As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses that have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment
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The Internal Revenue Service (IRS) and the Department of the Treasury on May 7, 2020, decided to revise their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that don’t pay wages but continue to cover the health plan expenses for laid-off or furloughed employees, to
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Running a profitable business involves more than just selling products at a higher price than what you pay for them. There are a variety of overhead costs which can be cut by outsourcing when you are trying to improve your profits. Bookkeeping and payroll are two internal business functions that
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The Internal Revenue Service (IRS) and the Department of the Treasury on May 7, 2020, decided to revise their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that don’t pay wages but continue to cover the health plan expenses for laid-off or furloughed employees, to
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Every citizen living in the United States is obligated to pay their taxes. Since the process is infamously complex, it requires lots of attention to detail. At times, folks opt for hiring a professional who can do the heavy lifting for you. All tax returns need to be signed under
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Delegation is the key to successful entrepreneurship. Proven talent can bring new expertise to critical areas of your operations while helping to drive innovation across your business. But before you can start reaping the benefits of recruitment, you must be aware of the true cost of taking on an employee.
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Many in the industry have had a long-standing criticism of Section 409A. Even the IRS has recognized some of these concerns, in terms of the complexity and sensibleness of the law. But, those who the new law applies to are still obligated under law to pay up as defined in
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In the face of stiff global competition and tight operating margins, a growing number of organizations have begun to restructure their hiring practices to accommodate more flexible talent. Data from Intuit suggests that by 2020 more than 40% of American jobs will be held by these contract workers. This shouldn’t
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