JSA CPAs, PLLC

Certified Public Accountants

JSA CPA's

JSA CPA's

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!

 

Treasury Secretary Steven Mnuchin announced Friday that the deadline for filing federal taxes will move from April 15 to July 15 amid coronavirus crisis


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Treasury Secretary Steven Mnuchin, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Click the link below for more information.

https://www.foxnews.com/politics/tax-day-moving-to-july-15-amid-coronavirus-crisis-mnuchin-announces

JSA’s Commitment to You During the COVID-19 Outbreak


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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 mission is to make sure that any impact to our clients is minimal. We are also concerned about protecting our staff.

For several years, we have been paperless and have the ability to work remotely. We are deep into ‘tax season’ and will be meeting filing deadlines as they come due. We ask for your patience during this time as we too are working through how to best handle the situation. There will, however, be some unforeseen impacts. Ultimately, our goal is to continue to serve our clients.

In order to prevent any contamination from COVID-19, we have instituted the following measures:

1. All deliverables will be sent electronically. This includes tax returns and other items. Paper copies will be mailed to you along with any paperwork provided to us.

2. We will not be meeting with clients face-to-face at least thru the end of ‘tax season.’ We will conduct meetings via video conference or FaceTime.

3. If you are not able to send your information to us electronically, please mail it to the office. We ask that you not come to the office. While we love seeing all of our clients, we feel it is in everyone’s best interests to avoid social contact for the time being.

We continue to practice good hygiene at the office. We ask that you do the same. Although our offices are cleaned twice a week, we have taken extra precautions to wipe down all door handles/knobs, desks, chairs and flat surfaces in the common areas of the building. Each member of our team is also diligent in keeping their office clean.

We will continue to monitor the situation and will keep you informed of any changes we make in response to the COVID-19 virus. As always, please let us know how we can serve you and if you have any questions. We appreciate your continued trust in us and look forward to providing you with excellent service and value.

Stanley & Beth Smith
JSA CPAs, PLLC