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
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
The differences between exempt employees and non-exempt employees can create a lot of confusion for employers and workers. Irrespective of whether you qualify for overtime pay or minimum wage, or work for more than 40 hours every week, the Fair Labor Standards Act (FLSA) governs the exemption status. Some jobs
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
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
One of the most frequently asked questions accounting services receive from their clients involves “should a small business lease vehicles or purchase vehicles?” Business owners have the option of either financing/purchasing or leasing their company cars. There are pros and cons to both options. Listed below are some of the
Sales tax reporting is an inevitable part of running almost any business. The problem is that many businesses do not know how to properly record and file sales taxes. If you fail to properly maintain your records you can either end up owing money or paying too much. To save
If you run your own business, you may not realize that a lot of the work you do could actually be outsourced to Independent Contractors. Outsourcing is a simple process where you turn over specific tasks to qualified professionals that have expertise in different business functions. The most common tasks
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