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prioritize customer service

Customer Service - Prioritize It Now More Than Ever

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing…
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…
scholarships

Are School Scholarships Tax-free or Taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship,…
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…
bartering is taxable
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Even Without Money, Bartering is a Taxable Transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market…