Interest Payments Coming to Timely Filers
The Treasury and IRS announced on August 18 that they were to start sending interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are ...
Processing Pending Payments During COVID-19
The IRS has warned taxpayers that if they mailed checks (either with or without tax returns), the checks may still be unopened in the backlog of mail that it is processing due to COVID-19. Any payment...
Taxpayers Can File Form 1040-X Electronically
The IRS has announced that taxpayers can now submit Form 1040-X electronically with commercial tax filing software. Until now, taxpayers were required to mail a completed Form 1040-X to the IRS for pr...
Taxpayers Urged to Renew Expiring ITINs
The IRS announced that more than one million Individual Taxpayer Identification Numbers (ITINs) will expire at the end of 2020. ITINs are used by people who have tax filing or payment obligations unde...
Cummings, Lamont & McNamee, PLLC is excited to announce the opening of our new office in Stratham!
Our Exeter office will be moving to: Millbrook Office Park 118 Portsmouth Ave, St D-206 Stratham, NH 03885
We are truly excited to relocate to our new office in Stratham. We are especially pleased to be able to move into a new building with significantly more space that will allow for our Exeter and Portsmouth staff to work together in the same office!
More than anything, this move represents our continued ironclad commitment to serving our clients.
Phone: 603-430-6200 or 603-772-3460 WWW.CLMCPA.COM
We are also available for you at our Portsmouth office: One NH Ave, Ste 125, Portsmouth
Recommend business owners contact their bankers (must be a Small Business Administration (SBA) lender) ASAP so your banker can assess your needs and, if determined appropriate, to start the application process.
Small Business Debt Relief Program-Provides SBA loans to business owners with non-disaster SBA loans currently in place
SBA may cover all loan payments, including principal, interest and fees for six months and this applies to qualified existing and new borrowers who take out loans within six months of the President signing the bill into law.
Debt relief for existing SBA qualified loans is automatic.
Relief period for existing SBA qualified loans is April-September 2020.
Recommend that small business owners contact their bankers (must be SBA lender) ASAP so your banker can assess your needs and, if determined appropriate, to start the application process.
Economic Injury Disaster Loans & Emergency Economic Injury Grants (EIDL)-Provides small business owners an emergency advance up to $10,000 often within three days of applying
The advance does not need to be repaid under any circumstances, but can reduce the forgiveness under PPP
Available from January 31, 2020 - December 31, 2020
What information will Small Business Owners Need in order to apply? This varies depending on the loan for which you are applying. However, you should be sure that you have the following at a minimum:
Most recent tax return
Number of employees as of 01/31/2020
Business owner's information, including name, address, social security number, place of birth, confirmation of US citizenship, cell phone number and percentage of ownership
Bank account information to receive first $10,000 (EIDL Only)
Important-The amount of loan forgiveness you will receive later is dependent upon proper use of the loan proceeds in accordance with the various programs offered. If you are approved and are granted a loan, it will be critical to properly document and account for the use of the loan proceeds as this will later serve as the basis for how much of your loan will be forgiven. You are urged to work with your accountant to establish a sound record keeping system for this purpose.
Conclusion-The most important step that a business owner should take now is to call their banker or other professional adviser and tell them that you need assistance in evaluating the programs. It is important to consider your decisions carefully, based on your specific facts and circumstances.
The following are a couple of links that will provide additional guidance:
As we continue to monitor the COVID 19-virus we have decided to implement more measures to protect the well-being of our clients and our staff while we continue to work to meet the needs of our Firm and Clients.
We are taking every precaution possible to minimize the risk of transmission of the virus.
Effective immediately, the following policies have been implemented to limit the exposure of our employees and of our clients:
We are suspending all in-person client meetings. Drop boxes have been placed directly outside the doors of each office during business hours if you need to drop off tax materials. The box will be closely monitored by our administrative staff and your information will be retrieved after you leave. Our secure File Share Portal is available for your use. If you are interested in utilizing the File Share Portal, please go to www.clmcpa.com, scroll to the bottom. There are instructions and to register, click on File Share Portal.
All tax returns will be mailed to clients. Pick up options are unavailable at this time.
Our offices will not be open on Saturdays effective immediately.
We will have a skeleton staff working in the office but most will be working remotely.
We will continue to communicate regularly and stay on top of the news to ensure that we react as quickly as possible to any new developments.
Keeping everyone safe, and still maintaining high quality and timely client service is our top priority.
Thank you all for your patience and flexibility during this time.
Cummings, Lamont & McNamee, PLLC is a regional Certified Public Accounting (CPA) firm in Southern Maine and New Hampshire providing clients with Income Tax Preparation for Individuals and Corporations; Tax Planning; IRS Tax Audit Representation; Audit Services; Review and Compilation of Financial Statements and Fraud Examination Services. We also have expertise in special practice areas including Estate Planning, Veterinary Practice Services, Funeral Homes, and Dental Practice Services.
We are Maine's largest Accounting firm south of Portland with offices in Kennebunk, Maine and Portsmouth, New Hampshire and Exeter, New Hampshire. Our strategic locations allow us to serve the Southern Maine and Seacoast New Hampshire region.
At Cummings, Lamont & McNamee we are trusted business advisors and consultants who identify opportunities, provide solutions and deliver exceptional service to our clients. We constantly strive to provide quality professional services for the optimum client experience. We would be pleased to have the opportunity to partner with you on all your accounting needs!
Why choose Cummings, Lamont & McNamee as your accounting firm?
We will consistently be there for you and respond to your needs.
We will provide you with the tax, accounting and consulting expertise you need to help you manage your business.
We stay up to date on the tax and business issues that affect your profession.
We are committed to providing you with the quality service you expect and deserve.
Deal with friendly professionals that are easy to work with.
We Deliver Value
We can help you build a business that is both professionally and financially rewarding.