CONTACT US

BEL AIR

410-879-3331

24 E PennsylvaniaAve

Bel Air, MD 21014

taxinfo@davidcbryantcpa.com


ABERDEEN

410-273-1500

607 Paradise Rd

Aberdeen, MD 21001

taxoffice@davidcbryantcpa.com

 

4/17/20-The SBA is no longer accepting new applications for the

Paycheck Protection Program or the Economic Injury Disaster

Loan based on funding.


4/13/20-

The Coronavirus has placed so many individuals and companies in difficult situations.

The Government is taking many steps to try to help everyone to get through this

timeframe of social distancing.  I know many of you have questions and the information

is changing relatively quickly.  Below, is the latest information and links for personal &

business Covid19 Relief.  The information below will provide you with background and

application instructions. We can support you with providing your accounting information

and/or using a federal proposal writer to submit your applications.


From a tax perspective, all Federal, MD, DE, PA, and NJ, due dates and payments

normally due 4/15/20 are automatically extended to 7/15/20. 


Please contact either of our offices with questions.

 

BUSINESSES PROGRAMS

 

Federal Loans

    1. EIDL (Economic Injury Disaster Loan) Program – Receive a low interest loan to assist with

                  lost revenue and to pay expenses.  The first $10,000 can be a grant that you do not need to

                  pay back but will be income for 2020.  The amount of the loan is dependent on your 2019

                  revenue and cost of goods sold.  Apply on-line to SBA (Small Business Administration).

                 ($400 Application Fee)

    For additional details -

    https://www.uschamber.com/sites/default/files/uscc_covid19_sb-economic-injury-disaster-loans.pdf

    To apply - https://covid19relief.sba.gov/#/

      1. PPP (Paycheck Protection Program) Loan – Receive a low interest loan to assist with paying

                      expenses.  You can apply to have part of the loan forgiven.  Payroll, rent, and utilities paid in

                      the 8 weeks after receiving the loan qualify for forgiveness.  If forgiveness is granted, you do

                      not repay the forgiven portion of the loan and it is not considered income.  The amount of the

                     loan is based upon the 2019 average monthly payroll.  Apply on-line for the loan through your bank.

      For additional details - https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

      To apply – Go to the PPP Loan area on your bank’s website


      For a side by side comparison of the loans, use the link below. 

      https://smallbusiness.house.gov/uploadedfiles/cares_flow_chart_edit.pdf

       

      PERSONAL PROGRAMS

       

      Economic Impact Payments (Stimulus Payments) - https://www.irs.gov/coronavirus/economic-impact-payment-information-center

        1. Income Tax Filers - Use the "Get My Payment" application (coming mid-April) to:

        • Check your payment status

        • Confirm your payment type: direct deposit or check

        • Enter your bank account information for direct deposit if we don't have your direct deposit

                        information and we haven't sent your payment yet.

        Check on-line - https://www.irs.gov/coronavirus/economic-impact-payments

          1. Non Income Tax Filers - You should use this application if:

          • You did not file a 2018 or 2019 federal income tax return because your gross income was

                          under $12,200 ($24,400 for married couples). This includes people who had no income. Or

            • You weren’t required to file a 2018 or 2019 federal income tax return for other reasons

          Update on-line - https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

            1. If you receive the benefits below, the Government already has your information and you

                            will receive $1,200. Do not use this application if you receive:

              • Social Security retirement, disability (SSDI), or survivor benefits

              • Railroad Retirement and Survivor Benefits

              Maryland Unemployment

                1. MD Unemployment – General Information https://www.dllr.state.md.us/employment/unemployment.shtml

                             2. Covid19 Frequently Asked Questions

                                    https://www.dllr.state.md.us/employment/uicovidfaqs.shtml

                    Highlights:

                       

                                 1. Starting Friday, April 17, everyone eligible for benefits ending the week of

                                     April 4 will begin receiving an additional $600 per week as part of the

                                     Federal Pandemic Unemployment Compensation program.

                         

                          1. Pandemic Unemployment Assistance (PUA)

                          • Individuals who are not usually eligible for regular UI and who cannot work due to COVID-19

                                          are eligible for a maximum of 39 weeks of benefits, which includes $600 Federal Pandemic

                                          Unemployment Compensation (FPUC).

                            • Effective January 27, 2020 through Dec. 31, 2020.

                            • Please do NOT yet submit an application if you are self-employed, an independent

                                            contractor, gig worker, have insufficient work history, and/or believe you may be eligible.

                                            Our system is currently not set up to process these types of applicantsTop of Form.

                            Other Useful Links

                            IRS - https://www.irs.gov/

                            Comptroller of MD - https://www.marylandtaxes.gov/


                            4/8/20-There were several new grants and loans  created through the CARES Act (Coronavirus Aid Relief and Economic Security) including the Paycheck Proptection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.


                            There is a helpful guide to the CARES Act at the link below:


                            https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act


                            4/8/20-Office update-We are continuing to process tax returns and handle operations via telephone, email, portal, etc. The office is still currently closed to the public and we will continue to monitor the State of Maryland's recommendations for opening. The Internal Revenue Service and State of Maryland have both extended the FILING deadline to July 15th, as well as the payment deadline.


                            4/6/20-As of 5 p.m. today, MD Commerce is no longer accepting new applications for its COVID-19 Relief Grant and Loan Programs (The programs we listed below).


                            3/26/20-We are always thinking of you especially in these trying times. Many of you are or will have financial challenges surviving the necessary social distancing being put in place across the country.  Governor Hogan has already put measures in place to assist the small businesses during this time. We have provided documentation of three of the most useful programs below and we expect more to be announced in the coming days.  David C. Bryant, CPA is available to support you in this process by providing guidance and any financial information you need to complete the application.  We are also offering to process the application for you. We have a professional Government Proposal/Grant writer joining our team to support this effort. Please keep in mind that you must have employees in order to qualify for any of these below.

                             

                            Small Business COVID19 Emergency Grant Relief Fund: In short, this is up to a $10,000 grant which means it does not need to be repaid. It requires documentation Attach Evidence of Business Disruption (ex. Reduced sales, inability to make loan payments), Attach financial statements (2 years) and/or most recent interim statement, W-9 IRS Form in addition to standard certification information. (https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund)

                             

                            Maryland Small Business COVID-19 Emergency Relief Loan Fund: This loan must be repaid.  It offers no interest or principal payments due for the first 12 months, then converts to a 36-month term loan of principal and interest payments, with an interest rate at 2% per annum. (https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund)

                             

                            COVID-19 Layoff Aversion Fund - Workforce Development and Adult Learning: In short, this is up to a $50,000 grant which means it does not need to be repaid. The goal with this effort is to prevent layoffs or to shorten their duration.  You will need to present a case of how much money you need and how many people’s jobs it will save for what duration of time. (http://www.labor.maryland.gov/employment/covidlafund.shtml)

                            3/20/20-UPDATE-The Department of the Treasury and IRS announced today they will be extending the FILING deadline to July 15, 2020.

                            3/19/20-As local communities and our governments move toward more aggressive mitigation policies to help fight the spread of COVID-19, David C. Bryant CPA is joining the effort to lessen the spread of this virus. Our best efforts now will decrease the chances of the US health care system being overwhelmed. Such measures will save lives. We understand that everyone is experiencing a great deal of disruption in both personal and work lives. We do not want your taxes to increase your difficulties, however it is essential that we take all necessary precautions to keep ourselves, our families and all of our valued customers safe and health.

                            We understand that these are stressful times. We are taking the following steps with all of you in mind to alleviate your stress and minimize any potential for contagion through the tax process. We are continuing to process taxes, but we are closing the office to the public as of Monday, March 23rd, we will continue to monitor the evolving Coronavirus (COVID-19) outbreak and currently plan to reopen on April 1st.

                            As normal we can extend your return from April 15th to October 15th . The Internal Revenue Service has extended the deadline for payment of taxes owed to July 15th. There will be no penalties or interest.

                            In light of this change we have multiple options for submitting your tax documents:

                            Physical Drop-Off:

                            You can place your documents in a drop-off box placed outside the door to David C. Bryant, CPA during normal business hours. We will collect the documents shortly after drop-off to ensure privacy.

                            Electronic Submission:

                            We welcome and encourage clients to upload documents to our portal. However if you are unable to utilize our portal you are welcome to electronically mail your documents.  We strongly recommend password protecting these documents for security reasons. Please see to the LEFT the appropriate email to use.

                            Postal Service:

                            You are welcome to mail in your tax workpapers to David C Bryant, CPA. Please see to the LEFT the appropriate address to use.

                            Regarding obtaining your completed tax returns we have the following options:


                            Electronic Delivery:

                            We can send you the electronic signature pages for execution separately from the tax return (with or without) through the portal or through electronic mail with the social security numbers redacted. Payment for services provided by David C. Bryant can be remitted over the phone with a credit card or a check for payment can be submitted via mail. We are also happy to send the electronic signature pages for execution and retain the completed tax return for pickup at a later date.

                             

                            Postal Service:

                            If you would prefer, we can mail your tax return with the associated electronic signature pages for execution and return via postal service.

                             

                            Regarding meetings as mentioned above we will no longer be conducting in person meetings; however, we are happy to set up a phone call to walk through the tax return, or to discuss any tax items or the results of your return. Please call to schedule a phone appointment. We are always more than willing to schedule a meeting for after the filing deadline to walk through the tax return with you in person.

                             

                            We greatly appreciate your patience and willingness to work with us during these stressful and uncertain times. If you have any questions, please call or email our office. 

                            IMPORTANT DATES:

                            6/1/20-Maryland business-related tax returns AND payments that were not collected in March, April & May are due.

                            6/15/20-Second quarter estimated tax payments for tax year 2020 are due (This date has not changed).

                            7/15/20-Individual & Business income tax returns/payments are due (normally April 15th).

                            7/15/20-First quarter estimated tax payments for tax year 2020 are due (normally April 15th). 

                            9/15/20-Partnership & S-Corporation income tax returns that have filed for an extension are due.

                            10/15/20-Individual income tax returns that have filed for an extension are due.