Seaman, Shinkunas & Lindgren, P.C.

We missed our Halloween post, so better late than never we felt that sharing our fun with you was important enough to throw it out there. We may be a group of people who handle numbers all of the time but letting loose is one of our favorite things to do! May we never lose our sense of humor.

Seaman, Shinkunas & Lindgren, P.C. would like to shout out and wish Yvonne Tafoya a very, very, Happy Birthday! May this be a good one.

What do we do for fun at Seaman, Shinkunas & Lindgren, P.C.??

Well how about a round of golf! Oh yeah, I said it. Golf!

We would like to thank AJA Inc. for spending quality time with us.

Watch out for the speed racers in the golf carts though, things can get a little crazy when we have a good time! Not sure who won that race but I'm sure it was a good time.

Thank you to our clients for letting us get to know you and have the best relationship that we can with you!

What's new with us?? Well, let us tell you. We have a Superstar in the making here at Seaman, Shinkunas & Lindgren, P.C.

Will Strawn entered the Whistlestop Rocket City BBQ Cook-Off this past weekend and took home some awards that show he knows his way around a smoker.

Will, our very own Huntsville Tax Manager, smoked ribs and chicken with his fellow smoking buddies and took home 3rd place for their ribs in the Shadetree competition and 5th overall.

Now we don't want to miss anything so we need to add that he placed 17th in the chicken category. How about that for a first timer!

Great job Will and congrats on a successful day at the competition.

We'd like to give a shout out to Nathan for graduating from Athen's State University with a Bachelor of Science - Accounting degree, and for also for going a step further and working on getting a Master's degree.

You are a Rockstar for sure!

The $2 trillion CARES Act was just signed into law by the President, representing the largest economic stimulus bill of its kind in history. There was more than can be digested in a single day. It will take another day or two to begin posting about specific provisions of the bill relevant to small businesses. What would be of most interest to business owners are the employee protection loans, which are fully forgivable loans used to maintain employees. When we know more, we will post all that we've learned that is relevant to you.

What relief is available NOW to small business owners is the SBA's Economic Injury Disaster Loan Program. We can help your business apply for these loans today. Call us, or reach out to us on our website at www.sslpc.com, if you need to apply for a Disaster Injury Loan.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

Lawmakers came to a deal in the midnight hour over the economic stimulus bill, and are writing the bill out as we speak. What a roller coaster. This deal comes the day before the Dept. of Labor will post dire numbers of unemployment claims, and the day after the stock market posted its biggest rally since the Great Depression. The market is desperate to cling on something more than fiat and speculation.

- Unemployment benefits will be extended to certain non-employee contractors.

- Direct cash payments of $1,200 to individuals, $2,400 to couples and $500 for children

- Increase in unemployment benefits by $600 / week for four months.

- $350 billion in direct loans to small and medium businesses.

The lending program is HUGE and unprecedented... and wholly without definitive details. It is possible the Federal Reserve will administer these loans under its "Main Street" credit facility it announced two days ago, or it could be a separate program requiring local lenders, CPA's or even the IRS to help businesses apply for. So we could be looking at three separate credit facilities: the existing SBA Economic Injury Disaster Loans, the Federal Reserve Main Street Lending Program, and potentially a 3rd lending program established by this bill.

Stay tuned for more details. Speaker Pelosi is pushing the House to approve this Senate deal / bill unanimously to get it on the President's desk ASAP, but she's got some detractors in her own aisle that will require a little whipping.

Neighborhood Concepts, a Huntsville-based not-for-profit, is offering lines of credit of up to $25,000 for around 5% interest to help small businesses through this difficult time. Click the article to learn more.

Huntsville nonprofit offering emergency loans to small businesses HUNTSVILLE, Ala. – Small businesses being impacted by the COVID-19 outbreak can get help from a Huntsville nonprofit. Neighborhood Concepts Inc. is offering capital loans up to $25,000 through its …

We are in Day 7 of a 15-day effective shutdown. We don't seem any closer to a deal on the stimulus bill which failed passage last night and remains in frenzied negotiation. The White House and businesses across America are wringing their hands over when we can restart the economy. Will it happen after the 15-day period is over? It is anyone's guess, but the White House is in touch with every expert and business leader as it forges guidelines for when the 15-days is over.

The stimulus bill's provisions, beyond the provisions for individual stimulus check payments, would include loans that would be forgivable if the proceeds are used to maintain employment. The key sticking points relate to aide to the states to prop up employment benefits, and generous loan guarantees for businesses.

Meanwhile, in business related developments, the Ala. Dept. of Labor announced that Covid-19 related unemployment claims will NOT impact those experience ratings that determine unemployment tax rates. That is welcome news for business, specifically restaurants and hotels.

We all know by now that the IRS is extending due dates from April 15 to July 15. That also goes for taxes due on April 15th, as well as estimated taxes due on April 15th.

Alabama is now listed as a qualifying state of Economic Injury Assistance Loans offered by the SBA. Reach out to your bank or the SBA for assistance in applying for these loans. But as of this hour, the Federal Reserve has also announced a program in which they will either purchase small business obligations, or otherwise make direct loans to small businesses. Details are scarce on this "Main Street" loan program, as its been branded, but it also unprecedented direct action from the Federal Reserve to stabilize the small business market and provide needed credit.

Foreclosures and evictions are forestalled for 60 days. There is also forbearance on payments to Dept. of Education student loans for an indefinite period. Most schools are reported to hold to their policy of no tuition refunds for this semester, but it is well worth contacting your college on the matter. Room and board could be refundable depending on university policy.

Details begin to emerge about the GOP proposal for a stimulus package. There are some divisions over this bill even within Republican ranks, but Mitch McConnell has indicated that $1,200 for individuals and $2,400 for married couples (plus $500 per child) would be the amounts ultimately paid. The payments would phase out for those with income of $75k - $99k for individuals and $150k - $198k for married couples. Individuals who paid no income tax could still be eligible to receive up to $600.

Other provisions of the proposal include $300b for loan guarantees to small businesses, relaxed tax filing deadlines (only tax payment deadlines are currently extended), and allowing employers to defer payroll tax payments through 2021.

We don't want to get into 'news,' but it is worth knowing that some Democrats and Republicans are insisting in greater unemployment provisions, and some have even grown tepid to direct cash payments. If the cats and dogs want to get something passed, there is no better time for compromise.

The Families First Coronavirus Response Act is now law, providing needed job-protected leave for employees impacted by Covid-19 disruption. All employers are required to provide two weeks of Emergency Paid Sick Leave for a quarantine or isolation order by a government or heathcare provider, or for an employee experiencing symptoms of Covid-19 and is seeking a diagnosis. 100% pay is available for these reasons. 2/3's pay during this leave is permitted for employees caring for a dependent whose school is disrupted, or who is caring for a family member with Covid-19 related illness.

Though this requirement is mandatory, there is an escape clause for businesses whose ability to operate would be jeopardized by following this requirement. That's a rather milky and subjective requirement, but there you have it.

Once these two weeks are up, Emergency Family and Medical Leave kicks in. An employee who is caring for a school-displaced child will qualify for an additional 10 weeks of job-protected leave, paid at a 2/3's rate of normal pay. Businesses with less than 50 employees, however, are exempt from paying the 2/3's leave, but still required to provide job-protected unpaid leave.

Employers will be reimbursed 100% through their payroll tax cycle to pay both the Emergency Paid Sick Leave, and the Emergency Family and Medical Leave. Violations of either would be considered violations of FLSA and FMLA labor laws.

Breaking: Treasury Sec. Mnuchin announced that the government is strongly considering sending direct cash payments to taxpayers within the next two weeks. IRS payments due on April 15th will be given an extra 90 days to pay without penalties and interest. Details will follow, but this is direct from the President's daily briefings.

Good morning. Please follow Seaman Shinkunas & Lindgren, PC for daily updates on the economic and financial impacts of the Covid-19 pandemic, particularly on small businesses and working Americans.

Right now several lawmakers on both sides are proposing direct cash payments to American taxpayers to provide quick economic stimulus for the economy, and to support families who find themselves in financial hardship due to Covid-19. This would come as a separate bill, probably originating in the Senate.

Meanwhile, mandatory sick leave provisions within the Families First Coronavirus Response Act (FFCRA) are continuing to be ironed out in the Senate.

The Alabama Dept. of Revenue is expanding unemployment benefits to cover those sickened or quarantined by Covid-19.

The federal government is considering up to $850 billion in economic stimulus to keep the economy's engine running smoothly over an uncertain period. This stimulus is directly intended to prevent widespread layoffs and could come with stipulations to ensure continued employment.

The latest Covid-19 guidelines recommend the avoidance of all bars, restaurants and venues of entertainment... as well as gatherings of 10 or more people. Jefferson County has required all restaurants and bars to close their dining rooms except for take-out and drive-thru. Consider that this will have a definitive impact on small restaurants and shops in terms of customer traffic and demand. Prepare your business not only for the public health challenge, but also the economic challenge.

If you are our client, we are here to keep you informed, and always here to help you face these questions together.

Here is more relief coming to Alabamians impacted by the economic fallout of Covid-19.

The Alabama Dept. of Labor is amending unemployment compensation rules to allow claims for:

1) Those quarantined by a professional or gov't
2) Those laid off or sent home without pay for an extended period due to Covid-19
3) Those diagnosed with Covid-19
4) Those caring for an immediate family member diagnosed with Covid-19

Claimants will not have to search for other work provided they take reasonable steps to preserve their ability to come back to their original job when the quarantine is lifted or illness subsides.

Furthermore, the first waiting period (week) before receiving benefits is lifted. This expansion will be partly made possible due to anticipated funding from the Families First Coronavirus Response Act.

Benefits can be filed for online or by phone. Claims under these amended regulations can begin Monday, March 23.

Source:

What happens if you lose your job due to coronavirus? Alabama officials provide some answers The Alabama Department of Labor is out with a FAQ for workers worried about their possible next steps.

If you are a business owner, how have you considered Coronavirus crisis and its impact on your business? Will you remain open? Will you allow working from home? Please share with us.

So there is no good summary written up yet by our professional resources on the Families First Coronavirus Response Act, and there are so many details to be worked out. But let me share with you some of the important employment-related measures being enacted. This bill has passed the House, and it is expected to pass the Senate and the President's pen this week. In summary:

1) The FMLA (Family Medical Leave Act) has been amended to mandate that employers will provide up to 12 weeks of job-protected leave to be used for quarantine from exposure or symptoms of Covid-19, to care for an at-risk family member, or to care for a child whose school or place of care has been closed due to Covid-19. Any paid medical leave therein will be reimbursed 100% by the federal government through the payroll tax cycle as an adjustment against employer-side taxes.. But remember, leave is NOT required to be paid under FMLA. FMLA's primary purse is to protect your job while you are on leave, but the employer may choose to pay during that leave and get reimbursed by the gov't 100%.

2) Federally-paid emergency paid leave authorized for those diagnosed with Covid-19, in quarantine OR self-isolation, caring for an at-risk individual or a dependent whose school or place of care has closed. The benefit is equivalent to 2/3's your average monthly pay up to $4,000. It will be administered by the SSA by phone, email or mail.

3) Employers will be required to provide two weeks of paid sick leave paid at the employee's regular rates to quarantine or seek a diagnosis or preventative care for Covid-19, or provide 2/3's paid to care for a family member for the same, or 2/3's paid to care for a child due to school closing. A 100% tax credit is available for employers to cover these costs through their payroll tax cycle as an adjustment against employer-side taxes.

Remember that there are three key provisions here: 1) Required Paid Sick Leave 2) Expansion of the Family Medical Leave Act and 3) Gov't Paid Emergency Leave. Employers will be covered 100% for paid leave through their payroll tax cycle. These are probably the most sweeping changes to federal employment law made at breakneck speed I've ever seen or heard of, but they will sunset within about a year.

Circular 230 Disclosure. To comply with requirements imposed by the Department of the Treasury, I inform you that any U.S. tax advice contained in this communication is not intended or written by the practitioner to be used, and that it cannot be used by any taxpayer, for the purpose of (i) avoiding penalties that may be imposed on the taxpayer, and (ii) supporting the promotion or marketing of any transactions or matters addressed herein.

Source attached.

appropriations.house.gov

Dear Valued Clients,

SSL is committed to protecting the health and well-being of our community, our clients and our staff. At this time, we are expecting a widespread economic and social disruption as a result of the Coronavirus pandemic. As a result, we are prepared to take necessary measures to continue working through this disruption to deliver you the best quality service possible under the circumstances. We encourage our clients to communicate with us electronically as much as possible to reduce communal exposure. If local schools are shut down, it is our intention to reduce our on-site staffing to a minimum. When the IRS announces extended deadlines, we will act upon those deadlines accordingly. If you are sick, or recovering from any illness, we ask that you refrain from visiting us at our office until you have returned to full health. Your relationship is valuable to us, and it is our plan to accommodate your needs under these rapidly changing conditions. We are grateful for your business and look forward to seeing you soon when life gets back to business-as-usual.

SSLPC is looking for an Executive Assistant for our Huntsville office. Would you like to join a growing firm in one of the fastest growing cities in America? Please send us your resume!

The IRS is expected to begin issuing refunds despite the government shutdown, and that individual returns can begin being processed by January 28th.

IRS will start processing tax returns Jan. 28; refunds issued despite shutdown Despite the shutdown, the IRS will start processing tax returns Jan. 28.

The Firm's very own Bob Seaman explains to WHNT how cyber-criminals can exploit your tax information for fraudulent purposes. Always be mindful to never transmit any of your sensitive information in the open over email.

Cyber-criminals targeting business identities "1234 or password is not going to work." Safeguarding your wi-fi or internet is a simple protection step lots of people miss.

Huntsville has been named one of the hottest housing markets in the United States by Business Insider. Does the market feel hot to you?

The 8 hottest housing markets in America Sharestates, an online real-estate crowdfunding platform, has released which cities are most popular right now.

In an effort to bring aboard bi-partisan and, moreover, moderate GOP support for a new health bill, Senate Majority Leader Mitch McConnell is weighing the possibility of leaving Obamacare taxes in place to fund medicare expansion programs, dear to the heart of Republican constituents in mid-term battleground states.

McConnell’s bipartisan health-care bill could abandon tax cuts Attempts to build an approach with broader support may risk support from moderate Republicans.

There are some remarkable changes proposed for downtown in the proposed master plan!

Proposed downtown Huntsville master plan features dramatic changes In a sense, that's a point of master plans - to stretch the imagination to see what isn't easily seen.

Did you know that taking the home office deduction for actual expenses can result in paying capital gains taxes on the sale of your personal residence? Thankfully, the IRS implemented the "simplified option" for taking the home office deduction that can avoid this. You can deduct $5 per square foot of your home office up to 300 square feet under this simplified calculation.

Simplified Option for Home Office Deduction Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home.

If you feel bad about having filed an extension for 2016, don't fret. So has our President. You are entitled to file for an extension to file for six months, although it is not an extension to pay. It is typical for business owners to file for an extension as they await the results of separate business filings.

Trump filed for an extension on his 2016 tax return President Donald Trump filed for an extension on his 2016 tax return, the White House said Saturday.

Google Fiber is open for business in Huntsville. Right now, Google is now accepting customers in North Huntsville, the first part of the metro linked to Google's high-speed broadband network that promises to revolutionize internet access.

Google Fiber Huntsville – Sign-ups now open Google Fiber is available to homes and businesses in huntsville. Check your address to get started.

For better or worse, the American Health Care Act (AHCA), which moves on to a tough fight in the Senate, would repeal or abolish some of these more unpopular ACA revenue-related provisions:
1) abolish the individual mandate tax applied to taxpayers who do not have health coverage
2) abolish ban of using flex spending on non-prescription drugs
3) abolish the 3.8% medicare surtax on investment income
4) abolish employer mandate tax compelling companies > 50 full-time equivalent employees to carry group coverage
5) decrease the deduction limitation on out-of-pocket medical costs from 10% back to the 7.5% floor

Keep in mind that Alabama's sales tax holiday for "back-to-school" will be earlier this year, falling on the third full weekend of July. Citizens will be able to purchase certain school supplies, computers and clothing free of sales taxes beginning July 21st and lasting through July 23rd.

Alabama Department of Revenue - Sales Tax IMPORTANT: In accordance with Act 2017-120, the Back-to-School Sales Tax Holidays will be held each year on the third full weekend of July instead of the first full weekend of August.

Would you rather give employees compensated time off rather than pay them overtime? A House measure has passed to that effect and will move to the Senate where it is expected to encounter opposition. This type of overtime option has moved through the Capitol before only to stall out in the face of stiff labor opposition. This congressional class offers the best opportunity to send such a measure to the President's desk.