Business financing is one of the most challenging obstacles entrepreneurs will face at one time or another. During this period of economic uncertainty, this is an even greater need for many businesses. The best sources and structure of financing are based on a particular company's needs and can change based on a company's current operating environment. Assessing the length of [...]
Payroll Tax Deferral Memorandum - The Internal Revenue Service has issued Notice 2020-65 to provide guidance on the employment tax deferral regarding President Donald Trump’s August 8, 2020 Executive Order. Deferral Payroll Tax Period The executive memorandum is effective immediately and only applies for wages “paid” between 9/1/2020 and 12/31/2020. The deferral is only on the 6.2% social security income [...]
Forensic Accountants can uncover deceptive ledger entries. According to the FBI, business fraud consists of dishonest and illegal activities perpetrated by individuals or companies to provide an advantageous financial outcome to those persons or establishments. These schemes often appear under the guise of legitimate business practices. Why a Forensic Accountant? It is the job of a forensic accountant to discover [...]
The Paycheck Protection Small Business Forgiveness Act has been introduced by the Small Business and Entrepreneurship Committee to the Senate. The Paycheck Protection Small Business Forgiveness Act his act would allow small businesses who received a loan of $150,000 or less through the Paycheck Protection Program (PPP) will receive forgiveness. To apply for automatic forgiveness, the business owner submits a [...]
As a startup business owner, you work your plan and check off your mandatory tasks. Market research – check. Business plan – check. Brick & mortar or online – check. Business name – check. Great job! But there's more to do so your business succeeds, maximizes profit, and minimizes expenses. There are four areas that the initial decision will make [...]
The US Treasury Department and Small Business Administration announced shortening two Payroll Protection Program’s loan-forgiveness applications. The application updates are in response to changes included in the Paycheck Protection Flexibility Act of 2020, PL 116-142, signed on June 5. The SBA issued a new interim final rule providing guidance on how to calculate employee and owner compensation for loan forgiveness [...]
PA Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 The COVID-19 Relief PA Statewide Small Business Assistance program is open for application and will provide grants ranging from $5,000 to $50,000 to small businesses economically impacted by COVID-19. This program is not a first-come, first-served program, but will fund the most qualified applicants. The funding [...]
ASC 2016-02 standard is effective for nonpublic entities for the calendar year 2022. The effective date was changed from the calendar year 2021 as a result of the economic lockdown in late February 2020. All entities may choose to adopt the new standard early. All companies with lease agreements will be affected. Industries that could feel the impact of this [...]
The impact of the shutdown has caused economic uncertainty, especially for small businesses. It is necessary to have a plan in place which will require preparation from the small business owners, themselves. One of the biggest concerns is going to be funding cash flow shortages. Access to capital is critical and could mean the difference in your business thriving or your business shutting [...]
The Paycheck Protection Flexibility Act, H.R. 7010 signed by President Trump on June 5, 2020, relaxing the requirements on PPP small-business loans and addresses concerns of employers struggling to stay open during the shutdown. The bill extends the time PPP recipients must spend PPP funds from 8 weeks to 24 weeks. It also lowers the portion of PPP funds [...]
