The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets to offer relief for small businesses in many of its provisions. Do you own a small company? If so, you may want to … Continue reading “EIDL Loans, Restaurant Grants Offer Relief To Struggling Small Businesses”
Month: March 2021
Is An S Corporation The Best Choice Of Entity For Your Business?
Are you thinking about launching a business with some partners and wondering what type of business entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation business entity over a partnership is regarding … Continue reading “Is An S Corporation The Best Choice Of Entity For Your Business?”
New COVID-19 Relief Law Extends Employee Retention Credit
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERTC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: there is now a employee retention credit extension. The Original Credit As originally introduced under last year’s CARES Act, the … Continue reading “New COVID-19 Relief Law Extends Employee Retention Credit”
Business Highlights In The New American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. This new law is best known for the provisions providing relief to individuals. In addition, the ARPA also provides several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Tax … Continue reading “Business Highlights In The New American Rescue Plan Act”
Launching a Small Business? Here Are Some Tax Considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules for sole proprietors and small business tax considerations involved in operating with that entity. The Pass-Through Deduction To the extent … Continue reading “Launching a Small Business? Here Are Some Tax Considerations”
5 Ways To Streamline & Energize Your Sales Process
The U.S. economy is still a far cry from where it was before the COVID-19 pandemic hit about a year ago. Nonetheless, as vaccination efforts continue to ramp up, many experts expect stronger jobs growth and more robust economic activity in the months ahead. No matter what your business does, you don’t want your sales … Continue reading “5 Ways To Streamline & Energize Your Sales Process”
Work Opportunity Tax Credit Extended Through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC is worth as much as $2,400 for each eligible employee ($4,800, $5,600 … Continue reading “Work Opportunity Tax Credit Extended Through 2025”
Should Your Business Add Roth Contributions To Its 401(k)?
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether 401k Roth contributions would make sense for your company and its employees. Key Differences 410k Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated … Continue reading “Should Your Business Add Roth Contributions To Its 401(k)?”