Reading Time: 2 minutes With the first quarter of 2020 coming to a close, businesses should consider the Employee Retention Credit (ERC) as they begin to prepare their quarterly payroll tax filing (Form 941). As a reminder, the ERC is a refundable payroll tax credit and is now available even if the business took a Paycheck Protection Program.
Reading Time: 5 minutes The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the business tax provisions in ARPA. Payroll tax credits The.
Reading Time: 3 minutes Another day, another data breach. We saw several major data breaches during the first month of 2021 alone. For example, a database maintained by an online photo editing app containing 1.9 million user records was hacked on January 20, while order information for 7 million customers of a men’s clothing retailer was hacked on.
Reading Time: 3 minutes Succession planning probably isn’t high on the priority list of many business owners. After all, owners have lots of things to think about other than the day when somebody else will be running their company. But this doesn’t make succession planning any less important. It’s critical to think about the long-term future of.
Reading Time: 3 minutes The Department of Treasury and the Small Business Administration have released new updated applications for the Paycheck Protection Program (“First Draw”) loan as well as for the new (“Second Draw”) loan. The new applications reflect the changes from the recently enacted Consolidated Appropriations Act, 2021. The SBA has announced that they will begin accepting.
Reading Time: 4 minutes On Monday, December 21st, Congress passed a stimulus package providing $900B of COVID-19 relief provisions. While the massive bill includes a host of provisions and tax extenders, below is a summary of some of the more relevant provisions to closely-held businesses including long awaited clarification on the deductibility of Paycheck Protection Program (PPP).