On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview...
On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. The act was signed into law by President Trump on Sunday, December 27, 2020. This long-awaited and highly contested piece of legislation ties coronavirus relief...
This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important...
Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the...
Blackman & Sloop, CPAs, P.A. is pleased to announce the addition of Joshua Minor, CPA to their professional team. Minor joins the firm as a manager in the Small Business Advisory Department. A professional in the accounting field since 2012, he brings with him eight years...
This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very...
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Author Sally Schreiber breaks down the...
This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set...
Year-end tax planning is seldom a simple proposition, and 2020 has been quite a challenge, to say the least. With this in mind, we have prepared a comprehensive 2020 Year-End Tax Planning Letter. For your convenience, the letter is divided into two sections: Individual Tax...
This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses,...
