Did you get a Form 1099-G recently from the IRS reporting jobless benefits you did not receive? Waste no time contacting your state unemployment agency to get a corrected form saying you didn’t receive those benefits. “If you’re unable to obtain a timely, corrected form, you should still file an accurate income tax return reporting only the income you received,” says Rock & Hammer CEO Henry Obadiah. “But know that a corrected Form 1099-G showing zero jobless benefits when you’re been a victim of identity theft will help you avoid being hit with an unexpected federal tax bill for unreported income down the road.” The IRS in early January issued … Read More
Author Archives: Will Spiers
Uncle Sam + Small Business
Not sure you will get all of the relief you’re legally due this tax season? We’re here to help. Ask us about some of the federal government’s new programs for small businesses, if you haven’t already. If you’re already one of our clients, we’ve been working hard to keep you up to speed on all of the programs that may apply to you. But don’t hesitate to schedule a new appointment with us —just to make sure any new changes out of Washington this year won’t catch you by surprise. Here, below, are the four main small business aid programs from 2020 that were initiated and passed by Democrats and … Read More
Help and Guidance for Businesses Hit by COVID-19
NYC Small Business Services is offering a lifeline for many of the city’s businesses hit hard by COVID-19: NYC Employee Retention Grant Program, for small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. To be eligible, businesses — including nonprofits — must be able to affirm that they are: located within the 5 boroughs of New York City; able to demonstrate that the Pandemic has cause a minimum 25% decrease in revenue, and have no outstanding tax liens or legal judgments. For more information, go to https://www.1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program NYC Small Business Continuity Loan Fund, for small businesses with … Read More
$2 Trillion Stimulus: Will it Help You?
The new economic stimulus plan just passed by lawmakers in Washington includes $350 billion for loans and loan guarantees for small businesses that qualify. But what will this mean for you? “The government will pay the wages of some workers who remain on their companies’ payrolls,” says Rock and Hammer Founder Henry Obadiah, “and it will sustain other workers who have lost their jobs with checks that are as large as what they were earning before they were laid off. It will help some of the country’s largest corporations stave off bankruptcy. ” But there will also be some strings, he says. “Loans to small businesses with 500 employees or … Read More