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Van Bruggen & Vande Vegte, P.C.

Founded by Arthur Van Bruggen in 1977 as the first CPA firm serving Northwest Iowa, our commitment was, and still is, to serve the best interests of each and every one of our clients. Please take a few moments, acquaint yourself with our firm and contact us for more information about our accounting or financial services.

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Orange City Office
113 3rd St NE
Orange City, IA 51041
Phone: 712-737-2030
Fax: 712-737-2075
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1313 Golf Course Road
Rock Valley, IA 51247
Phone: 712-476-2725
Fax: 712-476-2726

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Quickbooks Subscription Changes

Posted by Admin Posted on Nov 08 2021

As you know, QuickBooks is one of the best accounting software programs available. Previously, the desktop Pro or Premier versions of QuickBooks only required a one-time purchase, which could be utilized for three years.

 

Starting with QuickBooks 2022, the desktop Pro or Premier versions of QuickBooks will require an annual subscription fee. For clients also subscribing to payroll, this annual fee would eliminate the need to upgrade every three years. QuickBooks 2022 will not run on any older computers that have a 32-bit system, as it will only run on a 64-bit system.

 

Clients who currently have the Enterprise version are already on an annual renewal, so this change does not apply.

 

QuickBooks 2021 with a one-time purchase and no annual subscription will be available for sale until December 10, 2021 (subscriptions to payroll will remain). After December 10, 2021 any new purchases or upgrades to QuickBooks Pro or Premier desktop versions will be on an annual subscription basis. Users currently on QuickBooks 2019 or 2020 and a payroll subscription should consider upgrading to 2021 before December 10 to take advantage of the lower cost one-time purchase option. If you are currently using an older version of QuickBooks, without a payroll subscription, an upgrade is not required at this time; however, if you wish to purchase a newer version, this may be your best opportunity to do so.

 

If you have further questions, please contact us.

 

Van Bruggen & Vande Vegte, PC

Advance Child Tax Credit (deadline to unenroll is today)

Posted by Admin Posted on June 28 2021

 

Dear clients and friends,

 

The American Rescue Plan Act (ARPA), signed March 11, included a provision to revise and expand the existing Child Tax Credit (CTC) for the 2021 tax year, and pay out part of the credit in the form of monthly advance payments starting July 15. There is an option to unenroll from receiving the advance payments and the deadline to unenroll for the July payment is June 28.

 

Overview

 

The CTC was previously a $2,000 credit that was partially refundable up to $1,400 per qualifying dependent under the age of 17. Due to the ARPA changes, the credit is now fully refundable and has been increased to $3,600 for dependents under the age of six and $3,000 for dependents ages six to 17. You can take full advantage of the credit if your modified Adjusted Gross Income (AGI) is less than:

 

  • $75,000 for single or married filing separate filers
  • $150,000 for married filing jointly filers or qualifying widowers
  • $112,500 for head of household filers
  •  

 

The credit will be phased down to $2,000 per qualifying dependent for taxpayers who have modified AGI over $150,000 for married filing jointly filers, $75,000 for single or married filing separate filers, or $112,500 for head of household filers. The remaining $2,000 credit will be phased out when modified AGI goes over $400,000 for married filing joint filers and $200,000 for all other filers.Half of your eligible CTC may be received in advance monthly payments beginning July 15, 2021. Taxpayers who will receive the advance payments will receive a letter from the IRS that includes the monthly amount of their payments based on their most recently filed tax return.

 

Effects of the Child Tax Credit

 

The CTC is a tax credit, not a stimulus or a rebate. The advance payments will affect your refund or amount due when you file your 2021 tax return. You may also be required to pay back any advance payments greater than the allowed credit that you receive.

If you have income from sources other than a W-2 and have children under the age of 18, you may need to begin making or increase your quarterly estimates to offset the amount of the credit that you are receiving in advance.

 

You will have the option to opt out of the advance payments. You may want to opt out if you/your:

 

  • Are divorced/separated
  • Qualifying dependent is covered by a custody agreement
  • Have income from sources other than a W-2
  • Are a foster parent
  • Prefer to receive a larger refund when filing your tax return
  • 2021 modified AGI is greater than $40,000 for single filers or $60,000 for married filing jointly filers
  • 2021 modified AGI is significantly higher than your 2020 modified AGI

 

Unenroll on the IRS’s Child Tax Credit Update Portal

 

If you decide that you do not want to receive the advance CTC payments, you will have to log onto the Child Tax Credit Update Portal (https://www.irs.gov/credits-deductions/child-tax-credit-update-portal) to opt out of receiving the payments. Each spouse will have to unenroll from the advance payments. The process should take 15-20 minutes, and requires you to have a personal email address, photo ID, camera phone, and computer with a webcam available.

 

You may unenroll any time prior to December. To stop payments, you must unenroll three days before the first Thursday of the next month by 11:59 Eastern time. For example, the deadline to unenroll and not receive the July 15 payment is 10:59 Central time on Monday June 28.

Please contact us if you have any questions.

 

Van Bruggen & Vande Vegte, PC

 

New PPP loan rules for sole proprietors

Posted by Admin Posted on Mar 05 2021

Dear business clients and friends,

The Small Business Administration (SBA) issued new rules on March 3 allowing non-agricultural sole proprietors the opportunity to apply for larger PPP loans. Instead of using net profit from their Schedule C tax form, sole proprietors can now use gross income before expenses, up to $100,000, for owner compensation. As you may be aware, farming sole proprietors have been eligible to use rules similar to this since the second round of the PPP opened up in January.

The new rules only apply to new loan applications. Applicants cannot go back and get additional funds on a loan that has already been approved. However, it is applicable to both first draw and second draw loans, allowing a business owner to apply for a first draw loan if they haven’t previously done so.

The SBA did say that loans using gross income of more than $150,000 will be subject to review, and do not meet the safe harbor for deemed economic necessity. Therefore, applicants may need to prove their certification that the proceeds were necessary to support ongoing operations due to current economic uncertainty.

The deadline to apply for a PPP loan is March 31.

Please contact us if you have any questions or need assistance with your PPP loan application.

Van Bruggen & Vande Vegte, PC

Covid Relief Bill

Posted by Admin Posted on Jan 15 2021

As you may already know, Congress revived the PPP loan program in the Covid Relief Bill signed into law on December 27, as well as additional changes to existing pandemic relief provisions. Here is an overview:

 

Second Draw PPP (“PPP2”) Loans

  • Businesses that received a First Draw PPP (“PPP1”) loan may apply for a PPP2 loan if their PPP1 loan has been or will be forgiven, has less than 300 employees, and had a reduction in revenue of at least 25% in any 2020 quarter compared to the same quarter in 2019.
  • The amount of the PPP2 loan is 2.5 months of payroll based on average monthly payroll in 2019, 2020, or any trailing 12-month period.
  • Restaurants and Hotels (any business with a NAICS code starting with “72”) may use 3.5 months of payroll.
  • Sole proprietor farmers may use gross income instead of net income to determine their compensation eligible for a PPP loan, but must also meet the revenue reduction criteria.
  • Deadline to apply is March 31, 2021.

 

PPP1 Loans

  • Businesses that did not originally apply for a PPP1 loan may still apply based on 2019 or 2020 payroll costs, and do not need to meet the revenue reduction eligibility criteria required for a PPP2 loan.
  • Businesses that returned all or part of their PPP1 loan or didn’t accept the entire loan amount they were eligible for may request an increase in their loan amount if their orginal loan has not already be forgiven.
  • Sole proprietor farmers that used net income to determine the amount of their PPP1 loan, may request an increase in their loam amount if using gross income would result in a larger loan and their loan has not already been forgiven.
  • Sole proprietor farmers that showed a net loss in 2019 and were not originally eligible for a PPP1 loan may now apply for a PPP1 loan using their 2019 or 2020 gross income.
  • Deadline to apply is March 31, 2021.

 

Employer Retention Credit

 

  • This credit may now be claimed in addition to receiving a PPP loan.
  • Credit of up to $5,000/employee/year possible for 2020 if a business had at least a 50% reduction in gross receipts in any 2020 quarter compared to the same quarter in 2019.
  • Credit of up to $7,000/employee/quarter possible for 2021 if a business had at least a 20% reduction in gross receipts in either the first or second quarter of 2021 compared to the same quarter in 2019.

 

Other Provisions

  • PPP1 and PPP2 loan proceeds are not taxable and the expenses used to allow forgiveness are deductible, making the loans completely tax-free.
  • Economic Injury Disaster Loan (EIDL) advance grants are not taxable.
  • EIDL grants no longer reduce the maximum amount of a PPP1 loan. Businesses should contact their PPP lender if they also received an EIDL grant to see if an increase in their PPP1 loan is possible.
  • Additional $300/week of federal unemployment available for those receiving unemployment benefits December 26, 2020 through March 14, 2021.
  • Eleven week extension of PUA (unemployment benefits for self-employed individuals and part-time workers) and PEUC (additional benefits for individuals whose regular unemployment benefits have expired).

The SBA has released application forms for PPP2 loans, but not all lenders are allowed to submit applications to the SBA at this time. Contact your lender for when they will be ready to accept PPP2 loan applications, or if you think you are eligible for an increase in your PPP1 loan.

 

Please contact us if you have any questions related to these items or any other provisions in the Covid Relief Bill.

 

Van Bruggen & Vande Vegte, PC

Coronavirus Food Assistance Program 2 (CFAP 2)

Posted by Admin Posted on Sept 21 2020

The Trump administration announced a second round of the Coronavirus Food Assistance Program (CFAP) to offset agricultural losses for commodities whose late-July prices were at least 5% lower than they were in mid-January. The payment calculation differs based on the commodity produced. Payment limit rules are similar to the first round of CFAP, but vary slightly. Details about the program can be found at: https://www.farmers.gov/cfap.

The application period runs from September 21 through December 11. Contact your local FSA office to apply. 

Please contact us if you have questions on this program or need assistance completing the application.

Van Bruggen & Vande Vegte, PC

Deferred Employee Payroll Taxes & Iowa Relief Programs

Posted by Admin Posted on Sept 01 2020

Federal and state governments continue to provide COVID relief programs to individuals and small businesses. Here are some of the latest relief programs:

Employers will need to watch for possible updates to their accounting/payroll software. For example, Quick Books announced on August 31 they have not implemented any changes yet, but are in discussion with the IRS and will make changes when they get more direction.

Please contact us if you have questions on these, or any of the relief programs offered to help individuals and businesses financially through the COVID pandemic.

Van Bruggen & Vande Vegte, PC

PPP loan application deadline extended

Posted by Admin Posted on July 06 2020

In a surprise move by Congress last week, the deadline to apply for a PPP loan was extended. The original deadline was June 30, but since $129 billion of funding was still remaining, the application deadline was extended to August 8.

Please contact us if you have questions on the application or whether you should still apply.

Van Bruggen & Vande Vegte, PC 

New rules for PPP loan forgiveness

Posted by Admin Posted on June 04 2020

Dear business clients:

Congress recently passed the Paycheck Protection Flexibility Act, and President Trump is expected to sign it into law soon. This act provides needed flexibility and relaxation of the rules for PPP loan forgiveness. Here are the highlights:

  • PPP borrowers can choose to extend the eight-week forgiveness period to 24 weeks, or they can keep the original eight-week period. And the deadline for spending the PPP funds is moved to December 31. This flexibility is designed to make it easier for more borrowers to reach a higher level of forgiveness.
  • The requirement that 75% of PPP funds be spent on payroll drops to 60%, but is now a cliff. This means that borrowers must spend at least 60% on payroll or none of the loan will be forgiven. Previously, a borrower was required to reduce the amount eligible for forgiveness if less than 75% of eligible funds were used for payroll costs, but forgiveness wasn’t eliminated if the 75% threshold wasn’t met. Some congressmen have indicated this was not the intent, and that technical tweaks could be made to the bill to restore the sliding scale.
  • Borrowers can use the 24-week period to restore their workforce levels and wages to the pre-pandemic levels required for full forgiveness. This must be done by December 31, a change from the previous deadline of June 30.
  • The act includes two new exceptions allowing borrowers to achieve full PPP loan forgiveness even if they don’t fully restore their workforce. Previous guidance already allowed borrowers to exclude from those calculations employees who turned down good faith offers to be rehired at the same hours and wages as before the pandemic. The new act allows borrowers to adjust because they could not find qualified employees or were unable to restore business operations to February 15, 2020 levels due to COVID-19 related operating restrictions.
  • Borrowers now have five years to repay the loan instead of two. The interest rate remains at 1%.
  • The act allows businesses that took a PPP loan to also delay payment of the employer’s 6.2% share of 2020 Social Security payroll taxes until 2021 and 2022, which was prohibited under the CARES Act.
  • The deadline for applying for a PPP loan remains June 30.

Please contact us if you have questions or need assistance with your PPP loan forgiveness paperwork.

Van Bruggen & Vande Vegte, PC

Coronavirus Food Assistance Program

Posted by Admin Posted on May 21 2020

Dear Ag Producers,

On Tuesday President Trump and the USDA announced additional details related to the Coronavirus Food Assistance Program (CFAP). The CFAP will utilize $19 Billion in funds provided by the CARES Act: $16 Billion in direct payments to ag producers and $3 Billion for direct food supply chain purchases. CFAP assistance is available for any producer of agricultural commodities that incurred a 5% or greater price decline from mid-January to mid-April. Payment amounts may be dependent on commodity inventory levels at January 15. Payment limits per commodity and per entity apply, but were recently increased and expanded for certain entity types. Income limits that apply to other FSA payments have been removed for the CFAP if greater than 75% of income is from farming. Additional guidance is still needed on certain issues, but for a full list of eligible commodities, payment limits, payment rates, and more information, visit https://www.farmers.gov/cfap#.

Signup for the CFAP Program will be done at your local FSA office beginning on Tuesday, May 26. The application form should be available online once the sign-up is open, but other forms can be completed and information gathered prior to then. We recommend calling your local FSA office with questions.

Van Bruggen & Vande Vegte, PC

SBA's EIDL opened for ag businesses

Posted by Admin Posted on May 06 2020

Dear business clients,

The application process for the SBA’s Economic Injury Disaster Loan (EIDL) is now open on a limited basis for agricultural businesses. The online-only application is available at www.sba.gov/disaster.

Applications were previously only accepted from non-ag businesses and was closed on April 15. The SBA has resumed processing applications from non-ag businesses that were submitted prior to April 15, but will not be accepting new non-ag business applications at this time.

EIDL loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can't be paid because of the COVID-19 pandemic's impact (as long as the expenses are not also covered under a Paycheck Protection Program loan). The interest rate is 3.75% and loans are offered with long-term repayments to keep payments affordable, up to a maximum of 30 years, and terms are determined on a case-by-case basis.

Limited guidance is available on how to complete the EIDL application and/or the process of securing a loan beyond the application process. However, we are willing to assist you in any way we can. Please contact us if you have questions.

Van Bruggen & Vande Vegte, PC

 

PPP loan updates

Posted by Admin Posted on Apr 18 2020

Dear business clients,

The Paycheck Protection Program (PPP) reached its funding limit of $349 billion on Thursday morning, just 13 days after lenders could start accepting applications.  Many lenders reported being in the middle of submitting an application when the Small Business Administration (SBA) website shut down.

Congress has been working on a bill to appropriate additional funding for the PPP.  Republicans and Democrats both appear to agree on funding an additional $250 billion, but differences remain on whether the bill should also provide more funding for hospitals and state and local governments.

Even though additional funding is uncertain, most lenders are still accepting applications and plan to submit them in the order received.  We recommend still applying if you feel that you are a good candidate for a PPP loan.

Guidance was issued on how to determine the loan amount for farming sole proprietors the night before the funding limit was reached.  Some questions remain, but most lenders are accepting applications from farmers.

Please contact us if you have any questions or need assistance applying for a PPP loan.

Van Bruggen & Vande Vegte, PC

New guidance on PPP loans

Posted by Admin Posted on Apr 15 2020

Dear sole proprietor and self-employed,

New guidance on Paycheck Protection Program (PPP) loans was released on April 14.  This guidance clarifies the rules for non-farm sole proprietors and self-employed businesses.  All SBA-approved lenders should now be accepting applications for non-farm businesses.

The guidance did not specifically address farming sole proprietors and self-employed businesses, and it is unclear whether additional guidance is still coming or if the new guidance should be followed.  Therefore, some lenders may not be submitting farm business applications to the SBA pending further clarification.

If you feel that you are a good candidate for the PPP loan program, we recommend you contact your lender about submitting a PPP loan application.  Even if your lender will not submit the application to the SBA, it is still beneficial to get the process started.

Please contact us if you have questions on the new guidance, PPP loans in general, or any of the COVID-19 relief opportunities available.

Sincerely,

Van Bruggen & Vande Vegte, PC

 

PPP loan for sole proprietors/self-employed

Posted by Admin Posted on Apr 09 2020

Dear sole proprietors and self-employed,

The first day you can apply for a Paycheck Protection Program is quickly approaching!  Friday April 10 is the beginning of the application period for sole proprietors and those with self-employment income.

Your application must be submitted to a lender approved to work with the Small Business Administration.  Even though the application form is available, there has been little guidance provided by the SBA for how a sole proprietor/self-employed should calculate the loan amount, the documentation required, and the process for determining the amount eligible for forgiveness.

We expect the SBA or Treasury Department to issue additional guidance soon.  Until then, we recommend contacting your lender to ensure they can submit a PPP loan application to the SBA and inquiring if they have a list of required information to include with the application.

If you have questions, don’t hesitate to call into one of our offices and speak to a professional who can assist you.  We don’t promise to have all the answers prior to receiving additional guidance, but we will certainly help you in any way we can.  And when additional guidance is published, we can follow up to advise you on the proper steps to take.

Sincerely,

Van Bruggen & Vande Vegte, PC

 

Act Now! Forgivable loans may be available!

Posted by Admin Posted on Apr 02 2020

Dear business client,

You’ve probably heard about the new Paycheck Protection Program (PPP) loan and the expanded Economic Injury Disaster Loan (EIDL) in the news recently. Both loan programs, related to the economic fallout of the coronavirus pandemic, offer the possibility of direct government assistance without a requirement to pay it back! And both programs have limited funds they can pay out, so you need to act quickly! Application for an EIDL is currently open, while application for a PPP loan opens on April 3.

The EIDL includes a possible $10,000 grant, while the PPP loan includes the possibility of having some or all of the loan amount forgiven. Each loan has different eligibility requirements, loan limits, payment terms, etc. "Which one is a better fit for my situation?"  "Can I do both?"  "How would using these loans affect eligibility for payroll tax credits/deferral?"

All good questions. We can help you with the answers. We have knowledgeable professionals in each office ready to assist you with navigating your way through the options and completing an application.  Please call our office and speak to one of the following professionals:

Boyden        (712-725-2065) – Lindsey or Sandy

Orange City (712-737-2030) – Alicia, Graham, or Jana

Rock Valley (712-476-2725) – Brandon or Rachel

Sincerely,

Van Bruggen & Vande Vegte, PC

 

What to know about the CARES Act

Posted by Admin Posted on Mar 30 2020

Dear Clients and Friends,

We are posting this to our blog to make you aware of the major tax provisions and business relief opportunity in the Caronavirus Aid, Relief, and Economic Security (CARES) Act signed into law by President Trump on Friday March 27, 2020.  This historic piece of legislation is designed to provide over $2 trillion of aid to individuals and businesses to help boost the economy during the coronavirus pandemic.  Here are the highlights:

Individual Tax Provisions

Recovery rebates – Individuals will be receiving stimulus payments, also called recovery rebates, directly from the federal government.  These payments are an advance refund of a tax credit on the 2020 tax return.  Individuals will receive a credit of $1,200 ($2,400 for married couples) plus $500 for each dependent child under 17.  The payments will be reduced $5 for every $100 that an individual’s Adjusted Gross Income (AGI) is over $75,000 ($150,000 for married couples).  The amount of the credit will ultimately be determined by your 2020 AGI, but the advance payments will be based on either your 2018 or 2019 AGI, depending on whether you have already filed your 2019 tax return.  If an individual’s 2020 credit is more than the advance payment, they will receive the extra as a credit on their 2020 tax return.  If the 2020 credit is less than the advance payment, an individual will not be required to pay back any of the advance payment.  The timing of the payments is unknown; it could be a few weeks or a few months.

Retirement plan withdrawal – Individuals can take up to $100,000 out of their retirement plans without penalty if they, a spouse, or a dependent has been diagnosed with COVID-19, has been required to be isolated, has had work hours reduced, or has been unable to work due to lack of child care or school.  Any taxable income on the withdrawal can be spread over three years.  Distributions must be done in 2020 to qualify.  The CARES Act also suspends required minimum distributions (RMDs) for 2020.

Charitable contributions – An above-the-line deduction for charitable contributions, not to exceed $300, has been created for 2020.  This deduction is allowed even if an individual does not itemize.

Business Tax Provisions

Payroll tax delay – An employer’s share of the 6.2% social security payroll tax on employee wages through December 31, 2020 can be deferred, with 50% being payable in 2021 and 50% payable in 2022.  This takes effect immediately.  Self-employed individuals may also delay payment of half of the social security tax due on their self-employment income until 2021 and 2022.

Employee retention credit – An employer whose business was fully or partially shut down by orders from an appropriate government authority limiting commerce, travel, or group meetings due to COVID-19, or the business remained open but had a 50% decline in revenue compared to the same quarter in the prior year, is eligible for a credit against payroll taxes (does not include sick leave or family medical leave pay eligible for the payroll tax credit created by the "Families First Act" signed March 18, 2020).  The credit equals 50% of qualified wages paid from March 12, 2020 through December 31, 2020 up to  $10,000 of wages per employee.  The definition of qualified wages depends on the size of the employer.  For employers with over 100 employees qualified wages are limited to wages paid to employees not able to work during the shutdown or decline in revenue period.  For employers with less than 100 employees qualified wages include all wages paid during the shutdown or decline in revenue period.  The decline in revenue period ends once revenues exceed 80% of the same quarter in the prior year.  Qualified wages include certain excludable group health plan costs.  This credit is not available if the employer receives a payroll protection loan described later.

Net operating losses – The limitation on using NOLs to offset only 80% of taxable income has been removed for tax years 2018 – 2020.  And NOLs generated in 2018 – 2020 may be carried back five years.

Excess business losses – The limit on deducting excess business losses by noncorporate taxpayers has been removed for tax years 2018 – 2020.

Interest expense limitation – The limit on the deductibility of interest expense has been modified to allow increased deductibility for tax years 2019 and 2020.

Qualified improvement property – The depreciable life of qualified improvements to real estate property has been changed from 39 years to 15 years retroactive to January 1, 2018.  The property is also now eligible for 100% bonus depreciation.

Business Relief Opportunity

Paycheck protection loans – Businesses with less than 500 employees, including sole proprietorships and non-profits, are eligible for loans through the Small Business Administration with a maximum maturity of 10 years and maximum interest rate of 4%, no standard loan fees, and no personal guarantees.  Loan payments may be deferred for at least six months or up to a year.  A portion of the loan is eligible for tax-free forgiveness.  A few details:

  • Application period runs through June 30, 2020.
  • Loan proceeds must be used for payroll costs including health and retirement benefits, loan interest, rent, and utilities.
  • Loan amount is limited to 2.5x average monthly payroll costs (with certain limits) including health and retirement benefits for the one year period ending on the application date.
  • The amount eligible for forgiveness equals the amount paid for payroll costs including health and retirement benefits, mortgage interest, rent and utilities in the eight-week period beginning on the date of the loan.
  • The loan forgiveness amount will not be treated as taxable income.
  • Loan forgiveness must be applied for with specified documentation.
  • The loan forgiveness amount could be reduced if the employer cuts back on employees or wages during the eight-week period, but can be avoided if the employer subsequently rehires or increases wages within an allotted time period.

This is just a brief summary highlighting the major tax provisions and business relief opportunity in the CARES Act.  Additional guidance on these provisions is sure to be released over the next few weeks, and additional relief legislation could still be passed as this situation continues to play out.  Please contact us if you have any questions regarding how these tax provisions or other provisions included in the act will affect you.

Sincerely,

 

Van Bruggen & Vande Vegte, PC
 

 

Business Developments and Relief Opportunities

Posted by Admin Posted on Mar 25 2020

As we continue to experience the effects of the COVID-19 pandemic, government agencies are passing laws to help businesses deal with the impact of the sudden economic slowdown.  In this email, we summarize some of the major developments and relief opportunities you should be aware of.  If you’re located outside of Iowa, please note that many other states are offering similar relief efforts as Iowa.  Additional developments are sure to transpire, including the $2 trillion stimulus/relief package Congress is currently working on, but here is what we know as of today:

Required Sick Leave Pay and Corresponding Tax Credits (see the attached for more details)

  • Enacted as part of the Families First Coronavirus Response Act on March 18
  • Certain employers are required to pay sick leave to certain employees taking leave due to COVID-19
  • Payroll tax credits are available to reimburse the employer for 100% of the sick leave paid
  • Tax credits also available to self-employed individuals using the same benefit limits
  • Provisions go into effect on April 2 and run through December 31, 2020

Iowa Payroll Tax Withholding and Sales Tax

  • Extension of payroll tax withholding deposit due between March 15 – March 25 to April 10 for semi-weekly depositors 

           https://tax.iowa.gov/iowa-extend-income-tax-withholding-deposit-due-date

  •  Possible deferral of sales tax and payroll tax withholding (application required by March 31) 

          https://www.iowaeconomicdevelopment.com/programDetails?pid=136&ppid=26

Iowa Unemployment Tax and Claims

  • First quarter tax due April 30 can be paid July 31 without being assessed penalties or interest. (See March 23 press release)
  •                      https://www.iowaworkforcedevelopment.gov/
  •  
  • FAQ’s for Iowa employers related to COVID-19 (including the fact that employers’ accounts will not be charged for COVID-19 related unemployment claims); [the link may only open in Chrome]

              https://www.iowaworkforcedevelopment.gov/sites/search.iowaworkforcedevelopment.gov/files/content-files/Employer%20COVID-19%20QA.pdf

Iowa Small Business Relief Program

  • Grants ranging from $5,000 - $25,000 may be available for Iowa employers with between 2-25 employees prior to March 17 (application required by March 31)

  https://www.iowaeconomicdevelopment.com/programDetails?pid=136&ppid=26

Small Business Administration (SBA) Economic Injury Disaster Loan Program

  • Low interest working capital loans of up to $2 million may be available to small businesses severely impacted by COVID-19

             https://www.sba.gov/disaster-assistance/coronavirus-covid-19

As circumstances around COVID-19 progresses, relief efforts will continue to change; accordingly, the information and guidance provided in this email is subject to change.  We will attempt to inform you of additional guidance as it becomes available.  Our team is available to answer questions and provide additional information and assistance, with the understanding that it is difficult to stay completely informed of all the changes as this unprecedented situation continues to evolve.

 

Notice from Van Bruggen & Vande Vegte PC

Posted by Admin Posted on Mar 24 2020

 

For the health and safety of our clients and staff, the physical offices of Van Bruggen & Vande Vegte, PC are currently closed. Fortunately, we have invested in the necessary technology to allow us to seamlessly continue our practice during this period, and to provide secure and efficient services to our clients for as long as we remain closed to the general public.

If you have any questions or need our assistance, please contact us via email or at our office number.

Boyden, Iowa (712) 725-2065 ∙ Orange City, Iowa (712) 737-2030 ∙ Rock Valley, Iowa (712) 476-2725

 

 

Please be safe and take care of yourself and your families.

 

www.VBandVV.com

 

VB&VV's Response to COVID-19

Posted by Admin Posted on Mar 19 2020

 

Dear Clients and Friends,

 

In consideration of the news surrounding the spread of COVID-19, including recent updates and requests by President Trump and Governor Reynolds, we wish to update you on Van Bruggen & Vande Vegte’s business continuity plan and response to what is now considered a pandemic. We are making every effort to ensure that this situation will not affect the timeliness or quality of the work we are doing. With this in mind, we have set in motion a plan to protect our clients and employees that will likely stay in effect through April 15th, although we plan to adapt as the situation evolves.

  • At one level it’s business as normal, as we will continue to work on your tax returns and financial statements. Our Firm is paperless and we already communicate extensively through telephone and email. 
  • We will continue to operate our normal office hours of Monday through Friday, 7:30 AM to 6:00 PM, but have decided to scale back in-person meetings in the office indefinitely
  • Whenever possible, we request meetings be done via phone/video calls in lieu of an in-person meeting. However, if an in-person meeting is necessary please call the front desk to coordinate.
  • If an in-person meeting is necessary, please know that we are doing everything we can to protect your health and our health too. We are monitoring CDC updates and are continually cleaning/disinfecting our offices, lobbies, common areas, and conference rooms, and employees are practicing all CDC-recommended measures (frequent hand washing, use of hand sanitizer, and social distancing when not at work).
  • We will continue to monitor evolving legislation impacting tax return due dates, extended payment dates and interest and penalty relief on any late payments. Nonetheless, we will continue to prepare returns with April 15th in mind in order to get as many filed as possible. Where applicable we also want to get refunds in your hands as soon as possible.

Breaking NewsOn March 18, 2020, the President signed legislation extending the due date for federal tax payments from April 15 to July 15 for those that owe $1 million or less.  The federal tax return filing date remains April 15th unless an extension is requested. 

On March 19, 2020, the Iowa Department of Revenue extended the filing and payment deadline for Iowa income taxes with a due date on or after March 19, 2020 and before July 31, 2020, to a new deadline of July 31, 2020.

We will continue to monitor the COVID-19 situation, while taking a calm, yet diligent approach, and will update you with any further changes or best practices in dealing with it.

How quickly things can change. It’s new to us, but the human race has faced pestilence and afflictions like this in the past;  this is a good reminder that God is in control. We believe it makes sense to be careful and try to head off what could be a worst-case scenario. Our optimistic viewpoint and prayer are that we find a renewed sense of human love and compassion for family, friends, co-workers and neighbors.

Our very best wishes for your good health and well being,

From each one of us here at Van Bruggen & Vande Vegte.

Boyden, Iowa (712) 725-2065 ∙ Orange City, Iowa (712) 737-2030 ∙ Rock Valley, Iowa (712) 476-2725 ∙ www.VBandVV.com

 

 

NetClient CS App

Posted by Admin Posted on July 11 2018

We now have an app for your Van Bruggen & Vande Vegte file exchange portal!

 

Here's a few things you can do with the app:

  • Snap a photo of your payroll records and upload it directly to your accountant
  • Snap a photo of the IRS notice you received and upload it directly to your accountant
  • View a document sent to you from your accountant
  • Print directly to your wireless printer
  • Print a document, sign it, snap a photo and upload it back to your accountant

 

Where can you get it?

Download it from the App Store

Download it from Google Play

 

If you need any assistance with the app or getting connected to your portal, please call your accountant.

Rock Valley: (712) 476-2725

Orange City: (712) 737-2030

Boyden: (712) 725-2065