by Taylor | Oct 1, 2021 | Resources
by Taylor | Aug 9, 2021 | Resources
FEDERAL
Form SS-4 Application for Employer Identification Number
www.irs.gov/pub/irs-pdf/fss4.pdf
https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Form 2553, Election by a Small Business Corporation
https://www.irs.gov/pub/irs-pdf/f2553.pdf
STATE OF TENNESSEE
Form SS-4417 Articles of Incorporation
www.tn.gov/sos/forms/ss-4417.pdf
Form SS-4270 Articles of Organization
www.tn.gov/sos/forms/ss-4270.pdf
Application for Registration Form #RV-F1300501
www.tn.gov/assets/entities/revenue/attachments/f13005_1.pdf
Report to Determine Status Application For Employer Number Form #LB-0441
www.tn.gov/assets/entities/labor/attachments/LB-0441.pdf
Registration Links:
STATE OF TENNESSEE
Application for Registration Form #RV-F1300501
www.tn.gov/assets/entities/revenue/attachments/f13005_1.pdf
Report to Determine Status Application For Employer Number Form #LB-0441
www.tn.gov/assets/entities/labor/attachments/LB-0441.pdf
LOCAL
City of Cleveland Application for Business Tax License Form # RV-F1321001
http://clevelandtn.gov/DocumentCenter/View/510
Bradley County License
http://www.bradleyco.net/clerk_Business.aspx
Federal Filing Forms & Links
Federal Payroll Forms
Form W-3 – https://www.irs.gov/pub/irs-pdf/fw3.pdf
Form W-2 – https://www.irs.gov/pub/irs-pdf/fw2.pdf
Form 940 – https://www.irs.gov/pub/irs-pdf/f940.pdf
Form 941 – https://www.irs.gov/pub/irs-pdf/f941.pdf
Federal – Other Payments Forms
Form 1096 – https://www.irs.gov/pub/irs-pdf/f1096.pdf
Form 1099-MISC – https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
Form 1099-NEC – https://www.irs.gov/pub/irs-pdf/f1099nec.pdf
State Filing Forms & Links
Tennessee Payroll Forms
SUTA – https://www.tn.gov/content/dam/tn/workforce/documents/employers/Wage_and_Premium_Reports.pdf
Tennessee New Hire Reporting – https://www.tnnewhire.com/files/TNform.pdf
State of Tennessee Department of Labor and Workforce Development Division of
Employment Security SEPARATION NOTICE –
https://www.tn.gov/content/dam/tn/workforce/documents/Forms/LB-0489.pdf
Tennessee Other Taxes
Sales Tax – https://www.tn.gov/content/dam/tn/revenue/documents/forms/sales/f1306901.pdf
Gross Receipts – https://www.tn.gov/content/dam/tn/revenue/documents/forms/business/f1321001.pdf
Tennessee Local Government
Property – CONTACT YOUR COUNTY FOR THIS FORM – Here is a sample from Knox County
https://www.knoxcounty.org/property/pdfs/TangiblePersonalPropertySchedule2020.pdf
by Taylor | Dec 7, 2020 | Resources
Loans Made between February 15, 2020 and June 30, 2020
ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE
Be sure to click the button that says ask for the $10,000 ADVANCE
Click on the link at the top of the page that says “Economic Injury Disaster Loan” at
https://www.sba.gov/funding-programs
Copy and paste this address directly in your browser: https://covid19relief.sba.gov/#/
Archived from the Hot Topics page.. originally published 08/08/2020.
by Taylor | Dec 7, 2020 | Resources
Effective For Payroll Paid Between 9/1/2020 and 12/31/2020
You will not have to withhold, deposit or pay either portion of the Social Security Tax (OSADI) for employees whose wages are less than $4,000 on a biweekly payroll or equivalent amount with respect to other pay periods.
At the moment, IT IS JUST A DEFERRAL, however, the Order states:
“The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.”
Executive Order: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
Archived from the Hot Topics page.. originally published 08/08/2020.
by Taylor | Dec 7, 2020 | Resources
Loans Made between February 15, 2020 and June 30, 2020
SBA information regarding the Payroll Protection Program
YOU WILL APPLY FOR THIS LOAN THROUGH PARTICIPATING LENDERS BEGINNING APRIL 3, 2020. THE LOAN IS AVAILABLE THROUGH JUNE 30,2020.
WHO: Entity or Eligible Individual – includes sole proprietors, independent contractors and eligible self employed individuals.
-
Maximum Loan: 2.5 x the Average Monthly Payroll Costs for the preceding 12 months
Allowable uses of Loan Proceeds:
I) Payroll Costs,
II) Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave and insurance premiums
III) Employee Salaries
IV) Payments of interest on any mortgage obligation
V) Rent
VI) Utilities including electric, water, gas, telephone, internet
VII) Interest on any other debt obligation that were incurred before the covered period
Maximum Interest Rate is 4%. Prepayment penalties are waived. – SBA UPDATE – 2 year loan with an interest rate of 1.0%
Non-recourse if it is used for the allowable uses defined above.
Automatic 6 month deferral for those businesses in operation February 15, 2020 and with an application that is approved or pending on or after March 27, 2020.
Participating Banks will be paid on a sliding scale.
Banks are paid by the SBA = 5% of the funded loan not more than $350,000.
Banks are paid by the SBA = 3% of the funded between $350,000 and $2,000,000
Source: H.R 748 Section 1102 Paycheck Protection Program, Pages 9-32
BILLS-116hr748enr
Archived from the Hot Topics page.. originally published 04/04/2020.
by Taylor | Dec 7, 2020 | Resources
10% Penalty for early withdrawal {I.R.C. §72(t)} shall not apply to COVID-19 related distributions
COVID-19 related distributions are :
1) distributions not exceeding $100,000 between January 1, 2020 and before December 31, 2020
AND
2) to an individual with a SARS-CoV-2 diagnosis for the individual, the spouse, or dependent,
OR
3) to an individual who experiences adverse financial consequences as a result of :
- being quarantined,
- being furloughed or laid off, or having work hours reduced due to such virus
- being unable to work due to lack of child care due to such virus
- closing or reducing hours of business owned by the individual due to such virus
You can choose to include this distribution in your income ratably over a three year period and it is not subject to the the 10% early distribution penalty.
Alternatively, you may contribute back the entire amount withdrawn, in one or more contributions, over the THREE year period starting with the date you received the first distribution and it will be treated as an indirect rollover of those funds if they were an IRA or as a trustee to trustee transfer if it was another eligible employer retirement plan.
Source : H.R. 748 Section 2202, pages 157 – 167
Archived from the Hot Topics page.. originally published 04/04/2020.
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