Millions of Americans who received unemployment benefits in 2020 got a new tax break from the American Rescue Plan Act of 2021, which changed the rules to the way the federal government usually taxes unemployment benefits. Here’s what to know. How the American Rescue...
Brian Brammer
SBA Changes for Independent Contractors and Sole Proprietors
The Small Business Administration (SBA) recently implemented changes to the Paycheck Protection Program (PPP) that affect self-employed individuals who applied for the loan. Sole proprietors and independent contractors have the ability to take advantage of full...
Extensions of the Employee Retention Tax Credit in 2021
The Consolidated Appropriations Act, 2021 (the Act), which was signed into law in late December of 2020, created more opportunities for using the Employee Retention Tax Credit (ERC). Originally a provision of the Coronavirus Aid, Relief and Economic Security Act...
New Business Tax Changes and Extenders in Most Recent Stimulus Package
The Consolidated Appropriations Act, 2021 (Act) was passed by Congress on December 21, 2020, and signed by President Trump on December 27, 2020, granting further Covid-19 relief. This article highlights some of the tax changes and extenders that will be of interest to...
Year-End Tax Tips for Small Businesses in 2020
With just a couple of weeks left in 2020, time is running out to take proactive steps to lower your 2020 tax bill. Even if you plan to file an extension, most tax-saving moves need to be made before Jan. 1, 2021. Here are some last-minute tax strategies small business...
Small Business Recordkeeping: To Toss or Not to Toss (and When)
Any business owner knows that good business recordkeeping is critical for the administrative tasks that keep your business running day to day, but the Internal Revenue Service (IRS) also requires you to keep certain financial records for your business for specific...
As Economic Relief Talks Stall, Try These Financial Resources for Small Businesses
The Covid-19 pandemic continues to create financial frustrations for small businesses nationwide. With talks of a second economic stimulus at a standstill among government leaders, small-business owners looking for financial assistance need to find additional...
