Posted on January 20, 2022
by
Adam Cohen
Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]
Posted on October 14, 2021
by
Daniel Hughes
Business owners already struggling with the continued uncertainty surrounding the pandemic are also facing the prospect of higher taxes and a resulting negative impact on company cash flow, profitability and valuations. For some, this environment will accelerate business sales or mergers and require significant alterations to existing estate plans – all of which will require […]
Posted on September 16, 2021
by
Karen Lake
Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]
Self-employed taxpayers who took advantage of COVID relief measures and chose to defer 50 percent of the 12.4 percent Social Security tax on net earnings from self-employment income earned during the period March 27 through Dec. 31, 2020, must prepare to repay half of the deferred amount by the end of this year. Failure to […]
Taxpayers that received Paycheck Protection Program (PPP) loans to maintain and continue paying their workforce through the COVID-19 pandemic may be missing out on valuable employee retention tax credits (ERCs) equal to as much as $7,000 per employee, per quarter in 2021. Here is what eligible businesses and non-profits need to know to claim as […]
Posted on June 02, 2021
by
Daniel Hughes
June 1 marked the start of the Atlantic hurricane season and the potential for tropical force winds and heavy rainfall to damage property and further impede business operations already hampered by the COVID-19 pandemic. The key to minimizing losses and getting your company back up and running after a storm passes is to have an […]
In the wake of the COVID-19 pandemic, the U.S. enacted various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]
With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]
Included in the Biden Administration’s proposed budget for fiscal 2022 is an additional $1.2 billion in funding to help the IRS ramp up its tax enforcement efforts after more than a decade of spending and staffing cuts. What this means for taxpayers is a likely increase in IRS audits and heightened scrutiny of tax compliance, […]
Posted on April 07, 2021
by
Joanie Stein
The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]
