A Professional | Proactive |
Personable | San Diego CPA Firm
Conveniently Located in Historic Liberty Station
Tax Deadline Information

For the best interests of our clients, Mann & Associates intends to proceed with the 4/15/21 filing deadline, with only a few exceptions. The extension to 5/17/21 does not help if the due date for estimated tax payments is not changed. Individual taxpayers who need additional time to file beyond the 5/17/21 deadline can request a filing extension. As of now, California tax law conforms to the Internal Revenue Code (IRC).

2

Bipartisan Emergency COVID-19
Relief Act Congress

High Points of the Act Include:

$300B for Small Business Administration

  • Second Round of PPP for Small Business

  • Inclusion of 501(c)(6), restaurants, live venues, chambers, tourism, and EIDL grants

  • Simplified loan forgiveness process for borrowers with PPP loans of $150,000 or less

  • Business expenses paid for with PPP loans’ proceeds are tax-deductible, consistent with Congressional intent in the CARES Act.

  • Extension of all unemployment assistance for 16 weeks, with supplemental $300 per week

  • $16B for testing, tracing and vaccine development and distribution

  • Extension of student loan forbearance through April 1, 2021

PPP2 Added Two New Eligible Groups:

Hardest-Hit Borrowers

  • 300 or fewer employees

  • 25 percent gross receipts decline in any quarter in 2020 compared to same quarter in 2019, note EIDL and PPP are not included in gross receipts

  • Appears to be based on calendar quarter (this still needs to be determined)

  • Expect a tiered system where certain loan amounts will only require self-certification and others will have documentation requirements

  • All will be subject to review by SBA, random for smaller amounts

  • Comparison periods will differ for borrowers who were not in operation the entire year of 2019

First-time Borrowers

  • Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans

  • Sole Proprietors, independent contractors, and eligible self-employed individuals

  • Any business that averages less than 500 employees per physical location that has a NAICS code starting with 72 (accommodation and food service)

  • Nonprofits, including churches

  • 501©6 and destination marketing organizations with 150 or fewer employees

  • Chamber of commerce, economic development, tourism sectors

  • Subject to lobbying threshold (10 percent of receipts, 10 percent of activities)

  • Possible other criteria (revenue reduction, safe harbor on necessity etc.)

  • Covered Period: 8 or 24 weeks

Loan Overview:

Loan Amount

  • Maximum loan amount is $2 million

  • Loan amount = 2.5x average total monthly payroll costs

  • Farmers and ranchers could use gross income instead of net

 

Costs Eligible for Loan Forgiveness:

  • Same as PPP1: Payroll costs; covered mortgage interest; rent; utility payments

  • Covered worker protection expenditures and facility modification costs: PPE and costs to comply with COVID-19 federal health and safety guidelines

  • Covered supplier costs: expenditures to a supplier that are essential to the recipient’s current operations

  • Covered operating cost: software or cloud computing services

  • 60/40 cost allocation between payroll and non-payroll

Why Mann & Associates

You benefit because
we are committed to:

  • reducing your accounting fees by efficiently and cost-effectively managing your account. You'll know your fees up front.

  • becoming your trusted advisor-­responsive, open and approachable.

  • providing close, personal attention to your financial needs.

  • giving you the assurance that the personal assistance you receive comes from years of training, technical expertise and keen finan­cial insight.

  • continuing our education with up-to-date knowledge of tax laws and regulations.

  • utilizing the latest technology to bring you superior service.

Resources

Be sure to bookmark this page of the website for links to important tax-related information. This is where you will find the link to upload your information to our safe and secure portal.

 

PPP Loan Forgiveness SBA Form 3508 with Supporting Docs -- Let Us Help You File Yours!
 

For those of you who took advantage of the COVID-19 PPP1 assistance, you need to file the PPP Loan Forgiveness application in a timely manner to be approved.

 

Call today to discuss how we can save you:

  • hours of time preparing schedules by uploading source documentation to create schedules in our tool manager.

  • Provide you with the peace of mind that all your data and supporting documents meet lenders’ requirements—all conveniently provided in one zip folder for submission.

  • Make it easy for you to review and e-sign the documents.

  • And, best of all, help you have the best chance of getting your loan forgiven.m a paragraph.

Call us today to discuss your situation at (619) 222-5900.

IMPORTANT!

Let us process your loan application at no or minimal charge!
Monday, January 11, 2021, the Small Business Administration reopened the application window for the second round of PPP loans. If possible, and it is to your business’ advantage, act now.

We are prepared to assist you in obtaining your PPP loan. The initial applications are for minority and women-owned businesses. The application process for all other business loans will open shortly.

 

The closing date for the new PPP loans is March 31, 2021.

If you have any questions, please contact us immediately at (619) 222-5900 to discuss your situation.  We want you to get the help you deserve as important small businesses as soon as possible! 

Deductibility:
The new bill clarifies that expenses paid using PPP funds are deductible. This provision goes back to the date of the CARES Act, thereby stating all expenses are deductible that were paid from PPP funds for both PPP1 and PPP2.

 

Status of Simplified PPP Forgiveness for:

  • Loans $150,000 or less: sign and submit a one-page form; attest to complying with PPP requirements

  • Loans between $150,000 and $2,000,000: No requirement to submit documentation of FTEs, payroll and pay rates (including tax filings); canceled checks, receipts, etc. for non-payroll costs; retain relevant records related to employment for four years and other records for three years; lender review limited to completeness; all fields completed, initialed, or signed


What You Should Do Now:

  • Is it time to apply for forgiveness? We are addressing this on a case-by-case basis. Our PPP Tool helps you with your forgiveness package.

  • Do you meet the new qualifications for PPP2? If so, you need to apply for funds ASAP. Get ready now!Our PPP Tool helps with new applications.


Call us today to discuss your situation at (619) 222-5900. We want you to get the help you deserve as important small businesses as soon as possible!

Areas of Practice

 

Financial Reporting & Assurance

 

Tax Accounting

Management Accounting

Entity Selection

Cash Management

Testimonials

"With Mann & Associates, I know they are looking at our big picture all year long, not just during tax season. Jeanne returns my calls and is very approachable."

Cody Nosko

"Mann & Associates anticipates and creates opportunities for our company. In addition to extraordinary service, Mann and her team are consummate professionals. They know accounting, audits, taxes and more."

Joseph Kelchlin

Success Stories

Cindy Kunz of the San Diego Sandwich Company  celebrates 20 year business anniversary with her CPA Jeanne Mann!

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Click on the Yelp logo to check out our reviews on Yelp, and we encourage you to leave us a review!

Location
Liberty Station in Pt. Loma
 

Mann & Associates APC
Certified Public Accountants

2535 Truxtun Road, Suite 207

San Diego, CA  92106

Call today to set up a consultation with Jeanne Mann, CPA at (619) 222-5900.

Mann CPAs One-Sheet
We are happy to have an updated promotion sheet for you to download. The one-page summary of Mann & Associates APC is ideal to share with business colleagues, friends and family. 

 

Click here to download.

Contact Us

Mann & Associates APC
Certified Public Accountants


Tel: (619) 222-5900
Fax: (619) 224-2100
Email: admin@mannassoc.cpa​

Web: www.mannassoc.cpa
Address​​​​​​: 2535 Truxtun Road, Suite 207

San Diego, CA  92106

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