BUSINESS SUPPORT

Taking a Fresh Look at Bankruptcy

Oh, the shame of bankruptcy. It’s a negative action that caps off a failure — or so we often think of it. But do we really need to treat bankruptcy as something awful? In the fiscal year ending June 30, 2020, U.S. courts saw 682,363 business and non-business bankruptcy cases. The factors that drive a [...]

Strategic Decision Making: Are You Taking Advantage of the Newly Expanded ERC?

The American Rescue Plan Act of 2021, enacted in March of this year, further extended the availability of the ERC to eligible employers for wages paid during the third and fourth quarters of 2021. Additional guidance on this most recent enhancement of the ERC is expected from the IRS at a later time. The IRS [...]

2021-06-24T09:56:26-05:00May 4th, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

New IRS Notice Provides Guidance to Employee Retention Credit and the Paycheck Protection Program

The IRS has been busy. On March 1, 2021, they released a 102-page document that answers taxpayer questions about both the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 more clearly defines ERC eligibility – something that was sorely needed – but it is noteworthy for another reason: it explains how [...]

2021-03-31T09:20:47-05:00March 31st, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

Cash Flow Best Practices for Businesses Facing Economic Uncertainty

Cash flow is more important than ever. Even when markets are down, taxes will come due, loans will need to be repaid, and investments will be required to keep your organization on sound footing. While a positive cash flow is not the only factor that influences success, it’s a good indicator that a business is [...]

Treasury Guidance Issued on Employee Payroll Tax Deferral

On August 8, 2020, President Trump issued a Presidential Memorandum calling for a deferral of withholding an employee’s payroll taxes. The government’s guidance announcement came just four days before the implementation date of September 1, 2020. By deferring the payroll tax withholding, the hope was that employees would have higher take-home pay for the remainder [...]

2020-08-31T11:01:42-05:00August 31st, 2020|BUSINESS SUPPORT, BUSINESS TAX|

Thriving Under COVID: How the Best Companies Do More Than Just Survive

Sometimes progress comes from dire situations. Consider the lodgepole pine: The tree’s hard cones release their seeds only when exposed to the crucible of a fire. Likewise, economic crises can highlight the natural resilience of members of the entrepreneurial ecosystem. The COVID-19 pandemic has uprooted our lives and the way we work, but agile and [...]

Back to Profitability: How Small Businesses Can Emerge Stronger from Crisis

“Bad businesses are destroyed by a crisis; good businesses survive them; great businesses are improved by them.” —Andy Grove, former CEO, Intel There’s nothing like a crisis to give people clarity and crystallize the fundamentals of running a successful business. Although this crisis has been unlike anything we’ve seen before in our lifetimes, it has [...]

Drafting a Business Continuity Plan (BCP)

Disasters happen. From hurricanes and earthquakes to floods and wildfires, recent years have shown us that every business must be prepared for a potential disaster or crisis. Since disaster is sometimes unavoidable, a business owner’s best bet is preparation. Having a well-thought-out business continuity plan (BCP) in place can help you weather whatever storms may [...]

Latest Update – Economic Injury Disaster Loan (EIDL) Accepting Online Applications Effective June 16th

The Small Business Administration (SBA) EIDL loan program is back in business. Due primarily to the volume of loan activity, the SBA online EIDL application portal was largely shut down on April 15. From April 15 through June 14, the only accepted new applications were those submitted by agricultural businesses not eligible for the EIDL [...]

COVID-19 and Nonprofits: How Can PPP and EIDL Programs Help?

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus [...]

2020-04-24T11:50:17-05:00April 2nd, 2020|BUSINESS SUPPORT, COVID-19, NOT-FOR-PROFITS|

Coronavirus Economic Response Package – Phase Two

On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]

4 Business Seasons When You Should Consider a Virtual CFO or Virtual Controller

Perhaps you have heard the saying, “Failing to plan is planning to fail.”  Like many proverbs, this one has some truth behind it. Did you know that 40% of start-up businesses fail within two years, and roughly 50% of small businesses don’t make it past their five-year anniversary? In contrast, businesses that execute a plan [...]

2018-11-12T15:49:23-06:00February 23rd, 2016|BUSINESS SUPPORT, START-UP BUSINESS PLANNING|