Entrepreneurs and taxes: How expenses are claimed on tax returns
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
Read MoreHow to look for missing 401(k) plan participants
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 —
Read MoreBusinesses must navigate year-end tax planning with new tax laws potentially on the horizon
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
Read MoreIRS issues ERC guidance as Congress mulls early termination
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
Read MoreSBA streamlines forgiveness for smaller PPP loans
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
Read MoreWinning the cat-and-mouse game of job interview questions
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
Read MoreGetting a new business off the ground: How start-up expenses are handled on your tax return
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
Read MorePPP forgiveness and repayment: What businesses need to know now
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
Read MorePPP application deadline extended
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
Read MoreIs this the year for a 360-degree performance feedback program?
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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