A Team Member Versus a Contractor

With the tax season extension deadline ending, clients are always scrambling to get their information in at the last minute, despite numerous requests from having to get their information received in a timely manner.  In general procrastinators is what makes the world go around, and there is no getting around it.  However, there is always […]

COVID-19 Post #7 – PPP Loan Payroll Requirements Due Soon

The Payroll Protection Program (PPP) of the Small Business Administration’s debt relief program for forgiveness are due, so it’s important to begin determining what expenses will be covered and will you have enough expenses to substantiate the loan document requirements.  Below are key points as well as a helpful Excel® spreadsheet to utilize.  Coverage starts […]

The Economic Injury Disaster Loan Program Spending Guidelines

In addition to the numerous applicant businesses who have received funds through the Payroll Protection Program, they were also eligible for the Economic Injury Disaster Loan (EIDL) Program for which is also administered through the Small Business Administration.  Due to this additional program, the loans are NOT forgivable and have an interest rate of 3.75% […]

The Payroll Tax Deferral for Employees

August 8, 2020, President Donald Trump prepared a presidential memorandum (Notice 2020-65) to defer withholding affected compensation for employees during September-December 2020, and then those deferred amounts paid starting January 1 and ending April 30, 2021.  This includes the employee portion of the following: the old-age, survivors, and disability insurance (OASDI) tax under Sec. 3101(a) […]

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 […]