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The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage provision of the smaller loans, the board waived transaction fees for all …
Continue reading Fed opens up Main Street loans to smaller businesses
After setting a Sept. 30 deadline to file for a catchup payment for qualified child dependents who were left off your initial stimulus check, the IRS has decided to give you more time. You'll now have until Nov. 21 to make a claim if you want to receive that money before the end of 2020. This isn't extra …
Establishing strong credit is a must for many small businesses. Companies with consistently robust credit scores reap significant benefits including favorable repayment terms, quicker lease approvals, and ready-access to working capital. Bolster your business credit rating by considering the following 5 Ds: Detailed plan. Step one of building credit is convincing a lender that your company …
Is it always a good idea to amend your tax return if you find an error? There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things …
Prepare for an IRS audit despite a low risk for getting selected. In 2018, the most recent year for which the IRS has released information, you have a 0.05% chance of getting audited if you make more than $1 million. In comparison, if you made more than $1 million in 2010, you had a 9.72% …
Continue reading Don’t Let Plummet in IRS Audits Lead to Complacency
The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. For those contributing to Social Security through wages, the potential maximum income subject …
The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of …
Continue reading IRS releases final rules on Business Meals and Entertainment
How a tax law makes us sloppy and creates a tax risk One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a …
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take home pay temporarily until …
Continue reading Is a Tax Time Bomb Lurking in Your Paycheck?
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