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June 5th, the Senate passed an extension of the Payroll Protection Program, with no changes to what the House had proposed (H.R. 7010). We expect that the President will sign this into law shortly.

Some major benefits of the bill include:

  1. Extension of the covered period from 8 weeks to the earlier of 24 weeks or December 31, 2020. This means you’ll have more time to use the funds. This means you do not need to adjust your payroll dates to fit the 8-week period.
  2. Previously, you had to spend at least 75% of the PPP funds on payroll costs – that has now been decreased to 60%. You will need to use for allowable costs (payroll, rent, utilities, mortgage payments) – that has not changed. But it allows you to spend more on rent/utilities/mortgage if needed.
  3. On any non-forgiven amount, increases the term of the loan from 2 years to 5 years (still at the 1% interest).
  4. Allows additional time to rehire employees from June 30, 2020 to December 31, 2020. There are some additional exceptions allowed for not rehiring employees.
  5. Allows businesses with PPP forgiveness to still defer portion of FICA taxes (this was previously prohibited once you received forgiveness).
  6. There is an exception if you prefer to keep the 8-week forgiveness period instead of the 24-week period.

We’ll be waiting to hear from the Treasury and SBA on the specific rules for administering the program and will keep you posted.

You can view the copy of the bill here: https://www.congress.gov/bill/116th-congress/house-bill/7010/text

If you have any questions, feel free to contact our office.

Congress's recently passed Coronavirus Response Acts

Taxes, Tax Filing, and Tax Payments during the Coronavirus Pandemic

Government Extends Deadline for Filing Your Taxes

Congress passed the final Coronavirus Stimulus Package, which makes available $2.2 trillion to be distributed to individuals and businesses across the country.

There are 3 ways in which you may qualify as a recipient for this distribution:

  1. Every adult individual will receive $1200.00 and every child under the age of 16 years will receive $500.00. To qualify, a single person making less than $75,000.00 will receive the full amount. This amount will gradually decrease as the income increases. An individual with an income equal to or over $99,000.00 will not qualify.For married couples, a family income of up to $150,000.00 will qualify for the full amount of $2,400.00. As the family income increases, the payment will decrease. Family income that is equal or greater than $198,000.00 will not qualify.To receive these distributions you do not have to do anything. The IRS will either look at your 2018 or 2019 tax returns, and then the IRS will determine your income. If you have paid your taxes or received your refund electronically using your bank account, the IRS will automatically deposit the amounts to your bank account. Otherwise, the IRS will send you a check to the residential address that is on your file.
  2. If you have lost your job, please go online and apply for unemployment insurance immediately. If you are qualified to receive your state unemployment, you will be receiving one check from State Unemployment and then another one for $600.00 from Federal Unemployment. So, you will receive two checks every week. Please remember that if you do not qualify for state unemployment then you will not receive the federal payment either.
  3. If you have a small- to medium-sized business, you may qualify for two different funds:
    1. You may qualify for a grant; or
    2. You may qualify for a business loan to continue running your business. This loan is at a zero percent interest rate for the first year and at a very low interest rate thereafter.

    To apply for these grants and loans, please use the Small Business Administration Emergency link:

    https://disasterloan.sba.gov/ela/

    or call 800-659-2955.

 

In light of recent events surrounding COVID-19, we at TPI Group are still available for all your financial needs and inquiries.

Tax Accountant and Attorney in Vienna, VA

Tax Services

TPI Group’s many tax services take the hassle and dread out of the tax season. Ask to have TPI’s certified public accountants evaluate your financial situation and they will find a variety of ways to improve your bottom line, all while saving you time and money. How? Our firm of experts knows and understands the tax laws.

Here are some of the services a TPI accountant provides:

We will assemble a holistic portfolio of the services that will be the most beneficial to your needs. Whether you’re a high-income individual or a corporate business, and whether you’re based here in Vienna or abroad, TPI Group is the accounting firm that will always be there for you.

Learn more about out tax services or schedule a free tax planning consultation with our firm now.

 

Tax Preparation Services

Don’t make the mistake of doing your taxes without the assistance of a professional accounting firm, because you could be missing out on deductions and credits that you may have overlooked. It isn’t your fault; we know how confusing taxes can be. And with tax laws changing every year, it takes a group of professionals to search out the best solutions for your specific needs.

Benefit from a tax consultant who will reduce your burden with a holistic approach. We provide new and ongoing services, so your taxes remain organized and are paid on time every year.

If you’ve received a letter from the IRS, contact our IRS-enrolled agents or a tax attorney who will be there to quickly sort out the situation.

Learn more about our income tax preparation services.

 

Accounting Services

With our team TPI tax accountants, you can run your business with peace of mind while we handle all of your accounting needs. We will go over your financial situation as diligently as you require, each month or each quarter, so that your business stays on track and is able to run at peak performance. We have a long history of business consulting and attending to our clients with a full suite of services.

A TPI accountant can help you with:

Our experienced team of professionals is always happy to help answer your questions, and we can assist you with a host of optimization strategies including preparing reports, reducing your overhead, receiving reimbursements from your government contracts, and more. Learn more about our accounting services or contact a TPI accountant today.

Who We Are

Vienna VA CPA

IRS Enrolled Agents, Business Consultants, Financial Planners, CPAs, Accountants, Tax Attorneys – Vienna, VA CPA Firm

Founded in Vienna by Morteza Ghalambor in 1994, TPI Group has become one of the leading accounting firms in the state. The company is based on the principle of offering clients exceptional services and creative solutions for all of their financial needs. TPI began as a firm of certified public accountants offering tax preparation and accounting services for individuals and businesses. In 2003, it grew  to offer mortgage and financial planning services in addition to its CPA solutions. We’re proud to be from Vienna and to be serving clients throughout the state of Virginia, and abroad.

Our Core Philosophy: As we continue to grow, we maintain the offering of professional services, personal attention, and prompt response to our clients’ needs. The staff in each of our divisions is comprised of seasoned experts, which gives you the confidence to leave critical financial affairs in our knowledgeable hands. We can handle anything from planning your child’s college fund to restructuring your business and increasing profitability.

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Testimonials

  • Why TPI? One of my best experiences with TPI was that they were able to develop…if you want to say: a Financial Eco System, that planned out a financial plan that was terribly wrong for myself and fix it, planned my Real Estate future, fixed that.
    They put me on the right plan of the right financial structure and system to build a financial well-being future for my daughter and my family going forward.

    Mr. Christopher Mattice

  • We had the opportunity to contact Morteza Ghalambor back in 2010. We had some financial challenges like all small businesses do. It was refreshing for him to take a personal interest. He came to our location and told us what he could help us with.
    Not only TPI did everything they promised, but Morteza Ghalambor went above and beyond. Now he’s changed the finance of our company and manages our personal taxes, helped us with our home and planed for our kid’s future. I appreciate everything they’ve done.

    Mr. & Mrs Howard and Cynthia Johnson

  • I’ve been trusting TPI with my account for 7 years now and it’s always a positive experience. I recently started my company and pointed Morteza Ghalambor as the Chief Financial Officer. I know that having Mr. Ghalambor’s advice on this process will be a plus. I’m looking forward on working with him in the future.

    Dr. John Ondos

  • I believe, as a businessman and as an individual it’s important the way they treat you. TPI answers your calls and email and they fight your fights, especially with the IRS I can say this from personal experience.
    If you want a healthy business it’s very important to have a qualified CPA with integrity and honesty.

    Mr. Mojtaba Nourbaksh

  • I became a TPI client back in 1999. TPI took a look at my books and fixed what other accountants had messed up. Morteza has been like a brother to me every years it’s a great experience.

    Stan Murphy

  • I am extremely happy to have found Mr. Ghalambor and his TPI group , he is a rare find.They have completely streamlined my office book keeping , set me up with a retirement plan that best suits me ,and most importantly keep up with my financials so that all taxs are-filed properly and on time. I can concentrate on my practice and not worry about the rest.

    Ramin Razavi DMD, MS

  • Mr. Ghalambor and his team at TPI group have been looking after my personal and business taxation and finances for nearly 20 years. His professionalism, service and dedication to me as a client is what keeps me coming back, and why I have no hesitation to recommend him to my all of my colleagues.
    We have been very happy with their professionalism right from the start. Their advice has been invaluable over the past 20 years. The service provided has been and continues to be exceptional. I am always made to feel welcome and appreciated, and they always have the answers to my questions. I look forward to another 20 years with TPI group.

    Bijan