Small-business owners are often passionate about what they do and take great pride in the value or service their business offers. It’s likely they work long hours and spend ample mental time thinking about operations, employee retention, customer acquisition, human resources, and reducing liability. They often...
Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit. The FFCRA, as amended by the COVID-related Tax Relief Act of 2020, provides small and midsize employers...
The Employee Retention Tax Credit (ERTC) can greatly help businesses that suffered revenue loss from COVID-19. The ERTC was originally included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but it was not widely used because initially, businesses could only take advantage of either...
[caption id="attachment_17305" align="alignright" width="200"] DANIEL R. DEHOEKManaging MemberCPA | ABV | CFP®[/caption] I have recently been asked about the 2nd or (1st for some) PPP loan and the Employee Retention Tax Credit. The PPP Program has been expanded It is possible to obtain a 2nd PPP loan if 1) you have...
[caption id="attachment_17062" align="alignright" width="180"] Dan DeHoekCPA | ABV | CFPDeHoek & Company, PLLC[/caption] On Dec. 28th, President Trump signed the $900 billion Covid-19 bill, which had passed both Houses of Congress a few days earlier. Generally, it means another $600 stimulus payment to individuals earning under...
As you check off your to-do list for the end of the year, don’t forget to look at your retirement savings. Whether it is an individual retirement account, an employer-sponsored plan like a 401(k), or a brokerage account, assessing your portfolio is crucial. There’s no better...
Businesses may be able to convert 2020’s red ink into cash with coronavirus tax breaks. KEY POINTS Business owners incur net operating losses when their tax deductions exceed income in a given year. Generally, these losses can offset future income. The CARES Act allows taxpayers to...
So what should CPAs be doing now? The wise course is to begin preparing the forgiveness application and stay on top of documentation requirements but also be patient with the process as substantial areas are settled. To help you explain the current situation to business...
A half-century ago, tax withholding was one of the simpler issues for taxpayers and practitioners. A more mobile society makes state tax withholding more complicated today given the ease of conducting cross-jurisdictional business and the increase in teleworking or remote work arrangements. Meanwhile, the web of...
Charitable remainder unitrusts allow a donor to have a steady income stream while sidestepping capital gains tax. Let's discuss CRUT's in more detail. Basic Setup of a Charitable Remainder Unitrust A charitable remainder unitrust (also called a CRUT) is an estate planning tool that provides income to...