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Updates to the Employee Retention Credit

In early August of this year, the IRS released additional guidance on the Employee Retention Credit.  For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by government order or if they had a significant decline in gross receipts. One of the biggest surprises and disappointments to come out of the guidance was the IRS conclusion that wages paid to majority owners and spouses do Read more [...]
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Making Customers Pay… You

If you grant credit to customers or take recurring credit card payments, the unexpected can happen: a customer fails to pay on time, the credit card expires, or the check bounces. What can a business owner do to spend as little time as possible on these items but get the cash collected?  Plenty.  Here are our ideas: Re-examine your credit policy Is there any way you can have credit customers pay up front? Perhaps you can collect a deposit to minimize your risk. Perhaps you can request final Read more [...]
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Short-Term Capital Gains vs. Long-Term Capital Gains – What’s the Difference?

Have you ever wondered why gains are separated between long-term and short-term when you receive your 1099 at tax time? There is a very good reason for that, and one you might want to consider more carefully when investing. Short-term capital gains are derived if you hold an investment one year or less before disposing of it.  Short-term gains are taxed as “ordinary income,” the same rate you pay on wages or business profits. Long-term capital gains, on the other hand, are generally taxed Read more [...]
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Help Wanted: You Have Options!

Many people have complained about the worker shortages this year. If you need additional workers in order to grow your business, here are some ideas for your consideration. Where to Look for Workers We may think of workers as only being employees, but there are a lot more options if you’re open-minded.  Here’s a list of places to find workers of all kinds: Recruiters Employment agencies Online job portals, such as Indeed, SimplyHired, and ZipRecruiter. Social media, including Read more [...]
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The American Rescue Plan Act Creates ERTC Windfall for Startup Businesses

The American Rescue Plan Act extended the Employee Retention Tax Credit (ERTC) for the third and fourth quarters of 2021.  It has also expanded the pool of eligible employers who can take the credit to include businesses started during the pandemic. A Recovery Startup Business (RSB) is a business that was started after February 15, 2020 and has average annual receipts of no more than $1,000,000.  While under the CARES Act, an employer had to experience a full or partial suspension of operations Read more [...]