As the South Florida Sun Sentinel reports, unemployment fraud is putting a big hurt on people with jobs. “Identity thieves are having a field day stealing billions in unemployment benefits from Florida and other states across the nation,” fraud detectives told the paper. 

The Costs of Unemployment Fraud

The federal benefits that are helping keep people afloat as we continue to struggle with the impacts of COVID-19 have been too much of a temptation for criminals. And, unfortunately, the state was not prepared to deal with the problem. 

“As the pandemic wore on, Florida spent much of its time and money on catching cheaters who lied about their work backgrounds to acquire benefits,” Haywood Talcove, CEO of LexisNexis Risk Solutions, which also specializes in identity verification and fraud-prevention, told the Sun Sentinel.

No one knows how many Floridians have been affected or how much money has been diverted by identity thieves. It’s a problem not just for employed people who have had their identities stolen. As the Sun Sentinel reports, unemployment fraud is having widespread impacts. 

“Employers are being charged extra money by the state for unemployment taxes,” the Sun Sentinel says. And, of course, the State is out the money.

If fraudsters have stolen your identity, you might discover that they have opened bank accounts in your name. And just wait until it’s time to file your 1040 tax return, the money they steal will show up as income you received.

If you think you have been a victim of unemployment fraud, you will need to contact the authorities. After you have reported the crime and notified the credit reporting agencies, you can contact the tax specialists at Tampa’s Walter S. Sanders & Associates, one of Tampa’s leading CPA firms. We will do everything in our power to help you sort out the damage the criminals have done.

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As High Tide Tax: The Price to Protect Coastal Communities from Sea Rise, a report issued by The Center for Climate Integrity and Resilient Analytics in 2019, explains, “The United States faces more than $400 billion in costs over the next 20 years, much of it sooner, to defend coastal communities from inevitable sea-level rise. This is approaching the cost of the original interstate highway system and will require the construction of more than 50,000 miles of coastal barriers in 22 states in half the time it took to create the nation’s iconic roadway network.”

Local Impacts of Climate Change

According to the report, there are 14 states that will be hit particularly hard – to the tune of $10 billion or more in costs. greater between now and 2040. More than 130 counties face at least $1 billion in costs. Can you guess which state is at the top of that list? Yes, it is the Sunshine State. 

Takeaways from the report for those of us in Tampa include: 

• Florida is by far the most heavily impacted state, with costs reaching nearly $76 billion statewide. 
• 23 counties in Florida are facing at least $1 billion in seawall expenses alone (and often far greater price tags according to local estimates)
• Of those 23 counties, the report says that both Hillsborough and Pinellas Counties made the top 10. Pinellas County ranked eighth with an estimated cost of $3 billion needed for seawalls. Hillsborough County, which the report says is looking at a cost of $2.7 billion to construct seawalls, was tenth. 
• Among Florida cities, the report says The City of Tampa ranks third, with almost $940 million needed for seawalls. 

“These costs reflect the bare minimum coastal defenses that communities need to build to hold back rising seas and prevent chronic flooding and inundation over the next 20 years,” the report’s authors say.

As business consultants in Tampa, the tax specialists at Walter S. Sanders & Associates, believe it is important to understand the implications because individual businesses and families will also be facing the costs of climate change.

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Many small businesses in our community and around the country applied for a loan through Paycheck Protection Program (PPP), which was part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). 

The program – which was intended to help small businesses keep maintain their payroll, hire back employees who may have been laid off, and cover their overhead – was in the news a lot. There were problems with the program from the onset. People had difficulties applying for the loans. The funds initially allocated ran out before many small businesses were able to receive assistance – partially due to the fact that a number of large companies applied for and received millions of dollars in these forgivable loans (some of them were shamed into returning the money, but many others kept it). 

Additional funding was provided for the program but then the original timelines established for the program proved to be impractical and had to be changed. In fact, many changes and revisions were required. 

Applications are no longer being accepted for PPP loans. Like the rest of the country, small businesses must wait for Washington to approve new relief funding. 

PPP Loan Forgiveness

If you received a PPP loan, it is important that you understand that forgiveness of your PPP loan is not automatic. You must apply, through your lender, for forgiveness. 

Earlier this month, the Small Business Administration in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. 

That means the SBA now offers three different application forms for those seeking forgiveness of their PPP loan: 

• Form 3508S – this is the new form you can use if your loan was $50,000 or less and you have met the criteria for forgiveness. 
• Form 3508EZ 
• Form 3508 

Your lender may provide you with an equivalent form. Just as you had to submit your application for the loan through the lender, you will have to submit the forgiveness application through them as well. 

With all the changes to the program, it’s not surprising that so many people are confused at this point. The SBA did put together an FAQ related to PPP loan forgiveness that might help or might just leave you more confused.  

If you would like to discuss the PPP loan for your small business in Tampa with a CPA, please contact Tampa small business consultant Brian Sanders.

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