The Office is Closed, but We're Still Working
To ensure your health, as well as that of our staff, Ascension CPA is postponing all in-office meetings and document drop-offs and pickups. Even though our office doors are locked, our staff is working from home ensuring you the same high level of service.
Documents can be delivered in any of the following ways:
- Secure Dropbox located at our office (checked & emptied multiple times each day)
- Scanned and emailed
- Scanned and uploaded to your client portal
During this time, email is the best way to reach us. If you do not have an email for one of our team members, please email firstname.lastname@example.org and they will get you in touch with the appropriate person. You can also complete the online contact form or leave a message on our office phone. Messages are checked regularly and calls returned as quickly as possible.
Thank you for your understanding and please continue to practice safe social distancing.
Insights and Latest Updates on COVID-19 Relief for Small Businesses from Ascension
COVID-19 Updates as of 3/27/2020
We hope this finds you well and that you are maintaining sanity while social distancing. We know there have been many questions regarding the economic assistance being offered to individuals and small businesses. We are doing our best to stay informed and updated regarding the rapidly changing COVID-19 developments. Our goal is to provide regular communication concerning the relief and recovery efforts as often as possible. Below are some recent updates.
- The State of Oklahoma followed the IRS in allowing all tax returns due on April 15, 2020 to be automatically extended to July 15th. This extends your time to pay as well as your time to file.
- The July 15th extension applies to all estimated tax payments that would be due on April 15th.
Economic relief for individuals:
- Recovery Rebate (pending signature of President Trump)
The proposed credit equals $1,200 per person ($2,400 for married joint filers) for eligible individuals. Individuals eligible for the credit would receive an additional $500 for each child that qualifies for the child tax credit—generally a taxpayer’s dependent child that is aged 16 or younger.
For businesses trying to maintain their employees, there are a couple of recovery options available:
- SBA Disaster Loan
- All States are Eligible
- Maximum Loan Amount - $2M
- Maximum Interest Rate - 3.75% Fixed
- Maximum Term - 30 years
- Deferred Payments - Up to 1 year
- Paycheck Protection Program (pending signature of President Trump)
- Maximum Loan Amount - $10M
- Maximum Interest Rate - 4% Fixed
- Maximum Term - 10 year
- Deferred Payments - 6 months up to 1 year
- Possible loan forgiveness
- Click here to see more detailed, preliminary information
Careful consideration should be given to both options as it is unclear whether participation in both programs will be allowed. Furthermore, if participation in both programs is allowed, it is uncertain as to how the loan forgiveness eligibility will be impacted.
If you have any questions or concerns, please contact our office. Thank you for being a valued client of Ascension CPA.
Cassidi and Jamie
Treasury Secretary, Steven Mnuchin, recently announced that payments to the IRS, up to $1 million dollars for individuals and $10 million dollars for corporations, will be extended for 90 days, interest and penalty free. This extends the time to pay to July 15, 2020. Currently, the tax filing deadline has not changed and tax returns or extensions must still be filed by April 15, 2020. To hear more watch the video to the right.
Why Ascension CPA?
Whether you're the owner of a small business or a part of a large corporation, we have the customized solutions to meet your needs and take your company to the next level.
Our all-in-one accounting services include, but are not limited to:
- payroll management
- Quickbooks help
- tax preparation
- business setup & strategy
You and your business deserve a team of financial experts, and our form makes working with that team accessible. Request a consultation today and learn how we can help you meet your business goals.