Posts Tagged ‘accounting’
Capital One still not accepting applications for the Paycheck Protection Program
While most banks have successfully rolled out online portals to accept Payroll Protection Program applications, Capital One remains closed for applications. Businesses who bank with Capital One are looking for other options. Below is a link to a list of banks taking applications from new customers, compiled by Forbes Magazine. https://www.forbes.com/sites/brianthompson1/2020/04/09/banks-and-fintech-companies-accepting-paycheck-protection-program-loan-applications-from-new-and-non-bank-customers/#599f3af8b950 We understand Gusto is…
Read MoreGoogle Tells us Who is Moving Around
Check the link below to see what Google tells you about the movement in your area. Google’s report tells us how we are responding to orders to stay home and shelter in place. How are we doing? Cutting to the chase: we are moving around less, and staying home more – but not all of…
Read MoreBREAKING UPDATE – Paycheck Protection Act: Where to find a loan, and how much am I eligible to receive?
We’ve spoken with so many of you, and understand there are many, many questions small business owners have surrounding the Payroll Protection Act, how it works, what banks are participating and how to apply for the funds. A few comments to the most frequently asked questions are below. How do I calculate Average Payroll Costs…
Read MoreInterest on all student loans held by the Federal Government Waived due to COVID-19
Contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call 1-800-4-FED-AID. See link below for more information from studentaid.gov, including Q&A. https://studentaid.gov/announcements-events/coronavirus
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
In light of the global COVID-19 pandemic, federal, state, and local governments, along with private entities, are mobilizing to provide economic relief as businesses and workers enter a period of uncertainty. Gusto compiled a comprehensive list of public and private loans, grants, and financial support programs aimed at small businesses: https://docs.google.com/spreadsheets/d/1SRBZE2_6Nftwd02M6Oxj8MoeuZ7y93spXIgIPhkkp2w/htmlview#gid=0
Read MoreNew Guidance from the DOL on Administering FFCRA Leaves
The DOL has provided Questions and Answers document for employers, to provide guidance ahead of the implementation date on Wednesday, April 1. The following are some highlights from the updated guidance: These leaves are not available to employees with reduced hours, furloughed employees, or employees whose workplaces are closed. See questions 23-28. These leaves are…
Read MoreFairfax County Help For Businesses due to Covid-19
Business Tax provisions
Employers are eligible for a 50 percent refundable payroll tax credit on wages paid up to $10,000 during the crisis. It would be available to employers whose businesses were disrupted due to virus-related shutdowns and firms experiencing a decrease in gross receipts of 50 percent or more when compared to the same quarter last year. The credit…
Read MoreLatino Economic Development Corp – Tax Planning and Reporting for Small Business
March 19, 2020 Jennifer Eubanks Presentation, with Rod Johnson of the Small Business Administration – Latino Economic Development Corp – Tax Planning and Reporting for Small Business
Read MoreDeductions Denied for Failure to Substantiate – Penalties Imposed
The Tax Court requires taxpayers to substantiate business expenses or face stiff penalties. As we enter another tax season, the deductibility of expenses will be in the forefront of business owner’s minds. The Tax Court took a strong position on the matter in this 2006 court case, placing the burden of substantiation on taxpayers to…
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