The relief package legislation highlights include $325 billion in business relief, $275 billion for another round of Paycheck Protection Program funding, and an extension of federal unemployment benefits of up to $300 per week. President Trump signed the Consolidated Appropriations Act that marks spending for business relief and another round of Paycheck Protection Program (PPP) funding, an extension of federal [...]
Year-end audit planning requires communication, compiling information, and comparing to last year’s report. Your company’s external audit can be a busy and stressful time. While worrying about your normal day-to-day responsibilities, you must take on the task of providing your auditors with information that they need to complete the audit. Sometimes, the tasks can seem overwhelming. It is easy to [...]
Protect Sensitive Data During the 2020 Holiday Shopping Season and as Tax Season Approaches. Your sensitive data is more vulnerable than you might think. Remote learning. Telecommuting. Online shopping. Gaming. Teleconferences. Socializing. Doctor visits. Many face-to-face meetings we had in Q1 of 2020 have gone digital. This has vastly increased opportunities for cybercriminals to hack company servers and personal computers. [...]
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Accurate month-end closings will lead to better planning, fewer adjustments, and less time rectifying costly mistakes. Your monthly financial statements provide key performance indicators that can help your company in decision making. Most companies have a routine month-end close process that can help stakeholders see the “big picture” through various financial reports. This key data is also important to maintain [...]
IRS introduces New Relief Options to Assist Taxpayers Impacted by COVID-19 Relief has been introduced by The Internal Revenue Service through various payment alternatives to assist taxpayers with no income or ability to pay their federal tax liabilities. The IRS has introduced a Currently-Not-Collectible program. The program is directed towards taxpayers without income or the ability to pay to request [...]
Election Day is November 3rd! Do you know about the Biden and Trump tax plans? Pop culture icons are even weighing in on Biden's and Trump's tax plans. The rapper 50 Cent has said he supports the Trump tax plan because he “doesn’t want to be 20 Cent.” Whereas, Dwayne “The Rock” Johnson is supporting Biden’s platform. In any event, [...]
Women-Owned Small Business Federal Contracting Program The goal of the SBA programs for Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged WOSBs (EDWOSBs) is to award at least five percent of all federal contracting dollars to women-owned small business each year. These programs help provide a level playing field for women business owners. These contracts are for industries where women-owned small [...]
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 [...]
