Safe Send

SafeSend Returns

Electronic Tax Return Delivery Process:

Rapacki + Co CPAs is pleased to offer electronic tax return delivery through SafeSend Returns. In addition to providing clients with a simple, easy-to-use process for securely reviewing and e-signing their tax documents, this system will help streamline communication between our professionals and those they serve.

Clients who use SafeSend Returns will be able to:

Electronically sign, save, and print their tax documents.
Have a live link to their tax documents for up to three years.
Electronically access their payment vouchers and receive email reminders of payments due.
Forward their tax documents to bankers and other professional advisors through a secure email link.

SafeSend Returns Process
Clients will be able to complete the following process using either their computer, smartphone, or tablet:

The client will receive an email from SafeSend Returns with a unique and secure access link when their tax documents are ready … Read More

Heads Up to Students Planning to Attend College Next Year

According to a StarTribune article published December 19, the number of high school seniors who have filed a FAFSA form – the Free Application for Federal Student Aid – was down 14 percent over this time last year. The FAFSA became available on October 1, and while there is still time to submit it, the earlier a student files the form the better.

The FAFSA is the portal to federal grants and loans as well as financial aid from states and individual colleges. Another important thing to keep in mind is that some states and colleges have earlier deadlines for scholarships applications (which often require a FAFSA form). These scholarships are often awarded on a first-come, first-served basis. So the sooner a student completes the form, the more likely they are to receive scholarship funds.

Some experts believe the shift to virtual learning has hampered students’ ability to file timely FAFSAs. … Read More

IRS Efforts to Destroy Tax Deductions for PPP-paid Expenses

When lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions:

  • You did not pay taxes on the forgiveness amount, and
  • You could deduct the expenses you paid with the PPP money

In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients may not deduct business expenses paid using the PPP monies that gave rise to forgiveness (defined payroll, rent, utilities, and interest).

In a May 5, 2020, letter to Secretary of the Treasury Steve Mnuchin, Senator Chuck Grassley (chair of the Committee on Finance, Senator Ron Wyden (ranking member on the Committee on Finance), and Congressman Richard E. Neal (chair of the Committee on Ways and Means) jointly stated that the IRS got this wrong and that the intent of the CARES Act was for the PPP to be a tax-free grant.

The IRS was unmoved by the lawmakers’ letter. Their position … Read More