• PPP Second Draw – Program Analysis, Eligibility, and Instructions

    Summary: On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021) into law. The CAA includes Division N – Additional Coronavirus Response and Relief (ACRR), which has a provision that provides for Paycheck Protection Program (PPP) Second Draw loans. CAA, 2021 – Paycheck Protection Program Second Draw Loans. ACRR permits certain smaller businesses who received a…

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  • The Balanced Scorecard approach to strategic planning

    In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable recovery, your company should have a strategic plan that’s both comprehensive and flexible. Giving this methodology a try may prove beneficial.…

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  • The right entity choice: Should you convert from a C to an S corporation?

    The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making the decision…

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  • Need another PPP loan for your small business? Here are the new rules.

    Need another PPP loan for your small business? Here are the new rules. Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck…

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  • What’s better than PPP? PPP + ERC! – Expansion of the employer retention credit under new law        

    What’s better than PPP? PPP + ERC! – Expansion of the employer retention credit under new law The CARES Act supports certain employers that operate a business during 2020 and retain employees with an employee retention credit. The tax credit is equal to 50% of qualified wages paid to employees after March 12, 2020, and before Jan. 1, 2021. On…

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  • Prevent and detect insider cyberattacks

    In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to a coworker. This particular dishonest worker was caught. But your company may not be so lucky. One of your employees’ cybercrime…

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  • Your taxpayer filing status: You may be eligible to use more than one

    When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried on December 31. More than…

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  • 2020 Tax Planning

    Now, as year-end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly next. Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax rules have been enacted to…

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  • Putting the finishing touches on next year’s budget

    By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing so but ensuring that it’s…

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  • Taking distributions from a traditional IRA

    Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your…

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