Certified Public Accountants
Home
About CLM
Our Team
Client Services
Career Opportunities
Info Center
News
Financial Tools
Links
Contact Us
Home
Tax Alerts
November 26, 2020

Great News!

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

____________________________________________________________________________________________________________________________

Purpose-To provide our clients with a broad overview of certain financial programs available to them as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.    

 

What's available for most of our clients?

Paycheck Protection Program (PPP)-Provides cash through loans to help small business owners maintain their staff and operations

  • Opportunity to receive a federally guaranteed loan based on historical payroll costs with portions qualifying for forgiveness (not required to pay back).
  • Application process started on April 3, 2020. Here is a link to be sure that you are getting the most updated version. https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form
  • 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
  • Online application - https://covid19relief.sba.gov/#/

 

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:

 

https://taxfoundation.org/federal-coronavirus-relief-bill-cares-act/

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

COVID-19 – Cummings, Lamont & McNamee Update

 

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. 
  • As we receive any updates (federal or state) we will post them on our website, http://www.clmcpa.com/

 

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?

Reliability

We will consistently be there for you and respond to your needs.

Knowledgeable

We will provide you with the tax, accounting and consulting expertise you need to help you manage your business.

Specialization

We stay up to date on the tax and business issues that affect your profession.

Professionalism

We are committed to providing you with the quality service you expect and deserve.

Friendliness

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.







HomeAbout CLMOur TeamClient ServicesCareer OpportunitiesInfo CenterNewsFinancial ToolsLinksContact Us