JSA CPAs, PLLC

Certified Public Accountants

COVID-19 CARES Act


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On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  The Act includes various provisions designed to provide an economic stimulus to both individuals and businesses.  The intention of the new legislation is to increase cash flow and liquidity and to reduce the cost of capital.

The various provisions of the Act will accomplish those goals and assist in the long-term recovery of our economy:

  1. Stimulus checks for Americans
  2. Paycheck Protection Program (“PPP”)
  3. Deferment of payroll tax payments for employers
  4. Employee Retention Credit
  5. Changes to the Economic Injury Disaster Loan (“EIDL”) Program
  6. Various other tax provisions aimed at economic recovery such as the expanded use of Net Operating Losses and an increased deduction for business interest expense

The application to individuals and businesses varies depending upon each person’s specific circumstances.  Some of the provisions prohibit the participation in various other programs or limit the availability of credits, etc.  We are monitoring information coming from various sources and learning as much as we can about the Act so that we may assist you.  Final regulations are set to be issued Friday, April 3rd which will provide additional clarification.  Please call or email us with your questions or concerns about how this will affect you.  At JSA, we stand ready to help our clients get through this unprecedented situation.

As a result of the increase in coronavirus cases in Arkansas and to keep our staff healthy, we are now all working remotely.  We are all available via email or phone.  We will continue to provide the same excellent service you are used to.  All information, including tax returns, will be delivered electronically and tax information will be mailed to you using the US Postal Service.  For those who do not use e-mail, your information will be mailed to you.

Our hearts are heavy for those of you who have been impacted by the coronavirus.  We continue to pray for all of you.  Please stay safe and healthy during this time!

 

    IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
    April 12, 2020
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    IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others   Original Post – https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others   IR-2020-66, April 9, 2020 WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced … [more]

    COVID-19 CARES Act
    April 4, 2020
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    On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  The Act includes various provisions designed to provide an economic stimulus to both individuals and businesses.  The intention of the new legislation is to increase cash flow and liquidity and to reduce the cost of capital. … [more]

    JSA’s Commitment to You During the COVID-19 Outbreak
    March 14, 2020
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    The news today is dominated by information about the COVID-19 virus. Our heartfelt sympathies go out to those who have been affected by the coronavirus-those affected physically and economically. At JSA, we are blessed to have not been affected directly by COVID-19 yet. It seems we all know someone who has felt the impact. Our … [more]

    Is your withholding holding you back?
    September 19, 2018
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    Is your withholding holding you back? Last December, Congress passed the Tax Cuts and Jobs Act (TCJA).  The law is one of the most comprehensive changes to the Tax Code in almost 40 years.  And it affects everyone. While it will result in lower total Federal income taxes for most Americans, the structure of the new … [more]

    What Your Itemized Deductions on Schedule A Will Look Like After Tax Reform
    January 5, 2018
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    JSA Slider

    Here’s a link to a good article on itemized deductions after the Tax Cut and Jobs Act of 2017 was passed in December.  Please call us with any questions-we’re here to help you! https://www.forbes.com/sites/kellyphillipserb/2017/12/20/what-your-itemized-deductions-on-schedule-a-will-look-like-after-tax-reform/#111116206334

    Johnson Smith and Associates Phone Call
    March 31, 2017
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    Pay Online

    Johnson Smith and Associates – Our office has received a few phone calls where the caller has indicated they received a call or a voicemail stating that someone with Johnson, Smith and Associates would be hand-delivering some important documents to their residence and they needed to verify that someone above the age of 18 would … [more]

    We have changed our name!!
    December 8, 2016
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    As some of you may have noticed, we recently changed our name!! Johnson, Smith & Associates, PLLC is now JSA CPAs, PLLC!  We will still be providing the same exceptional services which you have come to depend on us for.  Our office location, phone, and fax numbers will remain the same.  Our website is now … [more]

    2016 IRS Standard Mileage Rates
    January 5, 2016
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    By the Numbers

    IRS announced the 2016 standard mileage rates as follows: Standard mileage rate for business use decreased to 54 cents per mile. Medical and moving mileage rate decreased to 19 cents per mile. Charitable mileage deduction remains at 14 cents per mile. These rates are effective 1/1/2016.

    Year End Important Tax Information
    December 14, 2015
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    By the Numbers

    As December 31, 2015 rapidly approaches, we would like to take this opportunity to remind you of a few items that can require special reporting. These items can increase your tax liability and trigger penalties if not accounted for correctly. S-Corporation Shareholder-Employees If your S-corporation pays health and accident insurance premiums on behalf of greater-than-two … [more]