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 […]

COVID-19 Post #1 – Employee Expenses

Employer Tax Deductible Reimbursement Deductions for COVID-19 Employee Expenses On March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic (IRS Notice 2020-18), under Section 139.  Although it does not require […]

Tax Deadlines & Disaster Loans

July 15, 2020 – NOT April 15, 2020 As of today, March 20, 2020, Steve Mnuchin tweeted 2019 IRS tax extension would be extended to July 15, 2020, 3 months past the traditional April 15th deadline.  The purpose of this has been to help alleviate the severity of what has been an unprecedented economic impact […]

How Can My Business Survive This Pandemic?

Yes, it’s caught everyone off guard and something like no one has ever experienced in the day and age, but the question is how do so many business owners, self-employed individuals, and everyday workers deal with just basic survival.  At the time of this writing, these two highlighted economic options have likely been more fine-tuned, […]