Starting on Feb. 24, 2021, the SBA is establishing 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the statement, this will give lenders and community partners more time to work with the smallest businesses to submit their applications.
If you run a business, you need to know about the following forms.
The latest financial scam involves fraudulent Form 1099-G, which government agencies use to report unemployment compensation. The IRS issued the following notice:
The IRS is urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form.
How long do you have to keep records? There's no one answer. However, we've summarized some of the most common federal laws relevant to employment record keeping. Note that applicability may vary by employer size.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It's an option if you can't pay your full tax liability or if doing so would cause you financial hardship. What's considered by the IRS in allowing an offer in compromise?
A recent McKinsey survey showed what many business leaders felt intuitively: The old normal is gone forever. It will not come back even after the COVID-19 pandemic is over. Here are some statistics that show why.
The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for the ERC — retroactively and prospectively — giving businesses more options to claim it.
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020.
Enacted at the end of 2020, the Consolidated Appropriations Act, 2021, allocates $325 billion to small businesses, nonprofits and venues hit hard by the COVID-19 pandemic. Of that amount, approximately $284 billion goes toward the Paycheck Protection Program. The previous round of PPP funding ended earlier in 2020.
Are there business deductions you can take advantage of? Yes, but first you have to make sure your expenses are truly business-related. The lines can blur, especially with a small business, because you generally cannot deduct personal, living or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts, and then deduct the business part.
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