John Pournaras Agency

John Pournaras Agency Our Tax Season Hours: From Jan 10th through April 15th: 9:00 am to 6:00 pm Monday through Friday 9:00 am to 5:00 pm Saturdays
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Operating as usual

09/23/2020

Yesterday a couple came in to get some papers notarized. While I was talking to them, I asked where they came from and they replied New York. They talked about how nice of a town it was. While I noticed the paper work was for a malpractice issue for a medical issue. I asked the wife if she was okay. She said that the medical procedure left her shaking on her right side. As we were talking I said that I liked her name and asked if she was from Morocco. She smiled and said that it was because I was of Mediterranean decent.

They came back this morning and the husband was asking me if I knew of an electrician, and I said I did. He was explaining to me that he was updating the house they bought.
I smiled and said that means you are going to stay here for a while. They both smiled and said yes!

That was my "win" for today!

09/23/2020

Our server was needing to be updated to Windows 10, but it was not able to update. So now we have a new server! My less space, and much less work for me! Sometimes upgrades are a pain, but I am liking this when it makes my job easier.

09/22/2020

Usually when people lie on their tax returns, they claim to have made less money than they actually did. In a surprising turn of events, we feature a celebrity who is accused of lying on her tax return by claiming to have made more money than she actually did.

Kylie Jenner, part of the Kardashian clan and the celebrity in question, once again finds herself in the midst of a scandal. But her current situation is way more serious than her previous one, where she denied getting lip injections and then finally fessed up to them on the reality show, "Keeping Up With the Kardashians." The reality TV star and Instagram influencer could face up to five years in prison, as well as pay fines, after being accused of lying to the IRS about her earnings in order to gain billionaire status.

In 2019, tax documents Jenner provided to Forbes prompted the publication to name her, at just 21 years old, the youngest self-made billionaire and featured her on the cover of the magazine. Her wealth came largely from her makeup company, Kylie Cosmetics. However, the young "billionaire's" story started to fall apart after Jenner sod her company to beauty giant Coty. Reports from Coty released after the sale revealed that Kylie Cosmetics was much smaller and less profitable than Jenner had claimed. The scandal brought her billionaire status into question.

Forbes journalists compared the documents provided by Jenner with the reports from Coty. After recalculating Jenner's net worth, Forbes determined that she is not in fact a billionaire. - merely a $900 millionaire. While Jenner is still more well off financially, there is the question of whether or not Jenner filed fabricated documents with the IRS or merely faked paperwork in order to get a top spot in the Forbes article. Even if her goal was to get a magazine cover and not to commit tax evasion, if Jenner is found to have falsified her income with the IRS, she could be looking at hefty fines and prison time.

While many celebrities might be able to get away with lip injections, even influencers can't get away with lying to the IRS without paying a price.

09/19/2020

7 Things You Need to Know About SBA EIDL Program

Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic.

Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent interest rate and a long 30-year repayment period. Borrowers can repay them at any time without penalty.

To obtain an EIDL, borrowers must sign a loan authorization and agreement, a note, and a security agreement filled with fine print. Many of these provisions could have a significant impact on the borrower’s business for the life of the loan—up to 30 years.

It is vital to understand the terms and conditions before taking out any loan, including an EIDL. Here are seven key provisions borrowers should be aware of.

1. No Changes to the Business

Without SBA approval, EIDL borrowers may not sell the business or change its ownership structure. This includes removing or adding a business partner.

2. No Distributions Outside the Usual Course of Business

The owners may not make distributions outside the usual course of business without SBA approval. This includes loans, advances, bonuses, or asset transfers to owners, employees, or other companies.

Distributions within the usual course of business are permitted. SBA officials have said this includes distributions of net income to owners of a pass-through business, such as an S corporation or a limited liability company.

3. Strict Record-Keeping Requirements

The SBA imposes strict record-keeping requirements on EIDL borrowers. They must keep itemized receipts showing how they spend the loan funds. Also required is a full set of financial and operating statements, which must be furnished to the SBA each year. The SBA also has the option of requiring an expensive review of the borrower’s records by an independent CPA.

4. Using Other COVID-19 Payments to Pay the SBA

EIDLs are intended to cover disaster losses not compensated by other sources. If an EIDL borrower obtains grants, loans, insurance proceeds, or lawsuit recoveries to help defray COVID-19-related losses, the borrower is required to notify the SBA. The SBA may require that such money be used to repay the EIDL.

But a business may obtain both a PPP loan and an EIDL so long as it doesn’t use them for the same expenses.

5. Strict Collateral Requirements

Businesses that borrow more than $25,000 are required to pledge all their business’s personal property as collateral. Such collateral includes present and future inventory, equipment, deposit accounts, promissory notes, negotiable instruments, and receivables.

The SBA obtains a security interest in all such collateral the borrower has at the time of the loan, or collateral it acquires or creates in the future. The borrower must

• obtain hazard insurance for its collateral, and
• ask the SBA for permission before selling or otherwise disposing of its collateral, other than selling inventory in the ordinary course of business.

6. Buy American

EIDL borrowers must promise to buy American-made equipment and products with the loan proceeds, to the extent feasible.

7. Penalties for Violations

Penalties for violations of the EIDL terms can be severe. The SBA can demand immediate repayment of the entire loan if the borrower breaches any of its terms. The SBA also reports defaults to credit reporting agencies.

Borrowers who misapply EIDL funds—for example, using them to pay personal expenses—are liable to the SBA for an amount equal to one-and-a-half times the original loan.

If you need my assistance or would simply like to discuss EIDLs, please call me on my direct line at 724-266-4100

I received this today in the mail, awarded for 10 years of Inspirational Leadership!
09/18/2020

I received this today in the mail, awarded for 10 years of Inspirational Leadership!

09/18/2020
09/17/2020

We will be closed on Thursday, September 17 th. I will be court! Serenity will be with me!

We will reopen the office on Friday, 9/18/20

Anyone can do what we do cheaper!  That’s why we have been around since 1950, stolen from, ignored, laughed at, abused, ...
09/06/2020

Anyone can do what we do cheaper! That’s why we have been around since 1950, stolen from, ignored, laughed at, abused, but we are still here, trumping everyone else!

09/06/2020

The moment you put a stop to people taking advantage of you and disrespecting you, is when they define you as difficult, selfish or crazy. Manipulators hate boundaries.

What. Someone told me that they cannot fix mail in voting!  And once again Potus was right!
09/04/2020
Confessions of a voter fraud: I was a master at fixing mail-in ballots

What. Someone told me that they cannot fix mail in voting! And once again Potus was right!

A top Democratic operative says voter fraud, especially with mail-in ballots, is no myth. And he knows this because he’s been doing it, on a grand scale, for decades. Mail-in ballots have bec…

08/31/2020

Millions of taxpayers receive a tax refund interest payment

In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds.

These interest payments averaged about $18. The IRS issued most of the payments separately from tax refunds.

Most taxpayers who received their refund by direct deposit had their interest payment sent to the same account. Everyone else received a check. A note on the check reads "INT Amount." This identifies it as a refund interest payment.

These interest payments are taxable. Taxpayers who received a payment must report it on their 2020 federal income tax return next year. The IRS will send a Form 1099-INT in January 2021, to anyone who gets a payment of at least $10.

This interest payment is due to the IRS postponing this year's filing deadline to July 15. The new deadline was related to COVID-19 and is considered a disaster-related postponement. Therefore, the law requires the IRS to pay interest calculated from the original April filing deadline. The taxpayer must have filed their 2019 federal income taxes by the July 15, 2020, deadline to get an interest payment.

This refund interest only applies to individual taxpayers. Businesses aren’t eligible.

08/26/2020

Earning side income: Is it a hobby or a business?

Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return.

What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit.

Here are nine things taxpayers must consider when determining if an activity is a hobby or a business:

Whether the activity is carried out in a businesslike manner and the taxpayer maintains complete and accurate books and records.

Whether the time and effort the taxpayer puts into the activity show they intend to make it profitable.

Whether they depend on income from the activity for their livelihood.

Whether any losses are due to circumstances beyond the taxpayer’s control or are normal for the startup phase of their type of business.

Whether they change methods of operation to improve profitability.

Whether the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business.

Whether the taxpayer was successful in making a profit in similar activities in the past.

Whether the activity makes a profit in some years and how much profit it makes.

Whether the taxpayers can expect to make a future profit from the appreciation of the assets used in the activity.

08/26/2020

Yesterday I was speaking to a new client, and while we were looking at his tax work, Serenity asked why this CPA did not know PA taxes. I said look at where he is based, in Texas.

Most firms only know the State that they are in. They do not know the other states. Our tax software has every state that has income tax, which is one reason many people from outside of Pennsylvania come to us.

We are very different from everyone else, we know our clients, client needs, and we coach them.

08/23/2020

If I were to put the names of everyone who ripped me off in the present and the past, it would be epic. It would take me years to write, and the entire Justice Department to stop the law suits!

Just thinking out loud!

From my friend Tony!
08/23/2020

From my friend Tony!

08/21/2020

We’re providing Amex® Card Members with a special offer when they Shop Small at eligible small businesses. If your business is eligible, it is automatically included so Card Members can redeem the offer at no additional cost to you. Remind your regulars to enroll their Amex ® Card by 8/23/20 and continue to Shop Small with you to redeem the offer up to 10x, through 9/20/20.

08/20/2020

A handful of people I spoke to this week lacked clarity in their journey.

They were absolutely amazing people too!

It’s interesting because I think the lack of clarity is one of the most common issues new entrepreneurs go through because for them, it’s uncharted territory.

It’s the unknown.

It’s overwhelming.

It’s frustrating.

It’s like moving to a new town, not knowing anyone, not knowing the environment.

You have learn new streets, meet new people, try new restaurants, etc.

Until you meet a new friend, perhaps a neighbor, or someone you meet in a grocery store.

He seems honest and trustworthy, kinda like a big brother who’s looking out for you. So you go along.

He lends a hand and offers to show you around town, all the best placed to eat and visit, and the places to avoid.

He shows you the ropes, the shortcuts around town, until you feel comfortable enough to roam around on your own.

You’ve built rapport and feel relaxed and confident now.

If you never met that one friend, who offered to help and show you the things, the places, and the experiences he already had

...who knows how long it would take you to get comfortable?

...to try new places and learn knew experiences.

Perhaps maybe you’d be stuck at home, afraid to go out because unfamiliar places scare you and it’s safer to just do nothing.

When we start on the journey of entrepreneurship, it’s just like moving to a new town.

But being scared and fearful, kills our motivation.

Taking action, leads to inspiration.

Inspiration, leads to motivation.

Motivation is what gets us to the goals and dreams we set out to achieve.

08/20/2020

Today we are closing early. Sorry for the last minute message, but we have to be in Beaver shortly. See you all tomorrow!

08/11/2020

Don't ruin a good today by focusing on a bad yesterday. You've got this!

I tell people all the time to know your clients. It’s one reason that makes the Agency powerful and why they come back t...
08/11/2020

I tell people all the time to know your clients. It’s one reason that makes the Agency powerful and why they come back to us. If there is an audit, do you agree with the IRS?

Here is a gal who knows her customers!

08/11/2020

I am taking a break and will be out of the office for a short while. Need to clear my head, and make some decisions. Serenity will be in the office, but after working in the heat and with temperatures rising. I will be seeking air.

I will however keep you posted on what is going on. My coaching clients, my apologies as I made some apologetic phone calls.

Need to regroup, see old friends, and clear some cobwebs.

Liberty Memes 33 1/3
08/08/2020

Liberty Memes 33 1/3

08/02/2020
He’s back and he is open.  ODBBQ
07/30/2020

He’s back and he is open. ODBBQ

Went over to Vintage Mopeds, he was closed but he opened the door.  Introduced myself and let him know we have moped pla...
07/27/2020

Went over to Vintage Mopeds, he was closed but he opened the door. Introduced myself and let him know we have moped plates! He was theilled to hear that. Got to see some vintage mopeds. Hmmm Serenity needs the car, maybe I should get one? Hell I have plates for mopeds!

07/26/2020

Now that the regular season of Tax has finally come to a halt, it was very strange year in preparing taxes indeed. People who waited to the last day, came on the last day. People who always came early in the past, came early this year also.
I am just really glad that tax season is not prep season all year!

For the folks who did not return, oh well! Whatever their reason, it is their reason. Although we usually trump the other preparation firms (no pun intended), but Serenity continues to learn from this Tax Pro. She is asking questions and giving me scenario's that I can no longer say just look it up! It is so impressive that she is asking the really hard questions!

I have not yet finished the kitchen I am building, but I am getting close! Cabinets have been mounted, spacers have been stained, floating floor installed, walls painted, and another coat is in for this next week. The biggest problem or hang-up, is the ceiling. We had water damage from a leaky roof, and after hiring three roofers, the last roof has a warranty and does not leak. The ceiling has been patched, and now is the sanding process to the ceiling. I worked on it last night and spent a long time cleaning the kitchen, than I did sanding it.

A friend stopped over last evening and said that he was amazed at the job I did. I told him if it is doing taxes, coaching businesses, or building a kitchen, it is going to be done right. No exceptions!

07/22/2020

We now carry moped plates, for all you mopedders!

07/22/2020
07/21/2020

A guy and his son walk into the office wanting a title changed. After the paper work is all finished, he asks, do I get a discount?

I said did I do your tax prep this year? He said no. I smiled and said there’s your answer!

07/17/2020

People have been asking me if I teally pulled my radio advertising off of Beaver County Radio. I said yes because of a DJ that disrespects the POTUS. They said, “You don’t advertise in the paper, and your website is down”. How do you stay in business, they asked?

It’s very easily understood. Bentley and Rolls Royce, do not have radio, TV or newspaper ads. The base it on reputation and quality. That’s how we have stayed in business even after former employees have taken clients away from us, said and posted bad things about us. We work off of referrals. Our clients, our loual clients have come to us for decades. Why because we treat them as family. We keep them from the clutches of the IRS. Sometimes like those that listen to our strategies, get large refunds, this year we gave a family in Wisconsin a 12,750 refund. Last year a family from Hopewell Township received a refund of 16,109.

Now that I am conducting business coaching and showing businesses how to make money in this economy, its no wonder why they stick with us!

If you are not getting your investment back without the hassle of a letter of audit, then how many times do We have to say it? For over 60 years we do taxes! We do notary work! We do coaching!!

Address

651 Merchant St
Ambridge, PA
15003

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Summer hours: Monday - Friday 9:00 am to 5:00 pm

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Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

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Comments

Thanks again to you and Serenity for all your help this year. You are the best!!!
We will see you in March John....
This is what she does!
SO WISH'N JOHN AN ALL HIS BLOODY GUID STAFF A BLESS'D AN HAPPY AN BLITHE HOLIDAY SEASON, WI MUCH LUV, PAUL & ME WEE LADS ;-)