D&M Accounting Services, Inc. is working hard to help our community through this difficult time. We have been family owned since June of 1990. We wanted to take this opportunity to guide you through this uncertain time. We are offering curbside drop off and pickup. We also have a drop box in our hallway for your use. You can call us at 262-253-9955 from the parking lot and we will come to you.
We Can Help – D&M offers monthly accounting work for all small businesses, including financial statements. You will need financial statements to apply for the loans being offered by the SBA (see below). D&M also offers computerized payroll processing including direct deposit, which is even more of an advantage now with safe distance protocols.
Income Tax Filing Deadline – Although the deadline was extended to July 15th, there are benefits to sticking to the April 15th deadline for at least filing your return. If you owe, you can still wait until July 15 to pay. This is why you should file by April 15th: Tax season hours for D&M are M-F 8am-5pm & Sat 8am-Noon. On April 16, hours change to summer hours and our staff is greatly reduced as well. This means we can process your return more quickly when you adhere to the filing date of April 15. The other benefit is with regard to Economic Impact Payments; see below…
Economic Impact Payments – The Treasury Department and the Internal Revenue Service announced that distribution payments will begin in the next three weeks. Payments will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Free filing at www.irs.gov.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019, to file as soon as they can in order to receive an economic impact payment.
In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so individuals can receive payments immediately as opposed to checks in the mail.
Small Business Loans – There is a massive amount of information out there about the COVID 19 EIDL and PPP Loans. We would be happy to assist you with the EIDL Loan paperwork. Just give us a call to discuss further. The PPP Loan would be done through a participating bank, however, we can help you gather the proper information that will be needed.
Economic Injury Disaster Loan (EIDL) (does not include loan forgiveness)
To participate in the EIDL program, you apply directly through the Small Business Administration (SBA): https://covid19relief.sba.gov/#/
Payroll Protection Program (PPP) (includes loan forgiveness)
The PPP will be administered by local banks. Check with your bank to see if they will be participating.
- Who is eligible for these loans? Businesses (including sole proprietorships & self-employed) and nonprofits, except those with Medicaid funds and with fewer than 500 employees, or that meet the SBA’s industry-based standard-sized requirements for the applicable NAICS code (based either on the number of employees or annual receipts). Business must have been “substantially affected by COVID-19,” which is described as: supply chain disruptions, staffing challenges, a decrease in sales or customers, or shuttered businesses. Business must be operational as of February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.
Self Employed – If you are self-employed, you will qualify for unemployment benefits. Relief for Workers Affected by Coronavirus Act. The state is awaiting guidance from the U.S. Department of Labor (DOL). Once received, the state will program their systems to accommodate the changes. It will take several weeks to receive all of the information from the Federal Government. Please check the website often as they will have the most up-to-date information there: https://dwd.wisconsin.gov/ui/
Be alert for phone scams – The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period.
Be alert for phishing scams – Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or checks. If you receive one, do not click the link or open the attachment. It’s a scam. Just delete it.
Be alert for state-related scams – State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced its own version of a stimulus payment.
Contact Information – Please feel free to contact Connie L Hillmann at 262-253-9955 or firstname.lastname@example.org if you need further assistance. We are located on the corner of County Line Road and Appleton Avenue in the lower level of Tri-City National Bank across from Fleet Farm. N96 W18221 County Line Road, Menomonee Falls, WI 53051