status Not Available”. It can be a number of reasons. 1 . Not everyone is eligible for a payment. 2 . There is s

One of the biggest parts of the stimulus bill known as the Coronavirus, Aid, Relief, and Economic Security ( CARES ) Act has stopped in its tracks. The Paycheck Protection Program ( PPP ) was meant to help Small Businesses (business with less than 500 employees) not lay off their employees. This would be done through low interest loans made by the Small Business Administration ( SBA ). The applications would come through various lenders. This program started with $349 billion dollars. It sounded like a good idea. What happened? The PPP will no longer be accepting applications. They claim to have already approved 1.6 million loan applications. How did we get here in 2 weeks? Not much is known considering there is still a great amount of confusion surrounding the program. Some who were approved early on are still waiting for their money. Banks are still holding on to thousands of applications, even as the program has closed its doors. Hotel chains were allowed to file for this p

          The economic stimulus bill, known as the Coronavirus, Aid, Relief, and Economic Security ( CARES ) Act has many features designed to help Taxpayers. The most well-known is the Economic Impact Payments for most Taxpayers. One that is designed for businesses is called the Economic Retention Credit ( ERC ). Its purpose is to keep people employed.           If you think that sounds like another part of the CARES Act that has a similar goal, would be correct. Unlike the Paycheck Protection Program, the ERC is available to almost any employer, no matter the number of employees. The exceptions would be government agencies, self-employed individuals, and anyone who participates in the Paycheck Protection Program. There can be no double dipping.            The ERC is targeted to assist businesses that were impacted by a governmental “Safer at Home” or “Essential Business” order given because of the COVID-19 pandemic. It is available on a Quarterly basis. It is based on the

         The number of Online businesses is growing by leaps and bounds. It is the easiest and fastest way to become an entrepreneur. For those looking to start out on this road, it is best to calculate what will be legally required from them. The tax requirements have changed drastically, and the penalties for ignoring them are severe.           Many Online businesses did not feel they were required to pay sales taxes because they did not have a physical presence where they did business. Court rulings have changed that perspective. Essentially, wherever the sale takes place , sales tax must be collected. Starting in 2016, California began sending out collection letters demanding back taxes, along with the penalties and interest for non-payment. There are now 45 states that collect Online sales taxes and many of them are following the example of California.           Many of these business owners use Online Marketplaces as their virtual storefronts. They may send their goods t

          Criminals will take every opportunity to defraud unsuspecting individuals, especially those who are in need. The Internal Revenue Service ( IRS ) is warning Taxpayers to be ready for a surge of phone calls, emails, and text messages related to the recently passed economic stimulus package. The goal of those behind these messages and fake websites is to commit tax fraud and identity theft. Extra precautions need to be taken.           One group in particular that is the focus of many attacks are the elderly and Senior Citizens. Often they fall prey to those who seem to be official and sound like they have their best interest at heart. Please remember that there is no fee to get the stimulus check. They will start to be sent by direct deposit in mid-April and will continue by check for weeks after that. The IRS will not call to collect your banking information. Seniors who collect Social Security and do not need to file a Tax Return will not have to file anything el

         On March 27, the Coronavirus Aid, Relief and Economic Security ( CARES ) Act was passed and signed into law. It is the largest financial support package in United States history and has over 800 pages detailing the relief that will be provided to Taxpayers and businesses. One area that is gaining interest is the Paycheck Protection Program ( PPP ).           The goal of the PPP is to help businesses provide economic stability for their employees. This is done through federally backed loans, in partnership with the Small Business Administration ( SBA ), that are to be used for certain payroll expenses. This would include salary (for those who make less than $100,000/year), payment of state and local taxes on the salary, cost of vacation, medical, family, and sick leave, and the cost of health care benefits. It can also be used to pay rent and utilities. This loan is intended to cover costs from February 15 to June 30 and will be 2.5 times the amount of normal payroll

        This week the Internal Revenue Service ( IRS ) provided some long awaited details regarding the Economic Impact Payment ( EIP ) that is meant to help boost Taxpayers as we are all being impacted by the COVID-19 pandemic. Now that this overall economic package has been passed, it will go into effect sometime in April. The determination for who qualifies, and for how much, is based on their 2019 Tax Return. Taxpayers are encouraged to file as soon as possible, even though the deadline for this year has been moved to July 15. The 2018 Tax Return will be used if 2019 is not available. If neither has been filed, this money will be available for the rest of 2020.           When discussing this provision, most often people call it a check. In reality, most Taxpayers use direct deposit for their Tax Refunds. This means that the IRS will want to send this stimulus amount directly to your bank account. It is a simple, safe, and secure way to receive payment. Make sure the right