SMALL BUSINESS

CARES Act – Paycheck Protection Program and SBA Economic Injury Disaster Loan (EIDL) – Loan Forgiveness and Advances

On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“Act”). Included in the Act was an appropriation of $350 billion for the Paycheck Protection Program (“PPP”). The PPP component of the [...]

2020-04-03T18:16:39-04:00March 30th, 2020|COVID-19, DISASTER RECOVERY, SMALL BUSINESS|

Economic Injury Disaster Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded the Small Business Act’s (SBA) Emergency Economic Injury Disaster Loan (EIDL) grant program to allow small businesses, who are suffering economic harm due to COVID-19, access to loans and provided them with $10 billion in funding to support this program. EIDL loans are made [...]

2020-03-28T14:43:59-04:00March 28th, 2020|COVID-19, SMALL BUSINESS|

Main Street Lending: Introduction to the Paycheck Protection Program

One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program. What is it? How much can I get? Is it all “free?” How do I apply? To help you separate fact from fiction, we wanted to touch upon a few key pieces of the [...]

2020-03-30T11:02:23-04:00March 27th, 2020|COVID-19, SMALL BUSINESS|

CARES Act, Division A – Small Business Assistance – Keeping Workers Paid and Employed Act

Small business employers have been impacted especially hard by the unprecedented fallout of the COVID-19 pandemic as many businesses have been forced to temporarily close, change their service delivery methods, and incur additional expenses or reduced revenues. As these entities now grapple with the reality of dealing with these new economic conditions, congress provided relief [...]

2020-03-28T14:02:01-04:00March 26th, 2020|COVID-19, SMALL BUSINESS|

SBA To Provide Economic Injury Disaster Loans for COVID-19 Related Economic Disruptions

The U.S. Small Business Administration (SBA) is offering all U.S. states and territories low-interest federal disaster relief loans for working capital to small businesses that are suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon request from the governor of a state or territory, the SBA will issue an Economic Injury Disaster [...]

2020-03-25T11:55:20-04:00March 24th, 2020|COVID-19, SMALL BUSINESS|

The Federal Reserve Takes More Aggressive Actions

The Federal Reserve has announced its most aggressive intervention to date, which includes an unlimited commitment to buy Treasury bonds, purchase corporate and municipal debt, and the establishment of a new loan program for small and medium-sized businesses. This is a historic effort to defend the U.S. economy from disruptions related to the coronavirus. The [...]

2020-03-25T21:12:42-04:00March 24th, 2020|COVID-19, SMALL BUSINESS|

Coronavirus Economic Response Package – Phase Two

On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]

Health Insurance Options for Small Businesses and Their Tax Implications

As health insurance plays a bigger role in our political discourse, it becomes even more of a concern for small businesses. Already, more businesses are required to offer health insurance than in years past, and more individuals are demanding health coverage as a condition of their employment. When you consider the effects on employee retention, [...]

2019-03-04T11:19:30-05:00February 27th, 2019|BUSINESS TAX, SMALL BUSINESS|

Blockchain: How It Can Help Your Small Business

Blockchain is a hot topic these days. Everywhere you look there’s an article breathlessly hyping its vast potential. But does blockchain have practical uses for small business owners who are focused on the here and now rather than some future technological utopia? It does. In fact, many of blockchain’s prime benefits are especially valuable for [...]

2018-12-11T15:29:38-05:00December 11th, 2018|CRYPTOCURRENCY, SMALL BUSINESS|

Tax Reform Expands Availability of Small Business Tax Breaks

2017’s Tax Cuts and Jobs Act (TCJA) was filled with headline-grabbing changes like lower tax rates for corporations and individuals, a 20% deduction for qualified income from pass-throughs, and the elimination of the corporate alternative minimum tax (AMT). But the TCJA also included some fairly generous gifts in the form of expanded availability of existing [...]

2018-11-12T15:42:19-05:00October 23rd, 2018|SMALL BUSINESS, TAX REFORM: BUSINESS TAX|

Retirement Strategies for Small Business Owners

At some point during our careers, we all start to ask the same question — what is the motivation behind all the work? For most, the answer involves one major goal: saving enough for a secure retirement. The Retirement Enhancement and Savings Act (RESA), currently under consideration by Congress, offers individuals and business owners more [...]

2019-05-01T12:34:28-04:00August 21st, 2018|BUSINESS TAX, INDIVIDUAL PLANNING, SMALL BUSINESS|

Travel Guide for Your Start-Up’s Journey to Success

The process to get a new business up and running is a journey. From the start-up’s inception, the end destination may not be visible, and business owners may be riddled with uncertainties about how they will find their way. Luckily, accountants can provide the following guidance to help start-up business owners reach their destinations successfully. [...]

2018-11-12T15:42:46-05:00April 12th, 2018|START-UP BUSINESS PLANNING|

The Audit Report: Understanding Your Financial “Taste Test” Results

Start-up and small business owners facing a first-time financial audit might feel like contestants on an episode of the cooking competition show Top Chef, sweating bullets as they await the judges’ decision regarding their culinary efforts. Understanding what goes into an auditor’s report can go a long way toward alleviating that stress. An independent auditor’s [...]

How to Use Real-Time Financial Data to Improve Your Cash Flow Forecast

Real-time weather data has transformed our lives. Long gone (for most of us!) are the days of being caught in a rainstorm without an umbrella or in a bulky sweater on an unseasonably warm day. Similarly, accounting systems that provide an up-to-the-minute look at a company’s condition mean that businesses are better prepared to avert [...]

2018-11-12T15:45:28-05:00March 1st, 2017|CLIENT ACCOUNTING SERVICES, START-UP BUSINESS PLANNING|

Where to Start When Creating a Business Plan

Business plans can be overwhelming at the onset. However, if you answer some simple questions before beginning, then you will avoid major headaches and save on your Tylenol expenses. So take time to consider the below money-saving parameters for business plan creation. What is the purpose of the plan? Identify the purpose as briefly and [...]

2018-11-12T15:45:54-05:00February 20th, 2017|BUSINESS CONSULTING, START-UP BUSINESS PLANNING|

5 Steps to Create a Business Disaster Plan

If disaster strikes, is your business prepared? Most businesses have a business plan, but you may be surprised how many don’t have a business disaster plan – a set of guidelines to minimize the impact of a disaster, natural or otherwise. Of course, the odds of a disaster striking your business are very small, but [...]

2018-11-13T10:40:56-05:00February 16th, 2017|DISASTER PREPARATION, START-UP BUSINESS PLANNING|

Taking a Bite Out of Payroll Taxes

Organizations often look for ways to reduce payroll taxes without cutting employees. It is possible to implement specific tax-saving strategies that trim tax burdens and boost the balance sheet. Payroll Taxes - Savings Strategies The payroll taxes that organizations pay on their employees’ wages include Social Security, Medicare, and federal unemployment taxes (as well as [...]

2019-01-31T22:32:53-05:00February 15th, 2017|CLIENT ACCOUNTING SERVICES, START-UP BUSINESS PLANNING|

Apples and Oranges: Keeping Personal and Business Finances Separate

Many small business owners tend to think, “I am the business, and the business is me.” Though conceptually this may be true, it is critical to keep the financial fruits of your business separate from your personal endeavors – especially from a legal and accounting standpoint.  Taking the time and effort to maintain autonomy between [...]

2018-11-12T15:46:53-05:00December 2nd, 2016|FEBRUARY 2017, INDIVIDUAL PLANNING, START-UP BUSINESS PLANNING|

Financial Statement Preparation: 4 Steps to Power Up Business Performance Tracking

Most of us have played a video game at some point in our life – likely even Super Mario or Donkey Kong. Some people scour online to find helpful tricks that will help them advance to the next level. Similarly, many of us are often looking for ways to help advance our business, and financial [...]

Why Strong Internal Controls Are Necessary for a Healthy Business

Strong internal controls can keep a company healthy by helping to achieve four key business objectives: Safeguarding assets. The right controls protect a business’ physical and financial assets from fraud, theft, and errors. Likewise, proper controls quickly identify errors and fraud if they occur. One of the most essential concepts related to internal controls (and [...]

2018-11-12T15:49:03-05:00March 30th, 2016|INTERNAL CONTROLS, START-UP BUSINESS PLANNING|