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Covid-19 Tax Relief

Our hearts go out to the families that are suffering as result of the Covid-19 Pandemic.  This is, without question, a surreal moment in time. 

The federal government has created numerous programs to help families and businesses survive the Covid-19 Pandemic.  We are helping business apply for the following: 

1. Paycheck Protection Program (PPP) - The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.  

2. Economic Injury Disaster Loan (EIDL)- The EIDL Loan provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue. As part of the application, you may apply for an EIDL Advance of up to $10,000. The $10,000 EIDL Advance does NOT have to be repaid even if your business is not approved for the EIDL Loan.    

3. Refundable Tax Credits - Employers may also take advantage of certain refundable tax credits available for payroll taxes for employees impacted by Covid-19.

4. General Relief - If you simply need assistance with resolving issues with the Internal Revenue Service (IRS), we resolve issues, including: collection actions, examinations, payroll tax problems, penalty relief, compliance issues, un-filed returns foreign accounts, FBARs, BSA/AML exams, as well as most other matters involving the IRS.  

Regardless of your situation, you should adopt a state of mind which allows you to improvise, adapt, and overcome the challenges you are facing.  Be creative, plug holes, and live to fight another day.  To that end, we are here to help!

For over 20 years, our Firm has helped individuals and businesses resolve issues with the IRS.  Please call us if you need assistance with the IRS or assistance with applying for any of the new programs offered by the Small Business Association (SBA). 

If you would like to discuss your situation, please call Teig at 305-576-4242 or send an email to:   Teig@mytaxlaw.com

Remember to provide a contact number for a return call.   In most cases, Teig will call you within a matter of minutes.   

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| Phone: 800.880.0829

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