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PPP Second Draw – Program Analysis, Eligibility, and Instructions
- Jan 19, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
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
- Jan 12, 2021
- By Dukhon Tax
- In Business, Business Taxes
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?
- Jan 08, 2021
- By Dukhon Tax
- In Business, Business Taxes
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.
- Jan 07, 2021
- By Dukhon Tax
- In Business, COVID-19
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
- Jan 06, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
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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The tax implications of employer-provided life insurance
- Sep 16, 2020
- By Dukhon Tax
- In Business, Business Taxes
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill.…
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File cash transaction reports for your business — on paper or electronically
- Sep 15, 2020
- By Dukhon Tax
- In Business
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more related transactions, must file Form…
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Strengthen your supply chain with constant risk awareness
- Sep 15, 2020
- By Dukhon Tax
- In Business
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 (that is, dependent) on one thing, that business is in danger. The pandemic has only complicated matters. To…
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Reopening concepts: What business owners should consider
- Sep 11, 2020
- By Dukhon Tax
- In Business, Business Taxes, Tax Tips
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; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day life can return to some…
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Even if no money changes hands, bartering is a taxable transaction
- Sep 10, 2020
- By Dukhon Tax
- In Business, Business Taxes
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 value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the…