excess business losses

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold…
payroll tax deferral
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The President’s Action on Payroll Tax Deferral

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions on payroll tax deferral were taken in an effort to offer…
nanny tax

More Parents May Owe “Nanny Taxes” Due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny taxes” obligations. Keep in mind that the nanny tax may apply to all household…
concentration risk

Strengthen Your Supply Chain - Assess Concentration Risk

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated…
loan forgiveness applications

Loan Forgiveness Applications Start August 10, 2020

The Small Business Administration (SBA) has recently told lenders they will start accepting Paycheck Protection Program (PPP) loan forgiveness applications starting August 10, 2020. The SBA had originally stated that borrowers could apply for…
reopening concepts

Reopening Concepts: What Businesses Should Consider

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions;…
safety grant program

New Safety Grant Program to Assist Small Businesses

The state of Michigan announced a new Michigan COVID-19 Safety Grant Program on July 23 , which will provide small businesses with matching funds of up to $10,000 to decrease the risk of COVID-19 spread, through safety and health-related equipment…
safety grant program

HHS Opens Provider Relief Fund to Dentists

Dentists, you can now apply to receive funding from the U.S. Department of Health and Human Services' (HHS) Provider Relief Fund. HHS is distributing $175 billion to hospitals and healthcare providers on the front lines of the coronavirus…
IT questions

6 key IT questions to ask in the new normal

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. It has caused business owners to ask themselves IT questions they did not have to worry about before. Some…