An S Corporation Could Cut Your Self-Employment Tax
May 17, 2021 If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is […]
PPP Application Deadline Extended
March 30, 2021 President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, […]
Now May Be a Good Time to Re-Evaluate Employee Benefits
March 26, 2021 In difficult economic times, cost-cutting becomes a necessity — and employee benefits are an easy target. Yet one of the lessons of the COVID-19 pandemic has been the value and importance of benefits. Here are some relatively low-cost options that can keep your offerings competitive for the company and practical for employees. […]
The American Rescue Plan Act Has Passed: What’s in It for You?
March 12, 2021 The American Rescue Plan Act (ARPA), a $1.9 trillion stimulus bill aimed at providing economic and other relief from the COVID-19 pandemic, has been signed by the president. The ARPA includes a number of key provisions for individuals, businesses and state and local governments. Many of which will be enacted solely for […]
What Are the Tax Implications of Buying or Selling a Business?
February 23, 2021 Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under […]
Take Advantage of This Refund Opportunity – The Employee Retention Credit
February 05, 2021 The Employee Retention Credit (ERC) is a tax benefit included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act aimed to help employers keep employees on their payroll during the pandemic. While the CARES Act became a law in March of 2020, the effectiveness and availability of this benefit was limited […]
New COVID-19 Relief Bill is Passed by Congress: What’s in It for You?
December 23, 2020 On Monday, December 21, 2020, the House and Senate both voted to pass a bill (Consolidated Appropriations Act, 2021) that contains nearly $900 billion in stimulus relief, and is expected to be signed into law by President Trump in the next few days. The following summary breaks down some major components of […]
Business Valuation Checklist
September 11, 2020 Business owners should always operate from a position of strength. That’s why having at least a baseline business valuation is important. The simple truth is that things happen even when we don’t plan for them — an unexpected buyout offer or an illness, for example. Deciding to have a business valuation is […]
Paycheck Protection Program Flexibility Act Makes Significant Changes to the Forgiveness Provisions of PPP Loans
June 12, 2020 The Paycheck Protection Program (PPP), enacted as part of the CARES Act, is a lending program designed to provide funds for small businesses to hold on to current employees and bring back workers who have been laid off or furloughed. One aspect of the loan that is especially appealing is the loan […]
Keys to Ownership Transition and Business Succession Planning
June 08, 2020 Business succession planning is essential for all privately-owned companies and the importance of a detailed plan is magnified during periods of economic upheaval. Planning for ownership transition is even more critical for companies that may also rely on future owners to be key members of management and possibly rainmakers who generate sales. […]