The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require EIN holders to update responsible party information within 60 days of any change. Notifying the IRS of those changes is easily accomplished by filing […]
Business Growth
Here’s What Happened in the World of Small Business in May 2021
Here are five things that happened this past month that affect your small business. 1) The US Treasury proposed a global minimum corporate tax rate of 15%. Continuing its push for a global minimum tax for businesses, the Treasury Department said on May 20th that corporations should pay at least a 15% tax on their […]
Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CAA), the credit has been extended through June 2021. The credit is actually […]
Finally, The COVID Relief Package Is Law
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations […]
Preparing for 2021: Tax Planning Strategies for Small Business Owners
If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and tools available to them and end up paying far more […]
Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19
Understand that wealth transition and succession planning were always complicated processes, and COVID-19 has not done anyone any favors. No matter what, you need to recognize that this is an inherently specific process: so much is impacted by your own unique circumstances and the facts surrounding your organization. Likewise, your end goals will play an important role in the decisions you make, along with how they may have changed in the last few months.