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Commercial Businesses Articles

 

Is EEOC Enforcement Reform Coming?

Is EEOC Enforcement Reform Coming?

Posted by Thomas Burns on December 14, 2020

The Equal Opportunity Employment Commission is capping off a busy year of discrimination cases. With the Biden Administration making plans to take the reins in the White House, what can employers expect going forward?

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Should You Buy or Lease Equipment?

Should You Buy or Lease Equipment?

Posted by Jonathan Roller on December 14, 2020

Manufacturers that adopted an effective pivot strategy or are recovering from a COVID-19-related slowdown may need to acquire additional equipment or machinery. Here's some important information to help you decide whether it makes more sense to buy or lease these assets — and why it could be a tax-smart move for some manufacturers to act before year end.

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16 Sweet Cost-Cutting Measures for Small Businesses to Consider

16 Sweet Cost-Cutting Measures for Small Businesses to Consider

Posted by John George on December 07, 2020

Is 2020 over yet? For numerous small businesses, this year has brought significant hardship and stress. Though many are hopeful for a recovery in 2021, another round of cost-cutting measures may be needed to help keep your business afloat.

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Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Posted by Megan Morris on December 04, 2020

The IRS released a revenue ruling (Revenue Ruling 2020-27) on November 18, 2020 that addresses the timing of eligible expense deductions for taxpayers that have received a loan under the Paycheck Protection Program (PPP) and that expect to receive loan forgiveness. In conjunction with the release of Revenue Ruling 2020-27, the IRS announced a safe harbor procedure (Revenue Procedure 2020-51) for eligible taxpayers that have paid or incurred otherwise eligible PPP expenses during 2020, but loan forgiveness is denied or the taxpayer decides not to request loan forgiveness.

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Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Posted by Michē Needham on December 01, 2020

As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.

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Clarity on Three 2020 Employer Tax Credits

Clarity on Three 2020 Employer Tax Credits

Posted by Kerry Roets on December 01, 2020

Congress has enacted three tax credits that can provide some relief to eligible employers at this difficult time. The credits were initiated by three separate pieces of federal legislation and it's easy to confuse one with another. The following is intended to provide some clarity.

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Consider WARN Act Legalities If You Need to Lay Off Employees

Consider WARN Act Legalities If You Need to Lay Off Employees

Posted by Kevin Smeader on November 24, 2020

Many employers that were able to hold off on making substantial layoffs in the early stages of the COVID-19 pandemic are finding it harder to do so now, even as the economy begins to perk up here and there. If you're in that category and you think layoffs may still be in your company's near future, be mindful of the requirements of the federal WARN Act.

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Beware: Several CARES Act Tax Provisions Will Soon Expire

Beware: Several CARES Act Tax Provisions Will Soon Expire

Posted by Jenna Torella on November 18, 2020

The CARES Act was enacted in March to provide financial relief to individuals and businesses during the COVID-19 pandemic. Several beneficial federal income tax provisions are set to expire at the end of 2020.

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Prequalify Subcontractors and Protect Your Profitability

Prequalify Subcontractors and Protect Your Profitability

Posted by Michē Needham on November 16, 2020

A subcontractor's business acumen can directly affect a general contractor's ability to deliver a project on time and within budget. Unreliable subcontractors aren't always easy to spot, but a prequalification program can help you identify risks. This process should provide insight into subcontractors' current cash flows, backlogs, and bonding capacities.

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COVID-19-Related Paid Leave Requirements Get a Fine-Tuning

COVID-19-Related Paid Leave Requirements Get a Fine-Tuning

Posted by Timothy Bubar on November 13, 2020

Most business owners know that the Families First Coronavirus Relief Act (FFCRA), which passed in March of 2020, included special paid leave requirements. Now, the rules that govern that paid leave have been modified to bring the original rules into compliance with a federal court decision earlier this year. The overall goal is to ensure that certain employees who are affected by the COVID-19 pandemic get the paid leave they need.

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