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Accountant  Tax Non Filers  Amended Returns  Apply PPP

If you failed to file your taxes for your business in recent years, you have opened the door for a number of tax-related issues. This is especially true if you intend to apply for the Paycheck Protection Program (PPP) that was presented in response to the coronavirus pandemic. Fortunately, you may still be able to claim the benefits provided by the PPP. If you require legal assistance to file or amend an old tax return, you should consult with an experienced accountant for tax non-filers and amended returns.

At the NewPoint Law Group, LLP, we are committed to helping our clients manage complex tax issues that may arise when trying to operate a successful business. We understand that interpreting the tax code can be daunting for a business owner, and we are here to alleviate your concerns. To schedule a confidential legal consultation to discuss your tax situation, contact the NewPoint Law Group, LLP at 800-358-0305. You can also contact the firm online.

What is the Paycheck Protection Program (PPP)?

The coronavirus pandemic has ravaged the United States for several months. In addition to the over 1 million confirmed cases of the virus, there are nearly 100,000 deaths that are attributed to complications from the virus. On top of claiming the lives of many Americans, the coronavirus pandemic has also had an extreme impact on the nation’s economy.

To combat the effect of COVID-19 on commerce in the United States, the federal government has passed the Coronavirus Aid, Relief, Economic Security Act (CARES Act) to provide for people and small business owners that were impacted by COVID-19. A substantial component of the CARES Act is the Paycheck Protection Program. The PPP provides small business owners with a loan to provide for business expenses, payroll for employees, payments to creditors, and other related expenses.

Qualifying for the PPP Loan

Due to the extremely high demand for the PPP loan, business owners need to submit an application as soon as possible because the funds apportioned for the loan may be quickly depleted.

There are three requirements to determine whether a business is eligible for the PPP loan. However, a business is only required to satisfy one qualification to be approved for a PPP loan. The first requirement is that the business owner has 500 or fewer employees. If you operate a company that is in the foodservice industry, the 500 employee limit applies on a physical location basis. For example, if one physical location has 30 employees, and another has 501 employees, only the location with 30 employees is eligible to receive the loan.

There has been some controversy over this distinction as many companies who are have not been severely impacted were eligible to receive the loan. It is unclear whether legislators will make a change to this particular requirement. The other two requirements are:

  • The business meets the Small Business Act’s definition of a small business

  • As of March 27, 2020, the net worth of the business is not more than $15 million, and the average net income after federal income taxes for the previous two fiscal years does not exceed $5 million.

If a business satisfies one of these requirements, they can borrow up to 2.5 times their monthly payroll, up to a maximum of $10 million.

The loan provided by the PPP can be used for a number of causes. For example, an employer could use the loan to pay employees during the COVID-19 pandemic. Each employee can receive up to $100,000 in salary. Other uses for the PPP program are:

  • Health benefits for employees like insurance premiums

  • Business expenses from the payment of mortgages to utilities needed for the company’s properties

  • Payments to other business creditors

Note, however, that the owner of a small business cannot accept the PPP loan and then proceed to lay off employees. Additionally, if employees were already laid off, they must be rehired by June 30, 2020.

There are other circumstances that can affect your approval for a PPP loan. To learn more about how an unfiled tax return can affect your potential PPP loan, you should continue reading and speak with an experienced accountant for unfiled and amended tax returns.

Filing or Amending a Tax Return for a PPP Loan

Filing a tax return for your business should be a priority every year. A failure to file your taxes can result in a number of problems for a business owner. For example, the business owner may be unable to claim their return and may fail to pay into their future retirement plan. For business owners during the COVID-19 epidemic, failing to file or amend a return could also mean the difference in being approved for a PPP loan.

If a business owner has yet to file their 2019 tax return or their return requires some changes, this will make them ineligible to receive a PPP loan. This can be catastrophic if your business is struggling to stay afloat during these unpredictable times. Our firm can help you file or amend an old return to increase your chances of receiving a PPP loan.

Contact Our Experienced Accountants for Tax Non Filers and Amended Returns for PPP Loans

If your company requires legal assistance to file or amend a tax return to apply for the PPP, you should contact an experienced accountant for tax non-filers and amended returns. At the NewPoint Law Group, LLP, our dedicated attorneys possess decades of combined legal experience, and we are ready to use this experience to provide you with the legal representation you deserve. To schedule a confidential legal consultation to discuss your tax matters, contact the NewPoint Law Group, LLP at 800-358-0305. You can also use our online submission form to contact the firm.

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