Not All PPP “Forgivable” Loans Will be Forgiving

Jon Weaver Tax Information

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed forgivable, the requirements for forgiveness …

Rebates Are Finally Flowing – Did You Get Yours; Was It Correct?

Jon Weaver Tax Information

Article Highlights: Economic Impact Payments What Rebates Are Based Upon Non-Filers Get My Payment Auto-Deposit and Addresses Family Makeup & Income IRS Q&A The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.”  However, not everyone who was expecting one has received theirs, and some may not be the amount expected.  The Treasury first looked …

Tax Breaks for Coronavirus:

Jon Weaver Tax Information

United States Small Business Administration (SBA) Paycheck Protection Program – Small and midsize employers (generally those with 500 or fewer employees), sole proprietors, independent contractors, self-employed individuals and gig workers are eligible for the Paycheck Protection Program. If eligible you can borrow two and a half times your average monthly payroll expense up to a maximum of ten million dollars. …

Tax Deadline Extended to July 15th

Jon Weaver Tax Information

Due to the Coronavirus the IRS moved the filing deadline for individual tax returns from April 15th to July 15th. To our clients that already dropped of tax documents, we will continue to work diligently to prepare your tax returns as quickly as possible and will keep you informed of the progress. We are experiencing very high volumes and our …

Coronavirus Update:

Jon Weaver Tax Information

Due to concerns over the Coronavirus, the IRS extended the deadline to pay individual income taxes related to the 2019 tax year by three months. Normally these taxes are due April 15th however this year the deadline has changed to July 15th. Please note that tax returns are still due on April 15th, so if you need more time to file …

Standard Deduction vs. Itemized Deductions

Jon Weaver Tax Central

As taxpayers filed their taxes in 2018 many who itemized deductions in years past found the standard deduction to be more advantageous. The reason for this was two-fold. The new tax laws greatly increased the standard deduction and greatly reduced or eliminated many of the itemized deductions. This one-two punch resulted in about 10% of taxpayers itemizing in 2018 versus …

The Time is Here – Form 1099

Jon Weaver Tax Forms

Attention business owners! It is almost time to file your 1099’s for certain payments you made during the 2019 tax year. Who needs to file Form 1099? Any business that pays a non-employee individual $600 or more for their services must file. On a separate note, your employees are issued a Form W-2 which is totally separate from and not …

The 179 Deduction

Jon Weaver Tax Central

Highlights of this blog: 179 is a tax-related expense that allows a business to quickly write off the cost of certain assets The maximum IRS deduction for 2019 is $1,000,000 The maximum North Carolina Department of Revenue deduction for 2019 is $25,000 179 is available even if the business takes out a loan to pay for the asset Do not …

IRS Penalties and Interest

Jon Weaver Tax Problems

There are numerous rules that taxpayers must follow to prevent incurring penalties and interest. Below you will find a breakdown of some of the more common violations. There are many others that are not mentioned, so you may incur penalties and interest even if you satisfy the conditions described below. One of the most expensive penalties is Failure to File. …