As we are all navigating issues related to COVID-19, we understand the impact on our families, businesses, and community is weighing heavy on those we serve.
We are following CDC guidelines closely to protect the safety and well-being of all in our network. With that in mind, we have decided to close our office to public hours. We will begin using the client portal to transfer documents. If you do not have a login to our portal, please contact us and we will send you login instructions. We are also investigating installing a drop box for individuals who do not have the capability to transmit their documents electronically.
If we are already in possession of your documents, we will communicate with you directly to make a plan for you to retrieve your documents in a limited contact environment. We take very seriously our clients health and believe it should take priority.
We are also closely monitoring possible changes related to regulatory compliance and associated deadlines. We will keep you informed as updates are confirmed. Currently the deadline for individual returns remains April 15th. We will be filing extensions as needed for those who are having difficulties getting their documents to us.
Please let us know if you have any questions or concerns. The privilege of serving our clients and our community is an honor for which we are extremely grateful. Thank you for entrusting us to be your partner. Our priority is everyone’s health and safety and we appreciate your patience as we navigate this unprecedented event.
UPDATE - April 1, 2019
South Carolina Department of Revenue has extended the date for State returns to match the new deadline for Federal tax returns to July 15, 2020
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
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The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
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Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
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Loan payments will be deferred for 6 months.
When can I apply?
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Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
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Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Where can I apply?
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You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders.
UPDATE - March 19, 2020
On March 18, the IRS issued Notice 2020-17 providing details on the deferred tax payments previously announced by Treasury Secretary Mnuchin in response to the Coronavirus pandemic. Specifically, the due date for making Federal tax payments due April 15, 2020, in an aggregate amount up to $10 million for corporations and $1 million for individuals and all other “affected taxpayers” is postponed to July 15, 2020. For individuals, the $1 million limit is the same for a single filer as a married couple filing a joint return – in either case, the limit will be $1 million.
South Carolina Department of Revenue has extended the due date for State returns to June 1, 2020