Beaubien Business Services Inc.

The IRS opens their e-filing system Friday!! Woo hoo bring on the tax refunds! If you are a client already you should have received access to your new client portal yesterday. If we haven’t done your taxes but you want start click on the link and you can sign up. As a thank you all for checking us out and getting your info in early we’re discounting prices! Message us through your portal once you sign and one of the girls in the COVID FRIENDLY REMOTE OFFICE will review your file and huge drop in the cost of your 2020 tax service! http://screwtax.com/

Oh the work that goes into getting W-2’s & 1099’s out this was the last set of sooo many throughout the month that went out. I can’t explain enough how important it is to have your bookkeeping done all year and not just when it’s time to file. #avoidthelatepenalties #1099 #w2 #941 #940

Tax time for Multi-Level Marketing Distributors https://www.beaubienbookkeeping.com//tax-time-for-multi-le

Tax season opens later than normal. IRS has published, due the COVID pandemic the season will open February 12th, giving them enough time to do programming and testing. This includes making sure those of you that haven’t received the stimulus payment being able to claim the credits on your tax return. If you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) your refunds probably won’t come til the first week of March like normal still. Want to... save 25%??? As long as all documents have been sent to us and forms signed by February 10th you will get 25% off!!! Beaubien Business Services Inc 951-444-1885 [email protected] https://www.beaubienbookkeeping.com/taxes February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns. First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns. April 15. Deadline for filing 2020 tax returns. https://www.irs.gov//2021-tax-filing-season-begins-feb-12-

Here's another article that explains the difference between Employees and Sub-Contractors "1. Behavior of the ‘worker’ in relationship to your direction and guidance. Does the company control or have the right to control what the worker does and how the worker does his or her job? 2. Financial terms between you and the ‘worker’. What are the business aspects of the financial relationship? Is the worker paid hourly or weekly? Does it look more like pay that an employee would receive? Do you reimburse for expenses and provide the work space, tools and supplies? 3. Type of Relationship in writing AND Understanding. Would your ‘worker’ consider themselves an employee? Could they be fired any particular day? Do you have a sub-contractor agreement in place that clearly indicates the worker is an independent contractor?"

Check out this article on Treating Employees as Sub-Contractors. #2 Unemployment Claim by an employee is a BIG ONE happening to so many right now.

Unemployment Benefits ARE TAXABLE! Make sure you are withholding taxes now. Questions?? Contact Beaubien Business Services, Inc. [email protected] 951-444-1885

The PPP loan application is ending 6/30. I’ve heard many banks have already stopped accepting applications. If you need our assistance in getting the PPP loan please contact us today! If you already have someone you are working with be sure to get everything submitted ASAP. Again most banks have already stopped accepting. Get everything done today if possible! The EIDL application has also reopened for all businesses. ... PM us, email [email protected] or call/text us at 951-444-1885.

City of Temecula approves half million dollars in Small Business Emergency Relief Grants Announcing Temecula Assist (TA), a Small Business Emergency R...elief Grant designated for Temecula small business owners coping with the financial effects of the COVID-19 pandemic. TA is comprised of 2 Tracks: 1Rent Recovery and Job Retention Track - funds (up to $10,000) are to be used for rent, mortgage, and payroll 2Business Improvement Track - funds (up to 5,000) are to be used to retool and/or update a business to coincide with new health-related requirements (ex. expanding outdoor patios, assistance with permit fees, install sneeze guards, etc.) Application Deadline - Tuesday, June 9, 2020 For more information and to apply, visit https://temeculaca.gov/1406/Temecula-Assist Temecula Valley Chamber of Commerce Temecula Valley Southern California Wine Country Inland Empire Small Business Development Center

Employees who lost their job may have started getting their unemployment pay. BUT EMPLOYERS who closed their businesses are starting to get their unemployment now too! In order to qualify you must be 100% closed due to COVID-19. If you haven’t applied yet visit https://edd.ca.gov/Unemployment/Filing_a_Claim.htm This link is for employees / employers even self employed! If you already applied and we’re disqualified, try applying again as the program updated on 4/28.... Federal unemployment is assisting right now by adding an additional $600 payment a week on top of what you qualify with for state!

PPP program opens tomorrow at 7:30am pst. Do you have you app in already?

If you paid extra for card security debt protection on a credit card you may have protection to cover your payments and/or balance cancellation! Don’t forget to check into all the credit cards you may have.

Today, U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program: The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also p...roviding much-needed relief to people and businesses. By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations. We urge Congress to appropriate additional funds for the Paycheck Protection Programa critical and overwhelmingly bipartisan programat which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks. The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.

HEALTH INSURANCE Has your job or income changed? Don't forget to adjust information on your www.coveredca.com login or start an account if you don't have one yet.

Looking for status on your ECONOMIC IMPACT PAYMENT? Latest Updates on Coronavirus Tax Relief Get My Payment: Reasons you may get Status Not Available The Get My Payment application will return Status Not Available if you are not eligible for a payment or we don’t have enough information yet to provide a status. See the IRS Statement on Get My Payment Application for details.... IRS mission-critical functions continue While we continue to process electronic returns and issue refunds, some IRS services are limited. Get up-to-date status on affected IRS operations and services. https://www.irs.gov/coronavirus-tax-relief-and-economic-imp

Questions about CORONA VIRUS ECONOMIC IMPACT PAYMENTS? All questions you may have the IRS has answered on the attached link. Example questions you will find:... 1. I made an electronic payment from my bank account to the IRS (includes a Direct Debit Installment Agreement (DDIA)). Will my payment be direct deposited to the same account? Can I use Get My Payment to provide my bank account information? 2.What does it mean when Get My Payment says, "Need More Information"? 3.Why am I getting "Payment Status Not Available?" 4.How long will it take for my payment status to change? 5.Do I need to take action? 6.Payment recipients: watch for an IRS letter Many more questions you have can all be answered by checking this site. https://www.irs.gov//economic-impact-payment-information-c