The Cost of Your Tax Return Filing

With the current tax deadline of July 15th fast approaching, as of June 12th the IRS is down 12% processed compared to the 2018 tax return filing season or over 17 million.  However, the rules for penalties and interest still apply for filing and payments made making this deadline next month, and below are some […]

The Business of Bankruptcy

The Covid-19 pandemic has brought the economy to an unprecedented standstill in a variety of ways, and many large companies have already begun the process of bankruptcy already this year.  More well known companies such as Pier 1 Imports, Neiman Marcus, Stage Stores, as well as JC Penney just to name a few have been […]

COVID-19 Post #6 – PPP Updates Signed into Law 6/5/20

The Payroll Protection Program (PPP) of the Small Business Administration’s debt relief efforts during the Covid-19 Pandemic, have had numerous challenges since it was first introduced, and there has been numerous updates, sometimes weekly.  However there have been sweeping changes implemented today by Congress, with more expected to still be introduced. Today, there have been […]

Adapting to New Partnerships in 2020’s Darwinism of Business

Develop a plan and update it regularly Reach out to your network and potential competitors about work-share options Never fail to know what your business’ limits are The aftermath that this pandemic has affected businesses is being felt around the globe, and although major corporations will survive undoubtedly, Main Street will be left tattered and […]

Update on IRS Operations

As reported by the Internal Revenue Service on May 18, 2020, the IRS continues to protect the public and its employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited. All Taxpayer […]

Business Versus Personal Travel Expenses – How Can You Defend It?

Numerous discussions with clients have been made with regards to how they have made business trips into family vacations, for as long as the IRS has been around.  However, the challenge has always been when the legitimate business attendees are attending a business conference, continuing education seminar, etc. and choose to bring nonemployees along for […]

COVID-19 Post #5 – SBA Debt Relief Program

As part of the Small Business Administration’s debt relief efforts during the Covid-19 Pandemic, they have also implemented a Debt Relief Program which entails the following key points: The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of 6 months; and The SBA will also […]

COVID-19 Post #4 – Unemployment for the Self-Employed

COVID-19 Post #4 – Texas Workforce Commission Promotes Unemployment Insurance for 1099 Contractors and the Self-Employed As posted by the Texas Workforce Commission on April 13, 2020, as part of the CARES Act unemployment portion regarding Pandemic Unemployment Assistance (PUA) for self-employed and 1099 contractors was implemented.  It’s recommended through PUA as a result of COVID-19 benefits […]

COVID-19 Post #3 – Other SBA Loan Options

Express Bridge Loans The purpose of the SBA Express Bridge Loans help enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.  These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can […]

COVID-19 Post #2 – Paid Family Leave

Paid Family Leave Refundable Credit for COVID-19 Affected Employees The Families First Coronavirus Response Act has provided an employer refundable credit signed by President Trump on March 18, 2020, providing small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for […]