Commercial Real Estate: What To Do If You Cannot Pay Your Mortgage
As a result of the COVID-19 pandemic, many commercial real estate owners are unable to make their mortgage payments. While the CARES Act and the CAA targeted helping small businesses remain operational, they included no direct help for commercial property owners. The acts only provided indirect help in the form of forgiving loan proceeds used […]
5 Steps to Better Forecasting
As businesses emerge from restrictions imposed due to the pandemic, they do not have a clear definition of “normal.” Whether the business was in an industry sector that thrived in the past year or one that struggled, it is almost certainly facing a radically changed landscape. Yet businesses must find a way to plan their […]
6 Tips for New Entrepreneurs
Americans tend to view crises as opportunities, and the pandemic was no exception. Many new and innovative businesses emerged from the chaos. There always are openings for success, even in the midst of a chaotic business environment. The U.S. Census Bureau reported 500,000 more applications for employer identification numbers between mid-March 2020 and mid-May 2020. […]
Tax Rules for Handling Large Cash Payments
The Internal Revenue Service is reminding businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and […]
IRS Provides Additional Guidance on Food Deduction
The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants. Beginning Jan. 1, 2021, through […]
Steps to Business Profitability
Profitability is the ability of your business to earn a profit. A profit is what’s left of your generated revenue after you pay all your expenses, such as the ones involved in producing your product. So how do you analyze profitability? You want to generate enough revenue to more than cover the expenses you incur. […]
