Manufacturing/Distribution Articles
Five Mid-Year Tax Planning Ideas for Small Business Owners
Posted by Kerry Roets on July 30, 2020
From the pandemic to new tax laws, small business owners face substantial volatility as they implement tax planning strategies in 2020. Uncertain market conditions are expected to persist at least until the November elections — and possibly even longer.
Employers - Prepare to Comply with Year End Reporting of Qualified Sick and Family Leave Wages Paid
Posted by Mark Stack on July 29, 2020
The IRS recently issued Notice 2020-54 regarding employers’ requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA), (P. L. No. 116-127).
Main Street Lending Program: Compensation Restrictions
Posted by Cory Van Deusen V on July 17, 2020
On June 26, the Federal Reserve Bank of Boston released new guidance on compensation restrictions for Main Street Lending Program borrowers. This new guidance defines for borrowers “total compensation” pursuant to restrictions on all programs established through Title IV of the CARES Act, including the MSLP.
Who Will Run Your Business After You?
Posted by Timothy Bubar on July 16, 2020
There's nothing like a deadly global pandemic to remind us of our mortality. It's never too soon to begin thinking about what you would like to see happen to your business once you retire or are no longer able to run the company you built. The sooner you begin to plan, the greater the chances you'll reach your goal.
Five Ideas for Reskilling Your Manufacturing Workforce
Posted by Jonathan Roller on July 16, 2020
The COVID-19 crisis has probably changed your manufacturing operations. Whether these changes are temporary or permanent, you'll likely need to retrain or “reskill” workers.
Why Maintaining Payroll Records Remains an Absolute Must
Posted by Kathleen Strobele on July 16, 2020
As disruptive as it has been, the COVID-19 pandemic doesn't excuse employers from maintaining comprehensive payroll records. If a complaint triggers an EEOC or DOL investigation, you'll want to be ready with an employee file that can support your position.
Tax-Favored QSBC for the COVID-19 Era and Beyond
Posted by Angela Miles on July 13, 2020
Some businesses will thrive despite — or because of — market changes brought on by the COVID-19 crisis. One downside to owning a growing incorporated business is the tax on gains when you sell some, or all, of your shares. Operating as a qualified small business corporation (QSBC) can help lower the tax hit.
Five Things PPP Borrowers Need to Do Now
Posted by Jenna Torella on July 01, 2020
Borrowers of PPP loans should consider taking these five steps to maximize the amount and accelerate the timing of loan forgiveness.
Paycheck Protection Program Loan Forgiveness Simplified
Posted by Megan Morris on June 30, 2020
The Paycheck Protection Plan Flexibility Act (PPP Flex Act) (H.R. 7010), enacted on June 5, further enhanced the opportunity for loan forgiveness by expanding requirements on how the loans are spent and extending the time to use the funds to 24 weeks (but not beyond December 31, 2020).
COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines
Posted by Cheryl A. Jankowski on June 26, 2020
Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.