COVID-19-Related Employee Retention Credits: General Information FAQs

This FAQ is not included in the Internal Revenue Bulletin, and therefore may not be relied upon as legal authority. This means that the information cannot be used to support a legal argument in a court case. 1. What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of … Read More

4.8.20 Reporting the New Employee Retention Credit

Reporting the New Employee Retention Credit: Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a refundable payroll tax credit is available for 50% of qualified wages paid by eligible employers to employees after 3/12/20 and before 1/1/21. The credit is available to employers, including nonprofits, (1) whose operations were fully or partially suspended due to a COVID-19-related … Read More

4.7.20 UPDATED PPP Guidance

INTERIM FINAL RULES – PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES … Read More

3.31.20 Leading Through Chaos – Video

Learning valuable lessons from the current crisis is vital and we have an immense opportunity to make ourselves and our organizations stronger, more influential and more effective. Brought to you by our Professional Resource Partners, CEO Effectiveness  See the Webinar HERE

3.31.20 – Changes to NOL rules under IRC Section 172(a)

Changes to NOL rules under IRC Section 172(a) The CARES Act temporarily suspends the 80% taxable income limitation on the use of a net operating loss (NOL) to offset taxable income for tax years beginning after December 31, 2017 and before January 1, 2021. Taxpayers may elect to: Carry NOLs arising in any tax year beginning after December 31, 2017, … Read More

What is Cash Flow Planning?

What Is Cash Flow Planning? In simple terms, “cash flow” refers to all forms of cash and assets that come and go from anyone. Companies value cash flow because it offers a clear distinction between what they owe and what they’re earning. Business Cash Flow Planning Many businesses have a cash flow plan in place to ensure that they’re properly … Read More

SWOT Analytics: What It Is and When to Use It

SWOT Analytics: What It Is and When to Use It A SWOT analysis is a compilation of your company’s strengths, weaknesses, opportunities and threats. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision. Perform a SWOT analysis before you commit to any sort of … Read More

Direct stimulus payments. How much do I get?

Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child. But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not … Read More

Breakdown of the major provisions small businesses included in Congress’ aid package

Here’s a breakdown of the major provisions small businesses included in Congress’ aid package: As more information becomes available we will update this information accordingly. An emergency grant of up to $10,000: Small businesses may apply directly to the federal Small Business Administration to receive an economic injury disaster grant of up to $10,000 that does not need to be paid back. … Read More

IRS FAQs answer filing, payment postponement questions

IRS FAQs answer filing, payment postponement questions IRS website – Filing and Payment Deadlines Questions and Answers In a series of frequently asked questions (FAQs) on its website, IRS has provided answers with respect to its recently-announced guidance that postpones until July 15, 2020, the filing of returns and payment of taxes that were initially due on April 15, 2020. … Read More