Padraic McGrath CPA LLC

Small Business Owners. Now is a great time to consider transitioning your accounting, payroll and or tax preparation services. You deserve some certainty in an uncertain world. If you are in the Elk County, PA area and you have been thinking about a change or maybe you just need a system review to get through a rough patch. Let's have a discussion. No commitments, just a conversation. If it is a good fit, we can develop a game plan and time table together. Wishing you Wellness 814-776-2000.

Tax Season is here! We anticipate seeing many friendly faces again. Hopefully, we will see new faces and make some new friends. So, please, don't be shy. We always have room for one more. We continue to offer drop off service. We respect your health and time and we won't make you sit with us. We also offer electronic signatures, meetings and other precautions considering we are still in the midst of the COVID world. Our preference is you wear a mask. Let us know what y...our your preference might be. The phone number is 814-776-2000 and the we are still accepting new clients in most instances. We are accepting personal tax drop offs now. For small businesses, now is a great time to consider transitioning your accounting, payroll or tax preparation services. You deserve some certainty in an uncertain world.

Estimate Reminder

Nice reminder: Unemployment Compensation is taxable on your Federal tax return.

If you filed for an extension on your federal tax return, the October 15 deadline is almost here. But you don’t need to wait until October 15 to file, you can d...o it at any point before Thursday, Oct. 15, if you have all the required tax documents. If you owe, you can also pay part or all of your taxes anytime on IRS.gov. To learn more, click here: https://go.usa.gov/xfH75 See more

Wow! Thanks! Just wanted to send a thank you to our friends. We are humbled by this "Best of " honor considering the quality of the other CPA firms in the area. Thank you for giving us an opportunity to help our local business, non profits and the families that rely on them. Thank you from our Family to yours.

Dont get caught in a trap due to a change in circumstances?? extra job, empty nester, unemployed...and other items could create a problem come tax time

Threatening impersonator phone calls is another of the IRS Dirty Dozen. A common one is fake threatening phone calls from a criminal claiming to be with the IRS.... The agency will never threaten a taxpayer or surprise them with a demand for immediate payment. Scam phone calls include those threatening arrest, deportation or license revocation if the victim doesn't pay a fake tax bill. To see more IRS Dirty Dozen scams, click here: www.irs.gov/dirtydozen See more

The July 15 deadline to file and pay your taxes has passed. If you haven’t done your taxes yet and are due an IRS refund, there's no penalty for filing late. Ho...wever, if you do owe, penalties and interest are now adding up on any remaining unpaid tax due. To learn more about what to do if you missed the filing deadline and what resources are available, click here: https://go.usa.gov/xfDN8 See more

IRS warning: Don’t believe those who demand you turn over your Economic Impact Payment to them because you receive assistance from a state or federal program like Medicare or Medicaid. IRS urges you to alert your loved ones of anyone trying to take their money. https://go.usa.gov/xwPFw

What the What? Meet the new 1099-NEC. The total of Non Employee Compensation Payments (Independent Contractors, Attorneys, Subcontractors) that exceeds $600 will now be reported on the Form 1099 NEC as opposed to Box 7 of the 1099-Misc like the good old days. This change is effective for the 2020 payments year and those pesky new forms should be in the mail by January 31, 2021. https://www.irs.gov/forms-pubs/about-form-1099-nec

For Businesses with less than 1 Million in Revenue https://www.progressfund.org/grants-for-small-businesses/

https://www.cbsnews.com//paycheck-protection-program-ppp/

The Elk County Humane Society is here! Stop by to show your support!The Elk County Humane Society is here! Stop by to show your support!

Congratulations to all of our wonderful students in our local communities. We are very proud of you and we look forward to great things from all of you!

If you make estimated tax payments, it’s important for you to know the tax deadline has changed. First and second quarter estimated tax payments normally due Ap...ril 15 and June 15 are postponed to July 15. To learn more about estimated tax payments, click here: https://www.irs.gov//irs-extends-more-tax-deadlines-to-cov #COVIDreliefIRS

Governor Tom Wolf and Treasurer Joe Torsella today announced that many older homeowners, renters and people with disabilities will receive early rebates through... the Property Tax/Rent Rebate Program. Rebates are typically issued starting July 1, but the governor and treasurer are issuing the rebates starting tomorrow to approved applicants. The governor also signed HB 1076 today, which authorizes the early distribution. This commonsense solution gives thousands of our older and vulnerable residents their rebates early when they need it, said Governor Wolf. I thank members of the General Assembly and Treasurer Torsella for working quickly on this issue so that we can provide this needed financial support. We also want everyone who is eligible for the Property Tax/Rent Rebate Program to know that the application deadline for the program has been extended so that everyone has the time they need to take advantage of the program. The deadline to submit applications is now Dec. 31, 2020. The distribution of rebates by the Department of Revenue and Treasury is different than prior years. Rather than a large distribution of rebates on July 1, rebates will be processed and distributed on a first-in-first-out basis. This gradual process means some claimants will receive their rebates earlier than others. Learn more: https://www.governor.pa.gov//gov-wolf-treasurer-torsella-/ Applications for a rebate are being accepted through December 31. Find more info at revenue.pa.gov/ptrr.

Rent and Property Tax Payment to be issued sooner in Pennsylvania https://www.governor.pa.gov//gov-wolf-treasurer-torsella-/

An IRS reminder: Be alert to criminals that ask by phone, email, text or on social media to verify your information claiming it’s needed to get an Economic Impact Payment. It’s a scam. To learn more, click here: https://go.usa.gov/xvrf7 #COVIDreliefIRS

Are the Economic Impact Payments sent by IRS taxable by Pennsylvania? No! Learn more details about the payments from our friends at IRS: https://www.irs.gov//e...conomic-impact-payment-information-c Find more answers to COVID-19-related frequently-asked-questions and submit your own at https://revenue-pa.custhelp.com/app/answers/list/c/251

If you need help filing taxes but don't want to leave home right now, note that Economic Impact Payments will be made throughout 2020. And if you don't get it t...his year, you can claim it in your taxes next year. If you have pending questions, take a moment to check our FAQs: www.irs.gov/EIPFAQ #COVIDreliefIRS See more

Pennsylvanians should take steps to protect themselves from phishing scams that are targeting people who are expecting a stimulus payment from the federal gover...nment following the outbreak of COVID-19, the Department of Revenue and PA Banking and Securities announced recently. More: https://www.media.pa.gov/Pages/Revenue-Details.aspx

Some folks have been waiting for this tool. What if the IRS doesn’t have your direct deposit info? Here you go....

Interested on Checking on the Status of your Economic Impact Payment. Follow the link to check your status. https://www.irs.gov/coronavirus/get-my-payment

Deadline extended. Available to Income eligible Pennsylvanians over the age of 65, Widows or Widowers over the Age 50 or those with disabilities over the age of 18.

Many folks are struggling and more will be soon. Families are living on credit (if any), many have no income and no legal work. It's time to help with some random acts of kindness and to give a little (more). The Cares Act provides a $300 "above the line" tax deduction (you don't have to itemize). So if you are in the position to help, remember your nonprofit charities this year and then get a reduction in your taxable income. This a 2020 benefit only. Please share and pass on some goodness.

IRS and The U.S. Department of the Treasury launch new tool to help people who normally don’t file taxes to register for Economic Impact Payments www.irs.gov/eip #COVIDreliefIRS

As a business owner, are you worried about the future of your business? Check out new IRS credits designed to help you: 1) Paid Sick Leave 2) Paid Child Care Leave 3) Employee Retention To learn more, click here: https://go.usa.gov/xvjbp #COVIDreliefIRS

Thank you so much for your thoughtful, customized and insightful work Red Porch Agency. You provide real value. Great work on updating our website. Www.pmcgcpa.com

Please share and speak to those that are not on Facebook.

An Employee Retention credit for NPO organizations.

Social Security recipients will get economic impact payment without filing taxes for 2018 or 2019. #IRS will instead use the information on their Form SSA-1099 and Form RRB-1099. More at www.irs.gov/coronavirus #COVIDreliefIRS

Details on the issuance of the recovery rebates.

https://www.journalofaccountancy.com//paycheck-protection-

She is signed. The Cares Act stimulus package is 880 pages and weighs just under 5lbs. She looks to be healthy, interesting and full of babble. She is a newborn though so it is expected. Seriously though.....we are breaking this down and advising. There are some really interesting provisions included....some items we have never seen despite decades of experience. We are sharing customized planning solutions for our existing clients.

Ok. We are coming back (With locked doors) on Monday April 5th. We briefly considered delaying our opening out of respect for National Maritime Day. After Extended deliberation with Fluff the best dog ever, we determined we would move forward with our "Essential Activity". ...no disrespect to maritime activities of Elk County, we don't want to overshadow this big day in anyway.... We will have Limited Staff but everyone of them is awesome so it will still be true greatness. One day at a time. One day a at a time. Businesses, Not for Profits and the Families that rely on CPAs need help more now than ever. We are in a period of great crisis, change and opportunity. We cant wait to get everyone back so we can help even more people.

We are open and working. We are being responsible and caring though so we are not accepting face to face meetings.

Life Sustaining? Really? Over the weekend, there was a shift in opinion and our offices have now been classified as life sustaining. Really? I like to think we are that important, but really? I am still working but my team members are taking a break. They are home for now with their families doing important stuff like watching movies, playing cinch, taking a walk and enjoying their time together. We will ride this out and reevaluate where we stand every week. We can't w...ait to get every team member back in the office. We are going to be responsible, we are going to learn from this and we are going to "Finish this Stronger". PS. Say "Thank You" and pray for the people that are performing the real Life Sustaining Jobs.

Business as Usual...Kind of? We are working away on tax returns and consulting with small businesses and not profits regarding working capital and sustainability matters. We have moved from our office location and we are adjusting to the confines of the home office in the basement.... A few notes: -We have some extra time on the Federal and State tax returns. Until July 15, 2020 -We have some extra time to make those Federal tax payments. - There is no waiting week on Unemployment benefits and your employer account will not be charged. - The Property tax/Rent rebate application deadline has been extended to December 31, 2020 - The IRS continues to process tax returns - We anticipate several Federal Initiatives and Stimulus packages. We are working through they come across the wire - and there is so much more...... Everyday, we have a new playbook. We are working to help Small Business, Not for Profits and Families in our area learn from this and Finish the Stronger

Temporary Covid Shutdown We will abide the Governor's Order and we will be closing our office effective 8PM tonight (March 19, 2020). I will be dropping by occasionally to collect items that have been dropped off through the slot. The office will not be open to any public traffic and no employees will be able to interface with clients in person. We will be conducting some virtual meetings and perform web based functions to the extent our feeble broad band connection will allow. We are hopeful that this passes soon. Be Nice, Be Kind, Be Caring It is frustrating that we are not able to serve at this point but as said before ...we will respect the science. Wishing you and your families wellness and blessings. Padraic

Padraic McGrath CPA LLC COVID Operations Status: At Padraic McGrath CPA LLC, we continue to work and prepare tax returns. We are waiting to hear guidance from the Department of Treasury if the Federal tax deadline will actually be extended. We expect that guidance soon. As we wait, we continue working. We have modified our operations significantly in the last 24 to 48 hours. We have restricted access to our facility and we are working with a limited team. We are accepting... tax data drop offs through the mail slot or we can provide existing clients with a secure folder in which to place electronic images of documents. Also, we are limiting face to face meetings at this time and may soon suspend all such meetings. We are thankful that we have the technologies in place to operate in a virtual manner. We make no promises on delivery dates currently. We don’t know what tomorrow will bring. How can we make promises. We are simply taking proactive measures and respecting the data. No one likes change, Especially Accountants. But we always try to do the right thing. If you have any questions, we can be reached at 814-776-2000. Be Nice. Be Kind. Be Caring.

We are sometimes asked if we are accepting new clients. The answer is typically "Yes" ...but sometimes we say "No" for good reasons. We are always willing to say "Hello" and have a chat. If you are looking to work with a CPA for business or personal tax matters, feel free to visit Fluff or others in our office or call 776-2000. Prerequisite: You Must Like Dogs!

If you’re out and about enjoying the sunshine, stop by to get your tickets for the purse bash! We have 14 left in our office.

Eager tax filers flock to Saturday Tax Drop Off We are always amazed with the efforts and energy we see from eager tax filers. Here are some young filers eager to visit a Certified Public Accountant to discuss tax theories.(Obviously this isn't true but it is silly thought and why not) Seriously though, just a reminder that we offer drop off service at McGrath CPA and Saturday is always a nice day to cross off something on the to do list.

We always have room for one more. Just like family dinner. Don't be shy and just visit. Seriously, we are asked often if we are still accepting new clients. The answer is yes. Feel free to stop by and say hello. We are accepting personal tax drop offs now.

New Scam Alert: Please take some time to check in with those that could be targeted. We have been notified of a new variation in which scammers claim to be able to suspend or cancel a victim’s SSN. This is another attempt by scammers to scare people into returning ‘robocall’ voicemails. If such a robocall is received...just hang up. If the IRS wants to speak with you, they will send you a letter.

Stop by and visit the big leprechaun at Business Trick or Treat! We love to see all of the kids in their costumes!

Have a safe and spooky Halloween.

It’s not too late to join the fun!

Grateful, Thankful and Blessed I am not sure who coined that phrase but today we have those feelings and then some. We have been notified that our office was voted the 2019 Best of Elk County for Accountants according to the Daily Press and the Record. We are Grateful because there are some very competent and professional accountants in Elk County. We are Thankful because we have made so many friends and we are having fun doing our work. We are Blessed to be able to run a family business in Elk County and for so many other things. Thank you for letting our family help your families!

A quick update on our furry coworker Fluff. Thank you for the many that have been greeted by and enjoyed Fluff. You will happy to know that Fluff has been recognized for her volunteer work as a therapy dog. We are so very proud of her work. The details of her award will be available in the paper in the next few weeks.

Closing early (4) today. We will have fun Irish music all day on Main Street and free shamrock joeys cookies while supplies last. Enjoy!Closing early (4) today. We will have fun Irish music all day on Main Street and free shamrock joeys cookies while supplies last. Enjoy!

I finally got the trees put away and rearranged the furniture...it's starting to feel more like Spring in here! ~ Mary

Light Up Night. Tonight. 6PM. Santa will be in the gazebo. Stop by. Share that Christmas Wish and enjoy the decorated downtownLight Up Night. Tonight. 6PM. Santa will be in the gazebo. Stop by. Share that Christmas Wish and enjoy the decorated downtown

Pass the word. Can't wait to see the letters to Santa going in the mailbox. We have been decorating and can't wait to see our little visitors. What a fun idea B94! Thank you for making it happen

Nice "Pay It Forward" event sponsored by the Elk County Community Foundation. We will be covering the tax law changes and providing some charitable giving strategies at 4PM and 6PM.

Thank you Comcast for resolving the significant outage on Friday.

We have been very busy preparing for this tax year end. We have been working through tax estimates and reviewing strategies as a result of the tax law changes. The tax law has not changed this much since 1986. Most of what our clients knew about the tax law doesn't apply in many instances. We encourage businesses and individuals to contact their tax professional and gain an understanding of the changes that will affect them as this year ends.

Move in ready! All appliance included! Call if you would like to take a closer look 776-2000

Something to be aware of... https://www.facebook.com/1171235449654656/posts/1726462964131899/

We are so excited for the Elk-McKean baseball players! World Series...here they come! Small towns- big hearts! We are proud of you!

Wishing all of the best for the Elk-McKean All Star baseball players! Get 'em boys! You make us proud!

Caution- Front Entrance closed. Some may have noticed that our front entrance is blocked off with caution tape. We are having the front entrance dressed up while the office is closed this week. If you have items to drop off in our mail slot, please hold on to them until early next week. We look forward to seeing the finished product.Thank you to Rhino Floorings of Saint Marys for their wonderful work.

We will be out of the office for education from June 22-July2. If you need to drop something off, use our mail slot. Padraic can be reached via his cell phone 814-335-8631 Thank you! :-)

Working on a ticker-tape parade for all of the area graduates . Congratulations and best wishes for your future!

Due to illness, we will be closed until Monday. If you need to contact us, send a message here or call Padraic 's cell: 335-8631

For those that may have had a frustrating day...Let tomorrow be better.

We took some time to change the window today...Think Spring! Stop by and check it out!

ISO music to keep us going! We're getting close to the end of tax season and want your suggestions for the Pandora station that we play out front. "IT's the final countdown!" LOL