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Monday, 15 April

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Entrepreneurs and taxes: How expenses are claimed on tax returns

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 24, 2022 / No comments

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due

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How to look for missing 401(k) plan participants

Robert Tighe

Posted By: Robert Tighe

Posted January 22, 2022 / No comments

It’s a common problem every year. Employers discover that, when their 401(k) plans must make required minimum distributions, the addresses on file for some distributees have become invalid. The U.S. Department of Labor (DOL) and the IRS have both offered guidance about dealing with participants and beneficiaries who are unresponsive or cannot be located —

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Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

Timothy King

Posted By: Timothy King

Posted November 11, 2021 / No comments

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its

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IRS issues ERC guidance as Congress mulls early termination

Robert Tighe

Posted By: Robert Tighe

Posted August 10, 2021 / No comments

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The

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SBA streamlines forgiveness for smaller PPP loans

Robert Tighe

Posted By: Robert Tighe

Posted August 9, 2021 / No comments

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many

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Winning the cat-and-mouse game of job interview questions

Keith Orr

Posted By: Keith Orr

Posted July 23, 2021 / No comments

In many industries, the job interview process has become a game of cat and mouse. Books and websites are filled with tips for applicants on how to best answer common questions. Type the phrase “answers to job interview questions” into a search engine and you’ll instantly receive millions of results. That means job candidates (the

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Getting a new business off the ground: How start-up expenses are handled on your tax return

Cynthia Petschke

Posted By: Cynthia Petschke

Posted July 22, 2021 / No comments

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know

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PPP forgiveness and repayment: What businesses need to know now

Timothy King

Posted By: Timothy King

Posted July 21, 2021 / No comments

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the

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PPP application deadline extended

Robert Tighe

Posted By: Robert Tighe

Posted March 30, 2021 / No comments

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in

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Is this the year for a 360-degree performance feedback program?

Robert Tighe

Posted By: Robert Tighe

Posted January 8, 2021 / No comments

More and more employers have established 360-degree performance feedback programs to give themselves a broader perspective on how well employees are performing and interacting. Under this model, an employee is evaluated by not only his or her supervisor, but also direct reports (if applicable), peers — and sometimes even vendors or customers. If you think

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