2021
Simple retirement savings options for your small business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension…
Tax advantages of hiring your child at your small business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations.
PPP extension passes House and Senate
A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It…
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for…
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are…
Key tax provisions in the American Rescue Plan Act
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens…
American Rescue Plan Act signed into law
The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for…
IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who…
New PPP calculation released for Form 1040, Schedule C filers
Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on…
Smallest businesses get PPP updates, special filing period
The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than…
What are the tax implications of buying or selling a business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If…
Businesses closed due to COVID-19 restrictions may be eligible for the employee retention credit
Last spring, the CARES Act created the ERC for businesses that were affected by the COVID-19 pandemic. However, the CARES Act disallowed the credit for businesses that received a Paycheck…
Why virtual outsourced accounting is more important than ever
The coronavirus pandemic has forced many businesses and entire industries to move their operations remotely in the interest of employee and customer safety, and this has caused these businesses to change the…
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19…
IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes
The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will…
Everything you need to know about the expanded ERTC
The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207…
Application dates for second round of PPP funding announced
The U.S. Small Business Administration (SBA) and Treasury has announced that lenders with $1 billion or less in assets will be able to open applications for the next round of Paycheck Protection Program (PPP) funding starting Friday,…
Treasury issues interim final rules on updated PPP guidance
Two new interim final rules for the Paycheck Protection Program (PPP) have been released from the Small Business Administration (SBA) and Treasury in response to the changes and second round…
