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 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:

• Tax Preparation
• Tax Planning
• Taxes Financial
• Tax Minimization Strategies

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:

• Payroll
• Audits
• DCAA services

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.

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.