Nov 17, 2023
We’re reaching out to share details about upcoming changes to your NetClient CS portal. Our firm partners with Thomson Reuters to provide the platform for these portals. Their upcoming November update will improve your sign-in experience and security.
What you need to know:
- You’ll need to create a new username and password. To do this, you’ll need your current NetClient CS login ID and password. If you’ve saved these details to your browser, please memorialize them. If you’ve forgotten your login ID, please contact the office.
- The sign-in page will look different but will function the same way. This video showcases the new experience.
- You’ll need to enable two-factor authentication. There are several options available to verify your identity when you log in. We recommend using the Auth0 Guardian mobile app, which is free on the Apple App Store for iOS and Google Play Store for Android. Learn more about two-factor authentication.
These changes will be occurring on November 18, 2023. In the meantime, feel free to reach out to us with any questions.
Jun 8, 2020
President Trump has signed into law the Paycheck Protection Program Flexibility Act. This law will:
- Relax rules under the Paycheck Protection Program to give borrowers up to 24 weeks instead of 8 weeks to spend the funds;
- Give borrowers more flexibility in how the money is spent by reducing the amount of the loan required to be used on payroll expenses from 75% to 60% and still be eligible for loan forgiveness;
- Extend the minimum loan repayment term from 2 years to 5 years for loans that are not forgiven;
- Allow borrowers to defer payroll taxes without penalty and still be eligible for loan forgiveness; and extend the rehiring safe harbor to from June 30, 2020 to December 31, 2020.
We will update this information as we receive formal guidance and updates in the coming weeks.
Apr 5, 2020
The IRS has updated guidance related to the rebates under the CARES Act. Payments will be made initially based on a qualifying individual’s most recently filed tax return (2018 or 2019). The payment is an advance on a refundable credit on your 2020 return. Individuals who otherwise do not qualify for the credit based on phase out limits on their 2018 or 2019 return may find that income on their 2020 return results in receiving the rebate when they file in 2021.
Rebates equal $1,200 per qualifying individual plus $500 for each qualifying child (generally children under 17 who qualify for the child tax credit). Phase outs begin when AGI exceeds: $75,000 for individuals; $112,500 for head of household; and $150,000 for joint filers.
Additional information is available at the IRS website including updates for how to change your direct deposit information or payment method.
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
Apr 1, 2020
This is a must read for any small business owner! Click on link below:
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Jan 22, 2019
The IRS has announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The relief, announced in IR-2019-03, is prompted by changes in the Tax Cuts and Jobs Act (TCJA). This waiver covers taxpayers whose total withholding and estimated tax payments are equal to or greater than 85% of their taxes owed. For waiver purposes only, this new relief lowers the 90 percent threshold to 85 percent. This means that a taxpayer will not owe a penalty if they paid at least 85 percent of their total 2018 tax liability. If the taxpayer paid less than 85 percent then they are not eligible for the waiver and the penalty will be calculated as it normally would be using the 90 percent threshold. Refer to Notice 2019-11 for further details. The waiver computation will be integrated into a future update of UltraTax/1040 including the revised Form 2210 once released by the IRS.
