New Stimulus Plan: Employee Retention Credit Changes and PPP Loans
On December 27, 2020, former President Trump signed into law The Consolidated Appropriations Act, 2021 (CAA21), which contains several tax law changes, including expanded eligibility for the Employee Retention Credit (ERC) for businesses whose PPP loan(s) made them...
COVID Update: C.A.R.E.S Act Provides up to Three Years to Repay Loans from and Taxes on IRA Distributions
Due to economic fall-out from the Coronavirus pandemic, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act), on March 27, 2020. In it, special distribution options and rollover rules for retirement plans and IRAs were introduced, as...
Pandemic Relief Round Two – What’s in it for Small Businesses?
Congress passed a second round of COVID relief last week - what does this mean for small businesses? Payroll Protection Program (PPP) Loan Forgiveness Last spring, Congress made the forgiveness of PPP loans tax free. The IRS then misinterpreted the law and made...
Financial Statement Basics – What is a Balance Sheet and What Does It Mean?
Few business owners understand the wealth of information contained in their balance sheet and profit and loss statements. Your financial statements tell people how your company is performing, but they may be speaking a language you don’t yet understand. Every tax...
Three Keys to Getting a Mortgage for Business Owners
If you are a business owner who is looking to secure a mortgage, there are a few key concepts to remember. First, apply to a mortgage company that actually makes mortgage loans to business owners. Most do not, so be sure to ask this question up front. If you near...
Why Most Internal Bookkeepers Fail
Running a business without financial information is next to impossible. You can never figure out if you’re making a profit. You never know how much money is in the bank. Big tax bills are an annual and unwelcome surprise. You may suspect your bookkeeper is failing,...
SBA Releases Simplified Form for Debt Forgiveness by PPP Loan Recipients of $50,000 or Less
Good news for small businesses that received Paycheck Protection Program (PPP) loans of $50,000 or less! On October 9, the Treasury and U.S. Small Business Administration (SBA) announced that those recipients can now utilize a simplified application to request debt...
A New Approach to Finding Affordable Health Insurance for your Business
For this post, we are featuring the wisdom of one of our loyal S&K friends and clients, Bill Schmidt from Integrated Insurance Solutions, Inc. in Ashburn, VA. Bill is an expert on health insurance for small businesses, and the following is his insight on finding...
How to Avoid Receiving Letters From the IRS
Every year the IRS issues millions of tax bills for items of income not reported on tax returns. For example, if a taxpayer received a pension distribution during the year, but did not report the distribution as income, the IRS sends a bill for the taxes on the...
What Tax Planning Can Do for You
Last tax season more than a million taxpayers got nasty surprises when filing their income tax returns. In prior years, they received small refunds or owed just a little. However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can...