SBA finally released the PPP loan forgiveness instructions and forms that small business owners had been anxiously waiting for. This release should clarify most, if not all, uncertainties in business owners’ minds about PPP forgiveness. We will cover PPP forgiveness application in our upcoming webinars starting 5/16.

As a CPA firm, we are proud of our Firm’s founder Ying Sa. We work hard as a team to contribute more to the wellbeing of our taxpayers. During this COVID-19 pandemic, we expanded our outreach through webinars. Join us on webinar to learn more. Please claim your family membership with Community CPA by becoming our clients!   PDF Version

As a small business owner, your PPP experience is important to be known. PPP loan is designed to help vulnerable small businesses to survive. Take this five-question-survey to affirm that PPP Loan has indeed helped you. Take the Community CPA Survey Now!

Tips to get $1,200 Recovery Rebates of CARES Act – hurry and hurry! If you have a college student in your 2018 1040. For 2019 return, file the your college kid 1040 as independent person. That way he or she gets $1,200 rebate not $500 as your dependent. If your house hold income changed a lot in 2019, especially you made less money in 2019 than 2018, you might meet the threshold now. File your 1040 2019 right away to get the rebate for your family. If you gave birth to a child or a few child in 2019, please file 2019 return right away, so you get the $500 rebate per dependent. We are thinking for you…… You do not need to apply for the rebate. You need to do nothing but do what we said above. It comes to you by mail or by direct deposit. Your tax return information is important. Be sure your direct deposit account is accurate. Plan for 8 weeks waiting time. Nothing is going to come tomorrow. General rules: Individuals with adjusted gross incomes up to $75,000 a year will be eligible for the full $1,200 check. Reduced checks will go out to individuals making up to $99,000 a year (the payment amount falls by $5 for every $100 in income above $75,000).Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year. Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000. Married couples also will receive an additional $500 for every child under 17.People who file as a “head of household” (typically single parents with children) are eligible for a $1,200 check if they have an adjusted gross income up to $112,500 a year. Reduced checks on a sliding scale are available for heads of household earning up to $136,500 annually. Heads of household will also receive an additional $500 per child under 17.

Ying Sa, CPA, and CEO of Community CPA, selected to serve on the National Taxpayer Advocacy Panel, a Federal Advisory Committee to the Internal Revenue Service (IRS) Sa is the only member representing Iowa on TAP. Des Moines, IA – CPA Ying Sa and CEO of Community CPA has been selected to take part of the Internal Revenue Service’s advisory council, called the Taxpayer Advocacy Panel. This group helps identify issues important to taxpayers and to provide perspective to the IRS’ key programs, products, and services. “I will work with our local Taxpayer Advocates to bring solutions to the table,” says Sa, “and I look forward to making contributions to Taxpayer First initiative, which is a priority at the IRS.” TAP is diverse demographically and geographically. Sa is honored to be the only Iowan to serve on the focus group for a three-year term. She will devote 200-300 hours volunteering, examining taxpayer suggestions and forming proposals to the IRS, and engaging in public outreach. Ying Sa is the founder of Community CPA and Associates and has been in CPA practice since 1998. Ying served on the Iowa Board of Accountancy from 2012-2018, and her experience includes VP of Controllers at Wells Fargo Financials and CFO of Iowa Manufacturing Extension Partnership. Ying is honored with numerous awards including Thomas Reuters’ 2019 Luca Pacioli Accounting Award, SBA 2016 Iowa Minority Small Business Champion of the Year Award, the Greater Quad-Cities Hispanic Chamber of Commerce’s 2015 Small Business of the Year Award, and as one of the Business Record’s 2010 Women of Influence. For more information on Ying Sa, go to www.communitycpa.com, facebook.com/communitycpa, twitter.com/communitycpa, instagram.com/communitycpa   PDF Version