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Whoever said no news is good news was on to something. Yesterday we were informed that the SBA is no longer accepting PPP first and second draw loan applications.
This is a difficult blow to many of our small business clients whose loans have either not been submitted or are currently not yet approved.
The COVID-19 assistance landscape has continually changed since its passing and we have tried our best to keep up. Unfortunately, funding has run dry.
There are still credits and other loans (though not forgivable) that may be available to your business. Our team will work diligently over the coming weeks to provide this assistance, especially to the businesses most negatively impacted by COVID-19.
Federal 1040 personal tax extensions were filed a about a month ago. We have received plenty of calls from clients worried about their taxes, estimated tax payments, and 2020 balances due.
For Texas residents, you can breathe a sigh of relief if that worry applies to you. The IRS announced tax relief that gives you until Jun 15, 2021 to do the following:
For businesses with 1065 Partnership, 1120S S-Corporation, and 1120 Corporate Returns, they are also extended to the June 15th deadline. It also applied to 1st Qtr. payroll and certain excise returns.
To best serve our clients, Juarez Financial & Tax is undergoing several updates. We have implemented a new and improved client portal. We now require any and all sensitive tax, financial, business, and personal information to be submitted through the portal. This is for your protection.
The portal can also be used to access tax returns, financial reports, personal financial statements, and other reports/returns created by our office. This is really helpful to clients who may be applying for loans, mortgages, etc. when our office is closed. You will have immediate access to what you need to take care of business through our secure, encrypted portal.
If you have not registered, a member of our staff will be reaching out to you within the coming weeks to set it up.