COvID-19 Updates
Please check back frequently for more updates as they become available.
We are now keeping our in-person contact with clients to a minimum. We will continue to work and be available for our clients by phone and email, but request that documents be dropped off, mailed or sent to us electronically whenever possible.
Drop off: We have a drop off box and doorbell at the front door. If you are picking up a return, please call ahead. Please sign your documents at home or in your car and return to the drop box. We have a drop slot in the door for after-hours document drops.
Mail: Please mail to 30 Wilson Rd. Humble, TX 77738. We will also be checking the PO Box periodically.
Electronically: We use Sharefile as a secure file sharing site, which is located at https://mkpp.sharefile.com and additionally on our website www.mkpprice.com. Please contact your preparer to set up a log in.
We are now keeping our in-person contact with clients to a minimum. We will continue to work and be available for our clients by phone and email, but request that documents be dropped off, mailed or sent to us electronically whenever possible.
Drop off: We have a drop off box and doorbell at the front door. If you are picking up a return, please call ahead. Please sign your documents at home or in your car and return to the drop box. We have a drop slot in the door for after-hours document drops.
Mail: Please mail to 30 Wilson Rd. Humble, TX 77738. We will also be checking the PO Box periodically.
Electronically: We use Sharefile as a secure file sharing site, which is located at https://mkpp.sharefile.com and additionally on our website www.mkpprice.com. Please contact your preparer to set up a log in.
IRS CoRonaVIrus TAX RELIEFIRS Coronavirus - Link to Tax Relief Updates
Current updates as of 3/30/2020:
Stimulus Paychecks:
Paycheck Protection programPaycheck Protection Flexibility Act as of June 5, 2020
Due to the passing of the new bill, the Paycheck Protection Flexibility Act, there have been several changes to the rules for applying for loan forgiveness on PPP loans. • The covered period to pay qualified expenses from the loan has been increased from 8 weeks to 24 weeks. If you received the loan prior to 6/5/2020, you could still elect to continue with the 8-week period. • Qualified expenses include payroll costs, rent, utilities, and mortgage or personal property interest. • Payroll costs include wages, employer payments for state income tax and state unemployment, and employer paid portion of health and retirement benefits. • Only annualized wages below 100,000 can be considered for loan forgiveness for each employee. • To qualify for forgiveness a minimum of 60% of the PPP loan must be used for payroll costs. This is down from the original 75%. A joint statement has been issued from the SBA Administrator and the Treasury Secretary that partial forgiveness may still be available if you do not reach the 60% payroll costs threshold. • Loan forgiveness will be reduced if the employers do not meet two tests. • The first test is the full-time employee test or ‘FTE’. Forgiveness will be reduced by the decrease in full time employee for the covered period (either your 8 week or 24 week period to pay qualified expenses) compared to either the period of 2/15/2019 – 6/30/2019 or 1/1/2020 - 2/29/2020. You can pick the comparison period that is most beneficial. • There are several exceptions for the FTE test. o For businesses operating before 2/15/2020 that are unable to return to the same level of business activity due to limitations set in place by the following organizations: Health and Human Services Direct of the Centers for Disease Control and Prevention Occupational Safety and Health Administration (OSHA) NOTE: Statewide and County wide “shelter in place mandates do not apply” o Businesses do not have to reduce their full-time employee count for the employees at 2/15/2020 that were laid off and then the employer was unable to rehire them and unable to hire similarly qualified employees for unfilled positions by 12/31/2020. Unable to rehire means that they were offered to come back to work by written offer and they declined; if the employee claimed unemployment while laid off TWC was notified within 30 days that the employee was offered back their job. • The second test is the salary reduction test. Forgiveness will be reduced by employee’s wages that were reduced by more than 25% during the covered period in comparison to the employee’s wages during 1/1/2020 - 3/31/2020. o There is an exemption to the salary reduction test if an employee’s wage was reduced but then restored by 12/31/2020. • The unforgiven portion of the PPP loan becomes a loan payable by the borrower with a 1% interest rate. • The new law increases the loan maturity of the PPP loans from 2 years to 5 years if your loan was received on or after 6/5/2020. If you received the loan prior to 6/5/2020, your loan maturity will still be 2 years. However, you may be able to contact the bank to see if they will let you get the 5-year loan term. • Payments of principal, interest, and fees on the PPP loans do not start until the date that the SBA submits the loan forgiveness amount to the lender or 10 months after the end of the borrower’s covered period if they do not apply for forgiveness. • It could also take 60 days for the lender to process the forgiveness application, and then the SBA has an additional 90 days to approve what the lender sent, totaling 150 days to process forgiveness. • New forms have not been issued for the loan forgiveness application but are in process as of now. PPP Information - pre June 5, 2020 With the passing of the CARES Act on March 27, 2020 a new loan called the Paycheck Protection Program has been created. The Paycheck Protection Program provides loans up to an amount which is equal to 2.5 times the businesses average monthly payroll: -The calculation is based on the prior 12 months payroll. -Only employees and owners making less than 100,000 in annual compensation can be used in this calculation. Other loan highlights are: -Loans will be 100% guaranteed by the SBA -No personal guaranty -No collateral -10 - year term -4% interest rate -Loan receives automatic 6 months no payments. Interest is deferred. This loan includes loan forgiveness for proceeds used for the following: - Payroll - Payroll Administration Costs - Any payment of interest on a mortgage obligation - Any payment of interest on a loan incurred before 2/15/2020 - Any Payment of rent obligation - Any covered utility payment that was in service before 2/15/2020 Verified expenses are subject to a discount of: - Reduction of the Full Time Employee headcount between previous 12 months and 8 week period of forgiveness AND - Reduction in total payroll per full time employees from previous 12 month levels. Please contact your local bank to apply for the loan as funding for the loan is limited. More information: 023595_comm_corona_virus_smallbiz_loan_final_revised.pdf paycheck_protection_program.pdf 1919_section_i.pdf 1919_section_ii.pd sba_application.pdf certificate_of_beneficial_owners.pdf |
CISA - Critical infrastructure workforcehttps://www.cisa.gov/publication/guidance-essential-critical-infrastructure-workforce
This link provides more information on the industries identified by the federal government as critical, however, state and local officials are to use their own judgment in using their authorities and issuing implementation directives and guidance. The PDF below is a letter from CISA offering some guidance on the essential critical infrastructure workers. 
ADVANCED Repayment of Employer creditsEmployers may file new Form 7200, Advance Payment of Employer Credits Due to COVID-19, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit.
Form 7200: www.irs.gov/pub/irs-pdf/f7200.pdf SBA loan informationSBA Disaster Assistance Loans
Disaster Business Loan Application business_loan_application__sba_form_5_.pdf Economic Injury Disaster Loan Supporting Information economic_injury_disaster_loan_supporting_information__p-019_.pdf All forms and further details are available on the SBA Disaster Loan website: www.sba.gov/disaster. More information: https://gov.texas.gov/business/page/coronavirus TEXAS Workforce commissionhttps://twc.texas.gov/news/covid-19-resources-employers.
Shared work information: https://twc.texas.gov/businesses/shared-work Texas governor's office updatesHarris County updateshttps://publichealth.harriscountytx.gov/Resources/2019-Novel-Coronavirus
http://www.harriscountytx.gov/County-Services-Closures employer-based Health insurance | ||
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