Owning a business means handling your share of curve balls. There’s always something that changes the dynamics of doing business — a shift in customer demographics, regulatory changes, or even a once-in-a-lifetime global pandemic. Whether it’s the way you connect to potential customers, how you serve them, or even the basic premise of what you’re [...]
With the federal quarterly payroll tax deadline right around the corner, keep in mind that your business or nonprofit might qualify for tax credits to reimburse the cost of providing sick and family leave to employees due to COVID-19, including for vaccination. The American Rescue Plan Act (ARPA), passed in March of 2021, made refundable [...]
Oh, the shame of bankruptcy. It’s a negative action that caps off a failure — or so we often think of it. But do we really need to treat bankruptcy as something awful? In the fiscal year ending June 30, 2020, U.S. courts saw 682,363 business and non-business bankruptcy cases. The factors that drive a [...]
In the last decade, online retailers have become more common, and the demand for brick-and-mortar retailers to accept online orders has skyrocketed. This means that almost all businesses are exploring the online marketplace. This trend toward online selling is an exciting opportunity, but it can also be confusing, which is why it’s important to hire [...]
The Treasury Department and the IRS have issued clarifying guidance that allows businesses a temporary 100% deduction for food or beverages from restaurants. The rules regarding deductibility of meals and entertainment expenses have changed considerably in the past few years, beginning with new limitations imposed by the Tax Cuts and Jobs Act (TCJA) of 2017. [...]
The American Rescue Plan Act of 2021, enacted in March of this year, further extended the availability of the ERC to eligible employers for wages paid during the third and fourth quarters of 2021. Additional guidance on this most recent enhancement of the ERC is expected from the IRS at a later time. The IRS [...]
Competing successfully in today’s dynamic economy requires businesses of every size to pivot quickly when circumstances change. Whether it’s anticipating cash flow in future economic scenarios or evaluating the potential impacts of a decision under consideration right now, small business owners can leverage financial models to compete more effectively and maximize profitability. What Is Financial [...]
Many businesses have taken advantage of the Economic Injury Disaster Loan (EIDL) program under the CARES Act since March of 2020. According to the Small Business Administration (SBA), loans totaling $200 billion have been approved for over 3.7 million businesses throughout the United States. The most recent stimulus bill that was signed into law in [...]
The IRS has been busy. On March 1, 2021, they released a 102-page document that answers taxpayer questions about both the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 more clearly defines ERC eligibility – something that was sorely needed – but it is noteworthy for another reason: it explains how [...]
Information updated as of April 2021. Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under 50 employees, or are you self-employed? Is your business quarantined or are you able to continue working as normal, or by telework? [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 Learn how [...]
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 [...]
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 [...]
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 [...]
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 [...]
