Stimulus Package Update

The new stimulus (American Rescue Plan), explained. 

holy mama

That’s right, there’s money on the table!

Hi all!

As I’m sure you’ve heard, a new stimulus package has been approved!

There’s a lot to unpack here, so I’m going to do my best to break this down into super pertinent chunks.

Here we go!

What it is

Congress passed a $1.9 trillion relief bill called the American Rescue Plan (ARP). It will provide financial support for families as well as myriad tax relief programs and more.

There’s a lot to it, but for the purposes of this email, we’re going to stick to how it relates to you and your taxes. For more information, you can check out the IRS webpage.

What it means for individuals

Stimulus Payments
The largest portion of the ARP is the third round of stimulus payments. There are a few key differences this time around:

  • The maximum payment for individuals is $1,400.
  • Some people may see the stimulus deposited into their bank account as early as this weekend.
  • If you have not yet filed your 2020 taxes, it’s ok. They will continue to use your most recent tax return as a basis for the payment.
  • All dependents are now eligible for stimulus payments. Previously, if you had a child over age 16, that dependent didn’t receive a stimulus. 
  • The income range of individuals who will receive a stimulus is significantly smaller than before.
    • If you earned $75,000 or less as a single filer or $150,000 or less as a joint filer, you will receive the full stimulus.
    • If you earned more than $80,000 as a single filer, or more than $160,000 filing jointly, you will not receive a stimulus check. 
  • You can calculate your stimulus here
If you have kids
Two things to note here:
  • If you have a child under age 17, you typically receive a Child Tax Credit of $2,000 on your taxes. The ARP is extending that to $3,600 per child under age 6, and $3,000 per child ages 6-17. Dependents age 18 and up will remain a $500 credit. This change is for 2021, so there is nothing you need to do for this year’s taxes. 
  • The IRS will pay out half of the Child Tax Credit monthly starting in July. If you qualify, you will receive $300 per child under age 6 or $250 per child starting in July. To qualify, you must have earned less than $75,000 last year if you’re single, or $150,000 if you filed taxes jointly.
    • There is a catch, though: If you earn more than the stimulus threshold in 2021, this income will be rescinded when you file your 2021 taxes. 
When will you receive your stimulus payment?
The ARP has a clause in it that stimulus payments will be paid out in two phases this time around. In Phase 1, the IRS will take all of the data that it already has and pay stimulus payments out based on that. If you haven’t filed a 2019 or 2020 tax return, you won’t get a stimulus payment. For anyone who earned less in 2020 than in 2019 and has not filed a tax return yet, there will be a second date in which the IRS pays out to everyone who should have received more stimulus/a bigger stimulus based on their 2020 filing. That date is going to be the earlier of 90 days after tax deadline day OR September 1. 

We can probably expect payments to start going out as soon as next week. 

Unemployment Benefits
The ARP allows for the first $10,200 in unemployment benefits as non-taxable, but only for people who made less than $150,000 in 2020. Anyone who has already filed their tax return and was on unemployment in 2020 will likely need to amend their tax return to recoup these taxes but we aren’t totally sure about this yet. Unfortunately, the timing on this is going to take a while. The IRS is going to have to write regulations on this, implement it into the tax code, get the information out to the tax software companies, and then the software companies are going to have to implement those changes on their end. This means we will need to hold off filing your tax return until these changes are in place, and possibly means that we will need to file an extension for you.

April 15th filing deadline
So far, the IRS has been adamant about not extending the normal April 15th filing deadline. However, I strongly believe the deadline will once again be extended as it was last year. We don’t know that for sure but it’s hard to imagine the IRS not giving us some grace that is badly, badly needed. And, if the IRS decides to change the April 15th deadline, it’s going to be up to your individual state whether their tax deadline is going to be extended as well. Most states pushed back their filing deadlines to coincide with the July 15th deadline, but a handful of states did not.

in a nutshell
What it means for small businesses

What’s up with the PPP?
The PPP program is receiving a bit more money, which means that there is still money to be claimed! If you have not yet applied for this round of the PPP, please reach out to your lender ASAP to get started. Funding takes 2-3 weeks after you have applied, and they will stop funding loans on March 31st. 

There is a ton of pressure from a lot of organizations to extend the PPP program beyond March 31st. Still, I would highly recommend getting your application started now if you have not already. US BankBlue Vine, and Citizens Bank of Edmond (that last one seems super random but it’s highly recommended in the #TaxTwitter universe for excellent service!). 

For those of you waiting for more information about PPP forgiveness: TBD. I personally have received emails from US Bank indicating that they will begin accepting applications later this month, and will email an invitation with a link to apply when it’s your time. I imagine other lenders will have a similar process in place to avoid having all PPP recipients attempt to apply for forgiveness at the same time. 

high five

Yay for stimulus, nay for all the paperwork at tax time

What isn’t in the ARP?

Two big things didn’t make the final bill:

1. Raising the minimum wage to $15/hr – although this is still in play for future legislation this year

2. Student loans aren’t being forgiven – yet. Hidden in the depths of the ARP is a cluase that any future student loan debt that is forgiven will not be subject to income tax. That’s a crucial paragraph – so if legislation passes in the future canceling X dollars in student loan debt, it will not be considered taxable income (and thus potentially saving a LOT of tax dollars!). 

One more thing

We understand that you might have a bunch of questions about this bill.
Heck, WE still have a lot of questions about the bill. However, we’re in the throes of tax season and are up against Monday’s business filing deadline. 

If you reply to this email with questions, please know that it may take 2-3 business days for us to respond. 

Keep on keepin’ on!

Stephanie

March Newsletter

A note from the depths of tax season

Did someone say ‘tax season’?

Ah, sweet March!

It’s here! The Thursday of months! Not quite summer, but definitely a signal for us northerners that we’ve survived the worst of winter. 

No matter where you live, happy March! 

Here at Bloom, we’re tying bows on tax returns every day and sending them off to the IRS and state taxing authorities. This means that we’re super busy, and therefore only have a few updates for you this month. 

So, here’s what you need to know:

Tax-related deadlines

You likely saw an email a couple of weeks ago about getting us your business tax docs before March 1st. If you have not yet sent us all your tax documents, do not worry!

Of course, we will still prepare your business tax returns this year – it’s just that there is a good chance it won’t be finished by the March 15th filing deadline. Please continue to send us your tax documents. We will do our best to prepare and file your business returns ASAP.

If we receive your business tax documents before March 15th but are not able to prepare them in time, we will notify you and automatically file a 6-month extension. If you can’t get us your business tax documents before March 15th, that’s ok too! We’ll still file a 6-month extension for you. This is a complimentary service we provide our clients. 

Note: by “business tax return” we mean those of you who file an S-Corp return that is separate from your personal tax return. 

Also, we usually prefer to prepare both your business and personal tax returns back to back. However, in order to get as many business tax returns filed as possible by March 15th, we are focusing mostly on business tax prep until then. We will transition to preparing personal tax returns after the 15th. 

If we only prepare a personal tax return for you, please try to have your tax documents to us by April 1st so we can file by the April 15th deadline. Otherwise, we will most likely be filing a complimentary 6-month extension for you.

We really, really appreciate your patience with us this year! With the start of tax season being so incredibly delayed (nearly 3 weeks later than normal), it has really hindered the pace at which we can prepare returns. Please know we’re moving as quickly as we can to provide the best service with the most accurate and optimal results as possible! 

Are you missing our emails?

This might seem like a rhetorical question, especially if you’re receiving this email. 

However, we’ve heard from a lot of folks recently that our emails are not being received because they’re going to spam or junk automatically. You can learn how to ‘white list’ our email and others by watching this video

We recommend whitelisting our email address, even if things have gone to your inbox so far. And if you haven’t heard from us in a while and have been waiting for a response…check your spam folder or send us a quick email. 

anxiously awaiting

Anxiously awaiting PPP news

Entrepreneurs and Solopreneurs PPP Guide

This is super exciting!

The new presidential administration is aiming to make the $284.5 billion forgivable loan program more equitable and accessible to the smallest businesses.

AKA – the people that we work with!

According to Inc.com, sole proprietors, independent contractors, and self-employed individuals may apply for a PPP loan equivalent to the figure listed on line 7 of their Schedule C tax form–that is, their gross income. Previously, businesses needed to list their net income, or line 31 on the form, which results in a lower PPP loan calculation. 

To apply for a PPP loan, contact your bank or the institution that you worked with on your first-round PPP loan. If you did not take the first-round loan, you can apply for one back to back with round 2!

 

Ok, break’s over, back to tax prep!

Yay!

Alright, we are going to get back to work!

If you have questions regarding your tax returns, PPP loans, or anything else, please feel free to email us. However, please be aware that we have made a commitment to those who got us their tax documents before March 1st to file before the deadline on the 15th and are very heads down. Therefore, please allow us a couple of extra days to get back to you. 

Talk to you soon,

Stephanie

February Newsletter

The tax season updates you need!

february taxes

How we feel about waiting until February 12th to file taxes

Hi all!

WHEN did it become February!? 

February means Valentine’s Day, the first day of tax filing (February 12th!), and all sorts of excitement!

We have lots of updates regarding how to work with us this year, so be sure to read the entire email before reaching out to us with your questions. 

Without further ado…

How to send us your documents

While we appreciate everyone being diligent about getting us your documents, please be sure that you add all your tax-related documents to your Google Drive folder, then email us when everything is readyDo not email us your tax-related documents. This helps our team keep everything streamlined, thus getting your taxes done more efficiently!

What we need to do your tax prep

If you are wondering if all your documents are uploaded and ready to go, you can refer to this checklist. Things to consider uploading or giving us access to are:

Your QBO or other bookkeeping accounts, which may also include:

  • Total up your home office expenses by category* (rent, electric, gas, cable/internet, HOA fees, property tax, property insurance…)
  • Total up the mileage you’ve driven for your business
  • Track down & total up your additional business expenses that might have been paid with personal accounts (cell phone bills, subscriptions, health insurance premiums)
  • If you took unemployment this year, it is considered taxable income and you will need to send us your 1099-G, which can be found by logging in to your unemployment account and downloading a copy. Most states will also send this by mail.

*As a friendly reminder, we do not need to see your receipts, invoices, statements, or other proof of expenses, just the totals of each category. For example, we don’t need your Staples receipt, we only need to know how much you spent on office supplies :)

When we get excited about deductions and other opportunities, and you’re just like…

Have other questions about taxes?

We always LOVE seeing you in our 1:1’s, but before you schedule a whole 30-minute conversation with us…

We’re hosting an AMA!

Next Tuesday, we are hosting an #AskMeAnything on our Instagram account. You can email, comment, or DM us questions, and we’ll answer them next Tuesday evening from 6-8 CST.

Additionally, we’ll save the answers to all your tax questions in our highlights, so you’ll be able to refer back to commonly asked questions and answers later!

The AMA is not limited to clients, so feel free to tag your friends or ask questions on others’ behalf! No question is too broad or too specific :)

Filing for an S-corp this year?

The deadline for S-corps and partnerships to file is March 15th. A 6-month extension can be filed if you need extra time to file.

For Illinois S-corps, an estimated payment for replacement tax will need to be paid at the time the extension is filed to avoid incurring late payment penalties. 

We’re excited to work with you!

We have sent several emails recently, and want to be sure you have the most up-to-date information. Here are our most recent correspondences:

i love you

Happy early Valentine’s Day, Bloom Family!

Thanks for reading all the way through this newsletter! 

If you’ve made it this far, let this serve as your reminder that next Saturday is Valentine’s Day, and that yes, you should buy yourself flowers :)

Much love from all of us here at Bloom,

PPP Second Round Update

You received an email from us earlier this week with some inaccurate or incomplete information. Please refer to this email for the most up to date info!

We put the corrections in bold.

If you received a PPP loan or want to apply for round 2, keep reading!

We love to see positive things happening!

Hi all!

I received an email from U.S. Bank regarding PPP loan forgiveness applications and wanted to be sure that everyone that took out a PPP loan has this information:

Loan Forgiveness Applications

Most lending institutions (including U.S. Bank) are now accepting loan forgiveness applications. 

If you have questions regarding your loan forgiveness, your first point of contact should be the bank representative that you worked with to obtain your loan. Even if you applied on your own, your first point of contact for all questions should be through the bank you applied with. If you need documents from us, please reply to this email and we will do our best to help you out!

After you apply, your lender is required by law to provide a response to your loan forgiveness app within 60 days. 

You may also refer to this guide for more PPP loan forgiveness guidance.

You should also know that you do not need to apply for round 1 forgiveness before applying for or receiving round 2 funds, but round 1 funds must be 100% used before applying for round 2. 

You can read more from U.S. Bank here.

If you’d like more information on PPP loan forgiveness timelines and what records you might be required to show for forgiveness, see this link

PPP Round 2 Applications

To obtain round 2 PPP funds, you must have:

  • Used the full amount of your first PPP loan
  • Have fewer than 300 employees
  • Have experienced at least a 25% reduction in gross receipts in any corresponding quarter in 2020 when compared against 2019 results. For example, you may compare Q2 of 2020 with Q2 of 2019, but not Q2 of 2020 with Q3 of 2019. If you need statements from us, please don’t hesitate to reach out.

Additionally, you should know:

  • You can apply through March or until the $284 Billion is exhausted
  • Smaller institutions started accepting round 2 loan applications last week, and larger institutions (U.S. Bank, etc) will begin accepting applications this week. 
  • The SBA has 90 days to evaluate applications and may contact you for more information. 
  • The available loan amount to you will be the same as the first time around – 2.5 times the average monthly 2019 or 2020 payroll costs (how much you paid yourself or your annual net income, depending on your business entity type. LLC: use your net income for 2019. If you use payroll, use your W2 income to calculate the loan amount). 
  • At least 60% of the money must go toward expenses such as rent, mortgage, interest, and utilities, as well as payroll expenses. 
  • If you did not receive a round 1 loan, you can still apply.
  • Supporting documents are not needed when applying for a loan that is $150k or less, but will be required when applying for forgiveness. 
Let us know what questions you have, we’re always here to help!
 

Stephanie

How to work with us in 2021

Save this email to refer back to later!

Let’s work together this tax season!

Hi all!

I am getting back up to speed after a few weeks off and want to be sure that you have everything you need to start this tax season off on the right foot. 

Some of you might need some time to get your tax docs in order, so please save this email to refer back to if you have questions in a month or two. 

Here’s everything you need to know for the 2020 tax season:

How to get on our calendar

Not everyone will need to speak with us before we file your taxes. However, if you had major changes in your business last year, you may want to schedule a quick chat with us to see what documents we will need from you.

Our calendar link is here.

Boundaries

As we continue to grow, it’s important that my team and I stay on the same page. Here’s what we’re asking of you:

  • Please communicate with us by email for all things tax-related. My team does not have access to my phone, so if we’ve texted in the past, please email me at hello@bloomsbs.com for anything regarding taxes. 
  • Please pay your invoices via invoice emails. Some of you have had flexible payment systems in the past. Again, my team does not have access to other systems, so please do not send payments outside of our invoicing system. If you have any troubles with this or need a payment plan, please contact billing@bloomsbs.com.
  • We love chatting with you! If you slide into our Instagram DM’s or have fun things to share, we LOVE seeing what you’re up to! If it’s biz or tax-related, please send it to our email inboxes as we can’t answer tax-related questions via social media. 

What we need before starting your taxes

Everyone has different documents, but the basis of what we need is the following:

Step 1: Update and reconcile your QuickBooks including all bank and credit card accounts. You must do this on your own before reaching out to us. 

If you need help from us on this, please reach out and let us know. 

Step 2: Upload any supporting documents and forms to your Google Drive folder; do not email them to us. Here is a list of what we need from you before we begin your tax prep. 

If this is your first year with us, use this cheat sheet to see what additional documents we might need from you. 

Step 3: Let us know by email that everything is uploaded and we will put you in the queue to prepare your tax return. 

And by ‘money’ we mean ‘up to date QuickBooks and other documents’!

How to refer someone to work with us

While we LOVE a good warm intro and referral, we’re getting a million emails a day. Okay, that might be a slight exaggeration. However, the best way to refer someone to us is to have them schedule a New Client Zoom Meeting via our website

This will help us stay heads down on tax prep, and skips the back and forth of getting on our calendar. You can always refer people to the scheduling link on our Instagram bio as well. 

We’re excited to work with you!

2020 brought lots of changes for Bloom. Not only did we rebrand, but we grew. We’re serving so many incredible businesses AND added to our own team (check their intros out on Instagram!). 

As we continue to grow, we are implementing processes to help streamline your experience with us, thus saving everyone time along the way. 

These processes include:

  • Automatic billing for all monthly bookkeeping clients
  • Administrative team members to ensure fast response times
  • Additional Tax Prep and billing team members to get you the estimates, prep, and answers you need to make dollar-backed business decisions
That said, if you’d like to learn more about our packages or make a change to how you work with us, contact us using this button:

Who’s ready to rock this year!?

I am super excited to continue working with you and to continue seeing your business truly bloom.
 

Stephanie

Our New Packages

Hello Bloom family!

As you know, we’ve undergone a lot of changes in the last year. We’ve expanded our team to help businesses like you get more hands-on assistance, and we’ve made some exciting decisions behind the scenes as well.

One of those decisions is to change our pricing and billing to be more streamlined. Therefore, we are moving from an hourly rate to a value-based rate and are moving to automatic billing.
 

We have moved to four basic packages:

DISCLAIMER: Most of you will not see any changes in your service from us other than the name of your service.  

Greenhouse 

This is your ‘get started’ package. Most new clients (referrals) will use this to help them register their businesses and get answers to questions about future accounting.

One-time fee of $298.


Root

This is our package for annual tax prep and a tax prep consultation. 

Annual fee starting at $398. 


Sprout

As you grow, you’ll need monthly bookkeeping and quarterly tax estimates as well as occasional conversations with our team.

Starting at $348/month 


Blossom

As an established business owner, you need a numbers expert in your corner. Blossom includes everything from the Sprout package as well as monthly consultations in which we help you make planning, budgeting, and scaling decisions based on your numbers.

Starting at $998/month

What if I need a one-off convo?

We have something for you, too! 

If you are a Sprout or Blossom client, you’ll have access to our team at least quarterly. Root clients (tax prep only) will have access to us once per year. Sprout clients (bookkeeping and quarterly tax estimates) will be able to schedule four consultations per year, and Blossom clients can choose to meet with us as often as once per month. 

If you don’t need monthly bookkeeping services but DO want to chat with us about one-off things, you can schedule an hour of 1:1 time with Stephanie to go over any and all things taxes, finance, and more. 

$148 per hour. 

One last thing

If you’re already in a monthly package…

And notice that your pricing is lower than the prices listed above – don’t worry. You’ll stay the same. 

We are so excited to continue to grow and to serve you better in 2021. 

Feel free to let us know if you have questions!

Stephanie

 

PPP Update Jan 2021

The bottom line: PPP expenses are tax-deductible and the forgiveness process is easy.

Hello Bloom family!

We’re starting the year off right with some good news! 

After plenty of back and forth, Congress passed a second stimulus bill (The Consolidated Appropriations Act, 2021) that has been signed by the current president. Both small businesses and individuals will benefit from it (even if that individual stimulus payment isn’t what we were hoping for!).

Here’s what you need to know:

Updates:

PPP Loan Forgiveness

What you need to know:

  1. Expenses paid for with PPP loans ARE deductible. This was not true in the first iteration of the bill, but will now help PPP recipients by granting more opportunities for deductions. 
  2. If your loan was for less than $150,000, the SBA simplified the forgiveness process into a one-page document.
  3. You will apply for forgiveness online through your PPP lending institution. Lenders are not currently accepting applications but will reopen them once the lenders have finished making the recent updates. 
  4. More information will be available on the SBA website and via your lender in the coming weeks. Remember, your forgiveness applications are due 12 months from when you received your loan.

If you want to know more, Forbes outlined other changes and advances in this article

Second Round of PPP Loans

You might qualify for another PPP loan

Businesses can apply for a 2nd round of PPP loans. To qualify, businesses must have fewer than 300 employees, have already used their first PPP loan, and show a 25% reduction in revenue from at least one quarter of 2020 to the same quarter in 2019.

Right now, we do not know what will be required to show a reduction in revenue. We will update you when it is known. 

If you are seeking a second PPP loan, you must contact your bank. Most banks do not have open online portals for second applications yet, but it will likely happen later this month. 

The second round will be forgivable and at least 60% of the loan must be used for payroll costs, including paying yourself. 

Finally, Congress increased the reimbursement to banks to loans that are less than $50,000. This gives lenders an incentive to prioritize small businesses during the application process. Therefore, it should be easier for small businesses to get funding this time around. 

EIDL Update

What you need to know

If you have questions surrounding your EIDL, I strongly recommend reading the material on the SBA website or contacting the SBA with any questions. 

If you took out an EIDL, be sure to keep strong records of how your loan is spent as you will have to provide this info to the SBA within 90 days of the loan being repaid. 

SBA staff members have been reaching out asking for additional documentation required by the loan. For example, you may be asked to prove that you have hazard insurance or payroll documents. 

Individual Stimulus

Calculate your stimulus

If you haven’t had your stimulus deposited already, you can calculate how much your family will receive here. To find your adjusted gross income on your 2019 tax return, you can look at the first page of your tax return. If we filed your taxes last year, your tax return will be in your Google Drive folder. 

Additionally, I’ve heard from a few of you that you did not receive the stimulus you expected. There seems to be a specific glitch with the additional $600 per child. If you did not get your first or second stimulus (in part or in full), we can include a recovery rebate credit on your 2020 tax return, permitting that you qualify for the stimulus. 

Is this the forgiveness application vibe?

Other Resources
If you would like more information regarding the changes and advancements to the stimulus programs, you can check out these websites:

If you have further questions regarding the PPP and loan forgiveness that are not answered on the SBA website or by your bank, please reach out to me! I’m always happy to help :)

Here’s to a solid start to 2021!

All my best,

Stephanie

December Newsletter

“Some people are worth melting for.” – Olaf

Doing whatever accountants do innn Winterrrr!

Hello Bloom family!

HAPPY Q4, almost Christmas/holidays, and END OF 2020!

We’re channeling Olaf-like optimism around here as we have News. For. You!

(Spoiler alert: It’s about PPP forgiveness, exciting Team Bloom changes, and taking time off. So, check it out below!)

Before we jump into this month’s updates, I want you to know how incredibly grateful I am to work with all of you. This year has brought so many new ideas, partnerships, and more. It’s a joy to get to work alongside you!

Now, the good stuff:

What these socially distant holiday parties really look like

Updates:

PPP Loan Forgiveness

The good news is, we have plenty of time!

I feel like a broken record here, but this is really a big game of ‘hurry up and wait’. What you need to know is, there is no across-the-board answer. Basically, every lender is requiring different documentation, and some lenders aren’t accepting applications for forgiveness yet. However, payments become due 12 months after you receive your money. This means that we all have some time to chill out and wait for them to communicate the right way to apply for forgiveness.

The good news is, each communication is making it seem easier and easier to process applications, so I’m confident that we will have more answers in March. As always, you can check for updates on the SBA website.

We found our unicorns!

That’s right, we hired… THREE TIMES!

Last week, we hired a few new faces! You might already work with Tiffany or Cheryl as bookkeepers, and we just added Cala to the bookkeeping team and Stephanie and Ashley as tax specialists. We’re excited to introduce them via social media & this newsletter next month, so keep an eye out for that!

Also, if you’re interested in moving into monthly bookkeeping but haven’t in the past, we are now able to take on new monthly bookkeeping clients! Which leads me to my final point…

Holiday Availability

It’s not you, it’s me.

In preparation for the big ‘oof’ that will be 2020 taxes, I’m taking time off to spend with my family. I will be available for meetings until December 14th. After that, I’m blocking my schedule until 2021. 

If you want to chat about monthly bookkeeping or other business-related things before I take off, you can schedule time via my website. If you don’t see something that works for you, shoot me an email with your availability and I’ll do my best to accommodate. 

Me, looking for small businesses to shop at for the holidays

One last thing…

You’ll hear from me the last week of the year, but I just want to reiterate how great you all are. I appreciate you trusting me with your hard questions and for all the encouragement I’ve gotten from you this year. 

Now, GO! Shop local, enjoy the rest of Fall, and stay sweet. 

Sending you all my best this holiday season,

Stephanie

November Newsletter

“We should just be thankful for being together. I think that’s what they mean by ‘Thanksgiving,’ Charlie Brown.” — Marcie

I haven’t even finished eating all of my Halloween candy!” — Sally Brown

Hello Bloom family!

I’m going to start by hanging a lantern on current events and say: no matter what happens as a result of this week, YOU are in control of the response. 

We each hold so much power, whether the outcome of the election is what you were hoping for or not. Know that I’m here for you, I’m beyond grateful for you, and we’re going to keep Blooming and growing together. 

Speaking of growing, I have a lot to share with you including some exciting news, as well as improved ways that we will work together in 2021. 

So good grief, let’s get on with it!

Updates:

PPP Loan Forgiveness

Update for loans under $50k

On October 8th, the SBA announced that PPP loans for under $50k now will require a shorter application for forgiveness. Additionally, those that qualify may receive full forgiveness even if they reduced staff or reduced wages and salaries during their covered period. For more information, check out the SBA website.

Call Me Maybe?

The ZP Associates contact info is no longer valid!

Just a friendly reminder that my email addresses are now hello@bloomsbs.com and stephanie@bloomsbs.com, and our old ZP phone number no longer works.

If you need to call/Zoom and go over anything, you can skip the email process and set up a call using this link, which always lives on our website. 

We’re Growing!

Do you know a unicorn?

We’ve seen a lot of changes around here this year, and it means that we are growing our staff! We’re on the hunt for an incredible Tax Prep Specialist and an experienced Bookkeeper. Know someone for the job? Send them to the application here

While I appreciate warm introductions, please simply send any referrals to the application. 

Let’s Talk Boundaries

Help me help you

I recently did a thing that felt SO uncomfortable – I deleted my work email off my phone! I found myself checking emails at stoplights, at the dinner table, in line at the grocery store… and I found that as a result, important things were falling through the cracks.

So, this is a friendly reminder that I will only respond to work-related emails and calls during regular working hours, and on Saturdays during Tax Season. Please refrain from texting me and send an email instead – I’ll be able to reply when I’m in my workspace rather than see it when I’m spending time with my kids and husband.

I hope my emails brighten your mornings

One last thing…

What are you grateful for?

I try to vocalize my gratitude practice each day, but Thanksgiving is a great time to share it. If you want to, send me an email back and tell me something GOOD. 

Happy early Thanksgiving, everyone!

Sending good vibes and apple pies,

Stephanie

October Newsletter

Accounting hocus pocus: Nothing too spooky!

I hope my emails brighten your mornings

Hello Bloom family!

Masks are a little less spooky this year, huh? 

I only have a couple of small updates for you this month (a nice change of pace, don’t you think?), and then I’ll be off to think of how we can use our masks to create the best Halloween costumes ever. 

Speaking of costumes, in our house, my daughter is creating a custom costume so she can be her favorite Roblox character, and my son has decided he’s too cool for costumes and trick or treating this year. Taco is still working out his costume options :)

As a heads up, I’m using my offseason to take the kiddos on another road trip this month. We’re heading to AZ to spend time with family, but my intention is to work remotely the week of the 5th, so you’ll still be able to reach me if needed. 

Okay, keep calm and update on…

Updates:

Individual Tax Filing

If you haven’t sent me your 2019 filing info…
Will I get your total tax payment to $750? Probably not. BUT. The individual tax filing due date is 10/15. If you haven’t filed your individual taxes for 2019 yet, email me ASAP.

 
PPP Forgiveness

Hurry up and wait
We’ve caught wind that some people’s financial institutions have reached out to encourage them to start filing for forgiveness. However, all my clients will need to wait until the end of the 24-week period ends to ensure their loans are fully forgiven.

To figure out your 24-week period, check the date that your PPP funds were deposited, then count forward 24 weeks. This will be the SOONEST you can file for forgiveness.

I KNOW you’re all anxious to make sure that you’re paying what you need to and getting whatever you can be forgiven, so this seems like a game of ‘hurry up and wait’. However, once your 24-week period is over, you can fill out this form to apply for PPP forgiveness.

 
We’re hiring!

Know anyone that we should meet?
I’m honored to be your friendly, neighborhood small business accountant, but Bloom is growing and I need to add a couple of bookkeepers to my team. If you know someone that I should get to know, please have them reach out to me at hello@bloomsbs.com.

 
We’re feeling social 

Be in the know!
Did you know that we’re remodeling our office? Helping our clients connect with (and sometimes even hire!) each other? Yeah, super exciting things are happening over on our Instagram!

That said, if you’d like to be one of our guest features, click here!

And remember, it’s just a bunch of hocus pocus

That’s it for now, Bloom family!

We’re off to soak up the last of summer, enjoy lots of family time, and head into Q4 strong! Have the best weekend!

Sending good vibes to you all!

Stephanie