Category: General

Good News! An Extended PPP Deadline & Simplified RRF Application

Hope you're having a great Wednesday! We’ve received some good news over the last couple of days. First, President Biden signed an extension for the deadline to file for the Paycheck Protection Program. The deadline to apply for a loan under the program was set to expire today, March 31, but the new law extends the application deadline to May 31. It gives the Small Business Administration (SBA) until June 30 to process the applications. In addition, the SBA announced on Tuesday that restaurants applying for grants under the Restaurant Revitalization Fund (RRF) do not need to register for a DUNS number,…

The $28.6B Restaurant Revitalization Fund

The SBA expects an early April roll-out The Food & Beverage industry had to make a sharp pivot to try and stay in business during the pandemic. In addition to the shelter-in-place orders, the necessary accommodations these business owners had to make were unexpected (burdensome) expenses. Last year, the National Restaurant Association pushed Congress to create a specific recovery fund due to the unique challenges restaurants faced. As a result, The American Rescue Plan Act of 2021 (ARPA) established a $28.6B Restaurant Revitalization Fund (RRF), and $5B is reserved for businesses with gross receipts of $500,000 or less in 2019. Are you eligible? The RRF is intended for…

Good News For Taxpayers!

The Schedule of New Deadlines Dates and Details On Wednesday, March 17, the IRS announced that Tax Day for taxpayers outside Texas, Louisiana, and Oklahoma is extended to May 17. Here are some key highlights of what you need to know: To minimize any confusion and avoid receiving unnecessary notices from the IRS about the timeliness of extension payments, our strategy will be to file individual extensions before the original due date of April 15 for all U.S taxpayers regardless of their state residency. BKM Sowan Horan is committed to our client's success and will keep you apprised of any further developments…

Business Property Tax Appraisal > Temporary Exemption

The Texas Tax Code 11.35, which applies to each county in the State of Texas, allows a qualified property that is at least 15% damaged by a disaster in a governor-declared disaster area to receive a temporary exemption of a portion of the appraised value of the property. Qualified property includes real property such as homes and buildings, certain manufactured homes, and tangible personal property used to produce income for a business. Property owners generally must apply for such temporary exemption no later than 105 days after the governor declares a disaster area. Accordingly, Texas Governor Greg Abbott declared the…

Texas State Comptroller Announcement

Franchise Tax Deadline Extended February 26, 2021 Further tax relief for Texas taxpayers who weathered last week's storm! The 2021 franchise tax report deadline is extended from May 15 to June 15. This action aligns with the Internal Revenue Service (IRS) announcement earlier this week extending the Federal April 15 tax-filing and payment deadline to June 15 for all Texas residents and businesses (see BKMSH Texas IRS Deadline Relief). The due date extension applies to all franchise taxpayers. It is automatic, and taxpayers do not need to file any additional forms. "To assist businesses coping with the unprecedented winter storm and…