Next round of PPP funding could open soon

The next round of Paycheck Protection Program small business loans is set to open up this week or early next week, which means businesses that did not receive funding from the original $349 billion PPP funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act should be ready to submit their applications. The Senate […]

Work Opportunity Tax Credit extended through 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]

SECURE Act brings changes to employer-sponsored retirement plans

Several provisions in the newly enacted SECURE Act could impact employers who offer – or who are planning to offer – their employees a retirement plan. Below is a look at some of the important elements of the SECURE Act that may affect your current retirement plan (or your decision to create a new one). […]

Hiring this summer? You may qualify for a valuable tax credit

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted […]

Are your employees ignoring their 401(k)s?

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees engaged with their […]

A closer look at the wage limits for pass-through entities

The Tax Cuts and Jobs Act provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20 percent of […]

Small businesses are a rich target for scams

Some of these scams have been around for a long time, but bear repeating. Here, courtesy of AARP, are some of the most common ploys targeting small- and medium-sized businesses: Phishing emails: Schemers will take names and titles of executives from LinkedIn or corporate websites to spoof internal messages where they pose as the CEO […]

Don’t be a victim of payroll service fraud

Payroll service providers are useful for just about any business owner who wants to ensure that filing deadlines and deposit requirements are met. They certainly can streamline business operations – if the right one is used. We recommend using a payroll service provider, but not all providers are created equal. The first thing to remember […]

IRS responds to small business owners’ requests for higher capital expense deductions

Small business owners can now deduct more capital expenses, thanks to a new Internal Revenue Service decision to raise the tangible property expensing threshold. The IRS raised the safe harbor threshold for deducing certain capital items for small businesses – those that do not require an audited financial statement – from $500 to $2,500. The […]