Tax Returns May Be Key for Small Business Owners & Individuals to Benefit from Massive Economic Stimulus Package

By: Moshe Klein, The AFFORDABLE Accounting Firm

www.mkabusiness.com

White House and Senate leaders reached a deal early Wednesday morning on a massive stimulus package they hope will keep the nation from falling into a deep recession because of the coronavirus crisis.

The deal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions aimed at shoring up individual, family and business finances.

Many individuals will be eligible to receive a direct cash payment and small business owners can apply for a variety of much needed loans and grants through the SBA.

The key to taking advantage of these benefits may be if the IRS can find you. Millions of Americans are not up to date on required Federal and State tax filings. Furthermore, millions of small business owners have not registered or organized their businesses as LLC’s, S Corps or C Corps and don’t have even basic bookkeeping records regarding business revenue and expenses.

According to Princeton economist Alan Blinder, millions of people who need help the most may not be able to take advantage of this massive infusion of cash simply because they have not connected to the grid or made themselves or their businesses visible to the IRS.

Details are still coming out regarding the stimulus package. To find out more about how you can bring your personal and business taxes up to date, please contact us for a FREE & CONFIDENTIAL consultation by calling 888-432-8187 right now.

Since 1982, MKA has been providing AFFORDABLE bookkeeping, tax and payroll services to individuals and small business owners in all 50 states.