Rapidly approaching tax filing deadlines inspire many to vow that we’re finally going to organize that bottomless shoe box of receipts and documents that we will "get to later". One of the many questions we've been getting this year is what documentation should I retain and how can I prepare for next year's taxes? Tax planning is always important, but with the financial impact that this year’s pandemic may have imposed, you should prepare now to minimize your tax liability and/or maximize your savings from the new tax rules? With the extension being moved to July 15th, we now have less time to prepare for next tax season. We want to make it easier for you by helping you understand what should be kept, in what format and for how long. Read More...
Archives for July 2020
‘Main Street’ Program – Lender Registration
From the ABA Banking Journal: Lenders may now register for the Federal Reserve’s Main Street Lender Program (MSLP), the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.” Last week, the Fed announced several adjustments to the MSLP intended to facilitate participation by more small and midsize businesses. Responding to calls by ABA and others to increase small business access to the program, the Fed lowered the minimum loan size for certain loans from $500,000 to $250,000. The Fed also increased the maximum loan size for each loan option under the MSLP, increasing the term for each loan option from four years to five years and extending the repayment period for all Read More...
8 Steps to Temporarily Closing a Business
8 Steps to Temporarily Closing a Business This is an unprecedented time that has forced many small business owners to make the difficult decision to close their business. Some businesses have chosen to close permanently during this pandemic, while others are temporarily shutting the doors. A temporary closure requires a little more than hanging a “closed” sign and locking the door. The recognition of a closure needs to go further than the patrons and be recognized federally and by the state. There are proper steps that must be considered when temporarily closing and today, we take a look at those 8 steps. 1. Contact Your CPA During a period of transition or closure, your CPA will be your best friend. It's important to be strategic Read More...
PPP Extension
The Journal of Accountancy: The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close. The House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess. The surprise move is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to Read More...