Pet Hospital CPA - Veterinarian Near Me

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

Business tax provisions include an employee retention credit, deferral of payroll tax payments, temporary reinstatement of the net operating loss (NOL) carryback, increased limits for business interest deductions, and a technical correction to the qualified improvement property provision contained in the 2017 Tax Cuts and Jobs Act (TCJA).

For most of us, the legislation is complicated and decisions have serious consequences.  Now is the time to work with a CPA that understands the needs and nuances of animal hospitals and veterinary medicine practices.  Each of our Veterinary Medicine CPA members has been following this legislation and offers customized veterinary care guidance. While they are busy near the end of tax season, each of our members will consider accepting more veterinarians.

If you want professional guidance from a Veterinary CPA Firm, complete our short form and you will be put in touch with a CPA to help.  Banks are not accepting applications for this relief program yet so contact us now.

A major deal was struck by the White house and Senate leaders on March 25 for a $2 trillion package that will provide relief to the economy in the midst of the coronavirus pandemic. It is the biggest relief package in American history.

Senator Mitch McConnell called it as “a wartime level of investment into our nation” as the United States continues to see a rise in the number of coronavirus cases.

The package will provide much needed financial support to businesses forced to shut down and relief to American families and hospitals turned upside-down from the fast spreading disease and ensuing economic crisis.

Here are some of the key factors that were being negotiated in the stimulus package:

• $250 billion set aside for direct payments to individuals and families
• $350 billion in small business loans
• $250 billion in unemployment insurance benefits
• $500 billion in loans for distressed companies
• Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each
• Married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child
• Payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children

Some other areas discussed by negotiators were providing four months of unemployment benefits, offered to self-employed workers as well. In addition, the bill would ensure the Small Business Administration could serve as a guarantor for loans of up to $10 billion for small businesses to make sure they can maintain their payrolls and pay off their debts.

The bill would provide $130 billion in funding to hospitals especially hard hit and $150 billion for state and local governments struggling due to response to battle coronavirus.

To support the growth within the veterinary industry and address veterinary shortages, the American Veterinary Medical Association (AVMA) has approved two new veterinary schools.  One will be on east coast and the other in west.

Long Island University and University of Arizona will both open in the fall of 2020.