To Our Clients Regarding the CARES Act
Direct Payments should be made as follows based on the last information IRS or SSA has on you:
Single with Adjusted Gross Income of $75,000.00 Payment $1,200.00 phases out @ $99,000.00; Head of Household with Adjusted Gross Income $112,500.00 Payment $1,200.00 Phases out at $136,500.00 and $500.00 for every child under 17; Married with Adjusted Gross Income under $150,000.00 $2,400.00 plus $500.00 for each dependent under the age of 17 Phases out at $198,000.00. Reminder we will need to know exact amount you receive as information for your 2020 tax return. Payments will be direct deposited into your account if the IRS or SSA has your banking information otherwise checks will be mailed roughly in four to six weeks. Persons on Social Security still unclear as to need to file in order to receive payment.
Unemployment: The amount of $600.00 will be added to what state unemployment benefits you qualify for. Self employed 1099 individuals will qualify for unemployment.
Should you need to tap your retirement during this time you will be able to do so without incurring the 10% penalty on up to $100,000.00 and taxes are spread over three year period or you can roll the money back in over the same three year period and avoid taxes. Warning as market conditions have severely affected the value of your account you should consult with your financial advisor. Consider a loan from a 401-k over a withdrawal.
RMDs for 2020 have been waived for all.
Federal Student Loans: No interest and no payments till September 30.
Correction to earlier letter as the June estimated tax payments are still due June 15 2020 not July 15.
Small Business with under 500 workers: SBA loans up to $10 million are an immediate source of
funding which may very well wind up being grants (forgiven). Most all local banks will be able to assist you in this process and get money to you quickly. The funds can be used for rent, utilities, payroll, increased costs due to supply chain disruption, mortgage, lease payments, or other business obligations that cannot be met due to revenue loss. These loans are designed to cover operating expenses and as long as you continue paying the employees at normal levels during the
eight weeks after loan origination then most the loan if not all will be forgiven. Check with your
bank for more and exact details on the loan and the forgiveness. It’s there use it!
The full CARES Act is available by searching “Coronavirus Aid, Relief, and Economic Security Act.” I have
only covered a small portion.
North Carolina as you are aware of began stay at home Monday at 5:00 PM search “NC executive order
121” to get the full details. Business owners I refer you to this as it is a guide to businesses that can
continue to remain open.
We are swamped with calls be patient as we will get back to you or email us which may be best.
For more information, click on any of these useful links:
- https://www.uschamber.com/sites/default/files/023595 comm corona virus smallbiz loan final.pdf
- https://www.uschamber.com/co/run/business-fina ncing/coronavirus-emergency-loans
- https://www.businessinsider.com/ho w-to-get-stimulus-check-coronavirus-crisis-2020-3
SBA LOAN APPLICATION
NC STATE UNEMPLOYMENT
We Offer A Broad Range Of Services To Help Clients Secure A Sound Financial Future.
In Lenoir, North Carolina, since 1980, Doug Sprinkle, Accountant offers a wide range of services in the areas of accounting, auditing, taxation, and consulting. The firm’s office is located at 1418 Blowing Rock Blvd.
The firm is dedicated to providing superior service to our clients. Doug Sprinkle established the firm because of his desire to make a significant contribution to the economy of our region.
Our mission is to use our talents and abilities to provide outstanding client service that transcends the usual Accountant Client relationship in order to help our clients achieve their goals and objectives.
1418 Blowing Rock Blvd.
Lenoir, NC 28645
Phone & Fax
(828) 758-4082 phone
(828) 758-8268 fax
Normal Office Hours
Monday thru Friday 8:30AM – 4:30PM
Closed Saturday and Sunday
Tax Season Office Hours
January 20 — April 14
Monday thru Friday 8:30AM – 5:30PM
Closed Saturday and Sunday