SMALL BUSINESS

COVID-19 Relief: Your Employee Retention Credit Questions Answered

The Employee Retention Credit — enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act — helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the act aimed at keeping people employed through the economic downturn. The [...]

2021-01-20T12:53:14-06:00January 20th, 2021|COVID-19, SMALL BUSINESS|

Yes, Operational Planning Is Still Important

With the memory of the most disruptive year in modern history still fresh in our minds, it can be tempting to throw up your hands and say, “What’s the use of planning?” But here’s the thing: When the dust settles, the companies best positioned for the COVID era will prove to be those that entered [...]

Legislation Changes to the Paycheck Protection Program

Among the many provisions included in the Consolidated Appropriations Act, 2021 are small business loans and tax policies designed to provide much-needed relief due to the economic fallout from the COVID-19 pandemic. As part of the relief package, Congress passed numerous changes to the Paycheck Protection Program (PPP), including reopening the application process for first-time [...]

2020-12-28T14:27:37-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

Much Needed Clarity on PPP Loan Forgiveness

The U.S. Senate and House of Representatives have both passed a new COVID-19 relief bill, which was signed into law by President Trump. Among many other things, this bill addresses the tax implications of the Paycheck Protection Program (PPP). After almost a year of uncertainty and conjecture, we have some clarity about the taxability of [...]

2020-12-28T14:27:44-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|

Real-Time Results: How Dashboards Can Help You Move Your Small Business Forward

Quick! What was your highest operating expense last month? What was the percent change month-to-month? And how does that expense compare to the same month last year? If you can’t answer those questions in just a minute or two, then you might want to consider the benefits of dashboards. Dashboards: Beauty in Simplicity The beauty [...]

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

Small Businesses: What You Need to Know About Charitable Giving

In addition to raising the annual charitable contribution deduction limitation for individuals, the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the charitable deduction for corporations. These changes might have you wondering whether your business should make additional contributions before the end of the year. Before you pull out your checkbook, make sure you [...]

2020-11-20T10:49:32-06:00November 17th, 2020|BUSINESS TAX, SMALL BUSINESS|

IRS Issues Second Set of Final Regulations for 100% Bonus Depreciation

The Treasury Department and the IRS have released the last set of final regulations implementing the 100% additional first-year depreciation deduction. The provision allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The Tax Cuts and Jobs Act (TCJA) expanded bonus depreciation [...]

2020-11-08T20:53:22-06:00November 2nd, 2020|BUSINESS TAX, SMALL BUSINESS|

How Does Year-End Tax Planning Look Different for 2020?

Will year-end tax plans look different this year? Absolutely. “The future is uncertain” maxim holds true every election year, but the coronavirus has amplified the uncertainties inherent in this year’s election. Regardless of who controls the White House and Congress, we cannot avoid change; in the months that follow, government leaders will need to determine [...]

Cash Flow Best Practices for Businesses Facing Economic Uncertainty

Cash flow is more important than ever. Even when markets are down, taxes will come due, loans will need to be repaid, and investments will be required to keep your organization on sound footing. While a positive cash flow is not the only factor that influences success, it’s a good indicator that a business is [...]

Maximizing Revenue Is a Realistic Goal, Even During a Pandemic

When managing our business operations in times of economic instability, we tend to focus on the expense side of the equation. We ask ourselves: Where can we cut costs? Is this a necessary purchase? Can we negotiate a lower fee? The revenue side can easily get overlooked. But just like our cash outflows, we can [...]

Tax Concerns for Self-Employed Individuals

Today’s workforce is structured differently than it was 10 or 20 years ago. The gig economy began to take hold in the early 2000s, and today, almost a third of working Americans are self-employed or work for the self-employed. Self-employment can be a great opportunity for workers who want to chart their own path, ditch [...]

Latest Update – Economic Injury Disaster Loan (EIDL) Accepting Online Applications Effective June 16th

The Small Business Administration (SBA) EIDL loan program is back in business. Due primarily to the volume of loan activity, the SBA online EIDL application portal was largely shut down on April 15. From April 15 through June 14, the only accepted new applications were those submitted by agricultural businesses not eligible for the EIDL [...]

Communicating with Your CPA: A How-To Guide

The relationship you have with your accountant can be one of your most valuable connections, but only if you take advantage of it. You can capitalize on that relationship with a little prep work. Your accountant is here to help you achieve your business goals, and it’s a team sport, so they need your help. [...]

2020-05-26T10:57:22-05:00May 21st, 2020|CLIENT ACCOUNTING SERVICES, SMALL BUSINESS|

Understanding Your Accountant’s Language

If the terminology your accountant uses sounds like a foreign language, don’t worry. Understanding your accountant is simpler than you may think. When they mention your P&L or the DOR or leveraged investments, they are talking about concepts you’re already familiar with. With time, these acronyms and terms can easily become second nature to you, [...]

2020-05-21T16:01:32-05:00May 21st, 2020|CLIENT ACCOUNTING SERVICES, SMALL BUSINESS|

Latest Revisions To The Economic Injury Disaster Loan And Advance

As with so many things in life these days, change within the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program seems to be inevitable. The EIDL application portal, on the Small Business Administration's website, was overwhelmed with applications for loans and emergency advances within the first couple of weeks of operation. This resulted in [...]

EIDL Program To Get New Life

On April 24, 2020, the President signed a bill providing for expansion of the funding for various relief programs in the total amount of $484 billion. The legislation includes additional dollars for the heavily utilized Paycheck Protection Program, specific funding for hospitals and health care providers to cover coronavirus expenses and lost revenues, and adds [...]

2020-06-09T08:33:23-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS, Uncategorized|

Maximizing PPP Forgiveness

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. As applicants receive their Paycheck Protection Program (PPP) loan proceeds, their focus is quickly shifting to the maximization of the estimated PPP forgiveness. Unfortunately, specific guidance [...]

2020-06-09T08:52:11-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS|