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Governor Hogan signed the RELIEF Act into law about a week ago. But, the answers to how it's to be implemented are very slowly rolling in. There is one area of immediate relief for some small business owners - Sales Tax Credits. The RELIEF Act has earmarked $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months—for a total of up to $9,000. This relief will directly help more than 5...
Did you know that not all types of businesses have the same filing deadline for their income tax returns? This year the IRS started accepting and processing returns on February 12, 2021. If you haven't filed yet, here are some due dates you should know: Federal Tax Returns If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2020 is due by March 15, 2021. If you are an S corporati...
You probably know that claiming tax deductions and tax credits can help lower the amount of your tax bill, but do you know the difference? Tax Credits vs. Tax Deductions While the end result of deductions and credits may be the same — you pay less in taxes — they work in very different ways. Tax deductions reduce your taxable income, while tax credits directly reduce your tax bill. Tax credits give you a doll...
Managing your company's finances can be difficult if you aren't familiar with debits, credits, and recording transactions, but who says you have to go it alone? Everyone needs a guardian angel sometimes, and so does your business. A good accountant can watch over your business and provide the financial expertise and guidance you need to effectively run your company. There are good reasons for hiring an accountant at differen...
We have heard from many of you this week, asking questions about this new round of PPP loans. This morning, we finally have some concrete information about when you can apply. Yesterday evening, the SBA announced that the PPP application portal would be fully open on Tuesday, January 19. It will be available to all lenders to submit First and Second Draw loan applications. The portal has already been partially open this week to some...
ATTENTION S CORP SHAREHOLDERS!! Anyone remember wh...
Small businesses are constantly concerned with cas...
A Beginner's Guide to Bookkeeping No one enjoys bo...
Are you confused about what rules currently apply ...
The Relief Act of 2021 As we told you in our last ...