S Corporations and PPP Loan Forgiveness
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are […]
What Papers Do You Need To Save?
Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some […]
By the Numbers: The Key Figures Business Owners Must Know
Deciding to open a new business comes with a set of responsibilities. Obviously, providing a good service to your clients and building up a customer base are important. But so is understanding the financial concepts you need to know and measure to be sure your business is profitable and staying on track. In general, businesses […]
Claiming the R&D Tax Credit the Right Way
Every year, the IRS releases the “Dirty Dozen,” a list of tax scams and schemes on which the agency is choosing to focus. In the crosshairs this year is abuse of business tax credits. Says the IRS, “Improper claims for the research and experimentation credit generally involve failures to participate in, or substantiate, qualified research […]
IRS Turbocharges the Employee Retention Tax Credit
Did you know about the employee retention credit? It’s still around–and better than ever. The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for […]
Managing Health-Care Costs
With the cost of health care continuing to rise, providing robust health care as a benefit to employees is becoming an increasingly important issue, especially in these times when the Covid-19 pandemic remains a concern and the future is uncertain. Fortunately, businesses can take steps to help evaluate these options and make decisions that benefit […]
