 Please note our business hours at Downs & Associates:
Monday 8 - 5 Tuesday 8 - 5 Wednesday 8 - 5 Thursday 8 - 5 Friday 8 - 5 Saturday - CLOSED Sunday - CLOSED Whether it be personal or business, Downs & Associates is here to help you get your finances in order! Please give us a call during business hours at (205) 221-5454
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Finances can be difficult to handle, but with the help of a CPA, they are more than doable. CPA's (Certified Public Accountants) can help you with these services: Tax services: Preparing and filing state, federal, and local tax returns for organizations and individuals. Managements Services: Managing business and individual budgeting, financial planning and strategy. Audit Services: Providing audit services to ensure that financial information is properly recorded. Call Downs & Associates CPAs and let us take care of your finances! (205) 221-5454   If you are going to Shop Online, be sure that you shop smart and safely.
For Online Shopping Tips, read more here at LifeLock.  Tax Tip: Keep track of Business Purchases.
You need to be able to prove your business purchases in case of a tax audit. Be sure and keep written documentation, receipts, etc., so that if you were audited there would be no changes in the taxes due. Not sure what purchases are deductible? Click here to visit Intuit's 2022 Complete List of Small Business Deductions.  Having a healthy budget is just as important as maintaining a healthy body. To get your finances in order, try the 50/30/20 rule. Divide your budget into 50%, 30% and 20%.
To read more about the 50/30/20 rule, click here for the Intuit Blog.  Have you ever received an email urging you to reply by clicking on a link, otherwise your bank account or credit card might be suspended? If so, you have been solicited by a technique thieves use that is known as "phishing." Phishing emails request you to reply with personal information such as your credit card number or PIN to confirm your identity. Once the thieves receive your personal information, your identity could be at risk. Thankfully, there are ways to recognize "phishing" emails. How to recognize a "phishing" email:
 Have a question? We are here to help!
Our business hours are: Monday, Tues. Thurs and Friday: 8:00 to 5:00 Wednesday: 8:00 to Noon Call us at (205) 221-5454 and we will do our best to help.  The IRS recently extend filing and payment deadline for Tax Day for individuals to May 17, 2021. https://www.irs.gov/.../tax-day-for-individuals-extended... Experience Counts! Call Downs and Associates at 205-221-5454
 Divide your income among needs, wants, savings and debt repayment, using the 50/30/20 budget.
https://www.nerdwallet.com/article/finance/how-to-budget  Financing a college education in America has become a seriously stressful endeavor. Student loans, while convenient now, can result in crushing debt later. Learn how to be creative during your search; you’ll be surprised by what you find.
So make a plan, set clear goals, and research the scholarships of your choice. Then, apply, apply, apply! Experience counts, Call Downs and Associates at 205-221-5454  Filing for bankruptcy is a serious and involved process with many legal and tax issues. Our firm is familiar with the complexities of the bankruptcy filing system and can competently guide you through the process.
Experience counts, Call Downs and Associates at (205) 221-5454. The 2021 Tax Return season is here. Let our experienced tax professionals at Downs & Associates help you get your taxes ready. For more information on the 2021 tax season, follow the website below: https://www.irs.gov/.../2021-tax-filing-season-begins-feb...  Tax season is right around the corner! Give us a call and let us help you! Visit is at www.dandacpa.com or call us at (205) 221-5454. #downsandassociates #experiencecounts  Last night Congress finally passed the long awaited stimulus bill. There are many items in this bill that will have an impact on both individuals and businesses. Three of the major items relate to the Paycheck Protection Program (PPP).
First, there will be a second round of PPP loans available to certain businesses. This round will differ in that the business will have to document a drop in revenue of at least 25% in any quarter of 2020 compared to 2019. If you are a business client of Downs & Associates CPAs, LLC, and we reconcile your bank statements on a monthly basis, we will prepare the calculation and let you know if you qualify. If you are a business client of Downs & Associates CPAs, LLC, and we do not reconcile your bank statements on a monthly basis, please provide us with all of your bank statements (or some other method to verify your gross monthly revenue) for all of 2019 and 2020. The next major change relates to the forgiveness of PPP loans of $150,000 and less. The bill directs the SBA to develop a one page document that the borrower can sign to certify that they used the proceeds of their PPP loan correctly, and the SBA will forgive the loan. Those with loans of $150,000 and less will only be subject to audit if they commit fraud or do not use the proceeds of the loan properly. The third item is probably the most important. This bill clarifies the intent of Congress that neither the receipt of funds under a PPP loan is a taxable event and all expenses that are paid with the loan funds are deductible. This means that those that received a PPP loan truly received tax free money. There are many other provisions contained in this bill. Please see the article below for a good summary of the items in the bill. Please get in touch with Downs & Associates CPAs, LLC if you have any questions. https://www.forbes.com/.../stimulus-payments-paycheck.../ Thank you Essential Workers! Our town needs you and we appreciate you! Downs & Associates, Certified Public Accountants, LLC  ★𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝗼𝐧★
Last night the IRS issued Revenue Ruling 2020-27 regarding the Paycheck Protection Program (PPP). Please see the link below for a copy of that Revenue Ruling. According to this Revenue Ruling, all recipients of funds under the Paycheck Protection Program (PPP) are not allowed to deduct the expenses that are paid with the proceeds of the PPP loans on their 2020 tax returns. This Revenue Ruling basically says that even if you have not received forgiveness of your PPP loan in 2020, you are not allowed to deduct the expenses that you paid with your PPP on your 2020 tax return. Because you are not able to deduct these expenses, it will result in your tax liability going up. If you spent your PPP loan appropriately, it is assumed that the loan will be forgiven and therefore you are not allowed to deduct the expenses paid with the PPP loan. If Congress does not pass any further legislation, you will not be allowed to deduct the expenses you paid with your PPP loan. If you have any questions regarding your PPP loan or the forgiveness of your PPP loan, please reach out to the professionals at Downs & Associates CPAs, LLC. https://www.irs.gov/pub/irs-drop/rr-20-27.pdf... Governor Kay Ivey has just announced another round of grants for small businesses. This round of grants is up to $20,000 per business. The grants can cover expenses incurred due to the operational interruptions caused by the pandemic. The application for these funds can be made beginning at noon on Monday, November 23rd. Please review the link below and let your contact at Downs & Associates CPAs, LLC know if you would like assistance applying for this grant.
https://governor.alabama.gov/.../governor-ivey.../... #downsandassociates #experiencecounts Conference Call Relating to the CARES Act
Miss the conference call today on the CARES ACT, the Payroll Protection Program and the Economic Injury Disaster Loans? Click the link below to hear what you missed. https://soundcloud.com/jessica-marti…/conference-call-4-2-20 After reaching the 'soundcloud website' click the sound bar at minute 17 to hear the conference call. March 31, 2020
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying on Friday. The Treasury Department released information for borrowers and lenders, posted an application and urged applicants to act quickly. https://www.journalofaccountancy.com/…/paycheck-protection-… #downsandassociates #experiencecounts March 28, 2020
Now that Governor Ivey has ordered all non-essential businesses to close at 5:00 on Saturday, March 28, 2020, there are going to be many people unemployed. If you are one of these people, please go to labor.alabama.gov and file for unemployment. If you are a business owner, these claims for unemployment will not cause your unemployment rate to go up. We will continue to process payrolls for our clients that remain open. March 24, 2020
Have a small business and not sure how to apply for the SBA Disaster Relief Fund? Click the webinar link below to see how to apply. Currently bills in both the House and the Senate are being debated that can provide significant relief for small businesses. https://asbdc.ecenterdirect.com/events/8479 #downsandassociates #experiencecounts March 22, 2020
Downs and Associates continues to operate despite the Corona virus. Out of an abundance of caution, we would encourage our clients to scan and email or fax all documents necessary to prepare your tax return. You can email items to [email protected]. You can fax items to (205) 221-5474. Changes have been made and the deadline to pay any individual or corporate income taxes has been extended to July 15, 2020. Also, the individual and corporate filing deadlines are now extended until July 15, 2020. In addition, if you owe estimated tax payments, that deadline is also extended to July 15, 2020. We will continue to prepare and file tax returns as we have done so historically. If you have any questions, feel free to get in touch with us (205) 221-5454.  Even a profitable business can have cash flow problems. Call Downs & Associates and let us help you. We can evaluate your company's financial condition and estimate required finances and track cash flow. Preparation and a plan will alleviate your stress when you Call Downs & Associates today at 205-221-5454
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