Need to File Previous Years’ Tax Returns? S&K Can Help
Although many businesses are starting to get back on track, with the descent of COVID and an ensuing economic upheaval in our country - your company may not have filed tax returns in a few years. While life DOES happen – NOT filing your required tax returns is serious...
Shuttered Venue Operators Grant Portal Opens on Monday at Noon
The U.S. Small Business Administration (SBA) will reopen the Shuttered Venue Operators Grant application portal on Monday, April 26 at 12:00 PM. The application portal for the SVOG program ran into technical difficulties almost immediately on April 8, with venue...
Restaurant Revitalization Fund Grants – Does Your Business Qualify?
One of the hardest-hit industries during the COVID-19 pandemic has been restaurants, with shutdowns and restrictions cutting off revenue opportunities. The newly passed American Rescue Plan Act (ARPA) aims to help restaurants, bars and related businesses with a new...
Extension of Tax Filing Deadline/Increased Child Tax Credit Deduction
IRS Extends Tax Filing Deadline to May 17 On March 17, the IRS announced it would extend the deadline to file 2020 taxes for all Americans to May 17, giving taxpayers an additional month to file returns. This extended deadline is welcome news for individuals,...
Unemployment Extension Programs for 2021
On Thursday, March 11, President Biden signed into law the American Rescue Plan, a bold piece of legislation that is set to create 7 million jobs and ensure our nation’s road to recovery both physically and economically. Within the package, additional unemployment...
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...