Welcome to the MSB Financial Solutions Help Center. We have compiled some of the questions we get asked the most. We specialize in a variety of fields and have knowledge pertaining to many areas of accounting. Our team will do our best to answer all of your financial management questions and concerns. If you can’t find the answer you are looking for, please get in touch.
When is tax preparation fees due?
The payment is deducted from the client's tax refund. If there is no refund and payment is due to the IRS, the fees are due prior to filing taxes.
Paycheck Protection Program: Is PPP taxable?
Paycheck Protection Program loans. As long as these were used on certain business expenses-payroll, rent or interest on mortgage payments, and utilities, to name a few-these loans were designed to be "forgiven."
IRS says that any expenses paid with money from the PPP loans cannot be deducted from your taxable income.
Do you have to pay taxes on Stimulus Checks?
The Stimulus Check will NOT count as taxable income. It is being treated like a refundable tax credit for 2020.
Eligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible to claim it. People will see the Economic Impact Payments (EIP) referred to as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs are an advance payment of the RRC.
When does Tax Refund Advance Start?
January 2, 2020
Will Refund Advance affect my credit score?
No. There is no impact on your credit score if your apply for a Refund Advance.
How is the Refund Advance repaid?
The amount you owe will be deducted directly from your 2020 tax refund