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The federal government is in the process of delivering cash to many U.S. citizens to help stimulate the economy, providing tax credits to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child. For those struggling, these payments can help them stay afloat during these extraordinary times. But it’s also a potential...
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The Paycheck Protection Program, a forgivable loan program created by last month’s Cares Act, was initially funded $349 billion but has since run dry. The Small Business Administration stopped accepting loan applications for the program last week after 1.6 million firms obtained taxpayer-backed, forgivable loans. It looks as though Congress and the President are set...
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The CARES Act will provide a direct cash payment to individuals and families to help ease the economic impact of COVID-19. Eligibility Any individual who meets the following criteria is eligible for a full $1,200 rebate: Reported no more than $75,000 annual adjusted gross income on last federal tax return. Cannot be claimed as a dependent by...
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tax filing deadlines
The IRS released the first round of changes to the current tax-filing season on Wednesday, March 18, 2020.  Then on Thursday, U.S. Treasury Secretary Mnuchin announced new changes.  In summary, those are: Individuals and trusts may file returns AND defer the payment of up to $1 million of their outstanding 2019 federal tax liability until as...
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service continues amidst covid-19
To our valued clients, Idaho Governor Brad Little issued a stay-at-home order yesterday, March 25.  Minnesota Governor Tim Walz issued a stay-at-home order on Wednesday as well, effective March 27 through April 10.  We expect North Dakota to issue something similar in the days ahead. WSS CPAs is in the critical business category and our Sandpoint employees will...
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Meet WSS CPAs & Consultants We have new partners… and a new office in Fargo For those who have known us for two-plus decades as the full-service accounting firm Williams & Parsons, PC, we have some big news: We’ve expanded, with new partners, a new name and a second office in Fargo, N.D. Company co-founder Brad...
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Congress to U.S. Citizens: Pay Your Income Tax or Forfeit Your Passport A common question from the EXPAT community is what happens if I do not pay my US Taxes? Well for the first time, in addition to facing various IRS actions, a US Citizen could lose their US Passport and their ability to travel...
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IRS Simplifies Entering the New Streamlined Filing Program We get new clients every week who have been living outside the US and are not filing their U.S. Income Tax Returns as required. Up until the Fall of 2012 we did not have much good news to tell these people. But in the Fall of 2012...
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September is a month that marks many endings and many beginnings. Summer ends as the warm weather starts to fade away. Kids are heading back to school to meet new teachers and prepare for a new year. From a financial perspective, September is also a great time for a quick reboot of your financial mind-set....
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The Term “personal finance” refers to how you manage your money and how you plan for your future. All of your financial decisions and activities have an effect on your financial health now and in the future. We are often guided by specific rules of thumb – such as “don’t buy a house that costs...
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With offices in beautiful Sandpoint, Idaho and vibrant Fargo, North Dakota – but with clients around the world – our team of knowledgeable professionals offer decades of experience. Learn more »