Month: May 2020

Attuning Your Social Media Strategy To The Pandemic

Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and perhaps even generating a bit of revenue. What’s challenging is that the social media strategy … Continue reading “Attuning Your Social Media Strategy To The Pandemic”

Forgiven PPP Expenses Aren’t Deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, PPP expenses are not deductible if both: –  The payment of the expense results in forgiveness of a loan made under the PPP. –  The income associated with the forgiveness is excluded … Continue reading “Forgiven PPP Expenses Aren’t Deductible”

Virtual Workspaces: How To Succeed At Virtual Team Building

Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers, and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of these businesses have lowered overhead costs such as … Continue reading “Virtual Workspaces: How To Succeed At Virtual Team Building”

Business Charity Donations Rules Have Changed Under The CARES Act

In light of the novel coronavirus (COVID-19) pandemic, there’s been an increase in interest for business charity donations. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: Increase In The Limit For Corporate … Continue reading “Business Charity Donations Rules Have Changed Under The CARES Act”

Subchapter V Small Business Bankruptcy & Its Silver Lining

Many businesses affected by COVID-19 are struggling to stay afloat. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: small business bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law — coupled … Continue reading “Subchapter V Small Business Bankruptcy & Its Silver Lining”

The CARES Act Liberalizes Net Operating Losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. Net Operating Loss CARES Act Deductions Basically, you may … Continue reading “The CARES Act Liberalizes Net Operating Losses”

Adjust Your Expectations Of Business Interruption Coverage

A natural place to turn when disaster strikes are insurance. The very reason you pay premiums and deal with the paperwork is to have these concentration risk management policies in place when necessary. But, when it comes to filing a business interruption claim, you may have to adjust your expectations if you intend to file … Continue reading “Adjust Your Expectations Of Business Interruption Coverage”

Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to reduce costs within the organization. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly mistake. Is Outsourcing Good or Bad? The … Continue reading “Hiring Independent Contractors? Make Sure They’re Properly Classified”