It’s the beginning of April, which means that it’s time to do the 1st Quarter Payroll Tax Returns. Given all of the new opportunities with the stimulus money, it means that we all have some decisions to make.
There are five scenarios that need to be considered.
1 – You claimed unemployment. As such, we would need to file zero returns.
2 – If you received a 2nd Draw PPP Loan, then we will need to show the necessary payroll to have it forgiven. The dates on the payroll and the amounts become important. If you received the loan proceeds on February 15th, then only the payroll after that date will count for loan forgiveness.
3 – If you would like to take advantage of the Employee Retention Credit, then we will need to plan for that as well. If you didn’t get the 2nd Draw PPP then we can just claim it for the entire quarter. It’s 70% of the first $10,000 in payroll per employee. If you had ten employees that were paid $10,000 each during the first quarter, then we can get you a check for $70,000.
Whether you are a current payroll client or not, if you would like to receive this stimulus money, please go to the following web address and click on the start now button.
4 – If you received the PPP Loan and would like to take advantage of the Employee Retention Credit as well, this is entirely possible. Please let us know.
5 – If you would just like to do your regular payroll without anything different, also please let us know.
Let me leave you with this.
If you would like a first dose vaccine appointment, please go to
https://www.zocdoc.com/vaccine
They opened up a new center at Wrigley Field and still have thousands of appointments. I got a couple for my people this morning.
It seems as if spring has officially sprung. My daffodils are blooming and the Cubs lost on opening day to Pittsburg. Really? Pittsburg?
Some things never change, but this spring seems somehow entirely different.
Last year we didn’t have much to celebrate. Everything was shut down and fear permeated the air. There wasn’t much certainty in the future, but this has changed.
We celebrate Easter this Sunday. Whether you are Atheist or Agnostic, Christian or Jew, Muslim or Buddhist, may the hope of an exhilirating spring and a joyous Eastertide be with us all.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
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