The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses on filing amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about … Continue reading “CARES Act Made Changes To Excess Business Losses”
Month: August 2020
Take A Fresh Look At Your Company’s Brand
A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, a company brand review is a good idea to determine whether tweaks or even a major overhaul … Continue reading “Take A Fresh Look At Your Company’s Brand”
The President’s Action To Defer Payroll Taxes: What Does It mean for Your Business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer payroll taxes. This includes the employee’s portion of Social Security taxes for some people. Implementation of these tax changes for 2020 are in an effort to offer more relief due to the COVID-19 pandemic. The action is to only defer payroll taxes, … Continue reading “The President’s Action To Defer Payroll Taxes: What Does It mean for Your Business?”
5 Common Accounting Software Mistakes To Avoid
No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current accounting solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying On A Generic Accounting Solution Some companies rush into buying an accounting … Continue reading “5 Common Accounting Software Mistakes To Avoid”
The Possible Tax Consequences of PPP Loans
Was your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis? If so, you should be aware of the potential tax implications and the possibility of a PPP Audit. UPDATE: 2nd Round of the PPP, or the Second Draw Loan, is now available for … Continue reading “The Possible Tax Consequences of PPP Loans”
Thoughtful Employee Onboarding Is More Important Than Ever
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful employee onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial Opportunity Onboarding refers to “[a … Continue reading “Thoughtful Employee Onboarding Is More Important Than Ever”
File Cash Transaction Reports For Your Business — On Paper Or Electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit IRS cash reporting forms for these transactions. Filing Requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more related … Continue reading “File Cash Transaction Reports For Your Business — On Paper Or Electronically”
Strengthen Your Supply Chain With Constant Risk Awareness
When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic … Continue reading “Strengthen Your Supply Chain With Constant Risk Awareness”