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Tax Credits Available For Employers Allowing Employees to Get COVID Vaccine
With the hardships COVID-19 brought to many employees, they may not be able to afford lost wages by taking time off to get vaccinated or to recover if needed. To help get these employees get vaccinated, President Biden announced that as part of the American Rescue Plan, no employee in a company with less than 500 employees will lose pay…Read More -
America’s Economy Is About to Roar: Get Ready for Post-COVID Economic Growth
A preponderance of economists have weighed in and the consensus is impossible to ignore: America’s economy is about to roar — much like it did following the Spanish Flu pandemic of the early 1900s. History, it seems, is about to repeat itself.
For us in 2021, it’s a priceless once-in-a-lifetime opportunity.
Now is the right time to get ready to…Read More -
5 Tips to Structure Your Finance Team for Success
If you’re a fast-growing company looking to structure your finance team and position it to help you grow intelligently, it can be hard to know where to begin. Fortunately, there are always people willing to share their expertise. Here are important considerations when structuring your financial team to meet the needs of your growing business.
1. Focus on the…Read More -
How to Determine if Your Business is Eligible for the Employee Retention Credit
There has been a lot written about the Employee Retention Credit (ERC), and much of it makes reference to the fact that more guidance was expected to clarify some of the gray areas of the law. Recently, we received additional guidance in the form of a 102-page notice from the IRS: IRS Notice 2021-20. More guidance is expected.
I know…Read More -
How Teleworking Can Cause Double Taxation
"’Tis impossible to be sure of any thing but Death and Taxes"
-Christopher Bullock’s “The Cobbler of Preston” (1716)
We all know the drill. States can tax your income if you live there. States can tax your income if you just work there. It’s a well-known fact that some mega-earning professional athletes pay substantial non-resident taxes to both…Read More -
Protect Your Company From Employee Fraud
In the news recently was a story about a 19-year-old employee who stole over $1 million in two weeks from a Kroger grocery store in metro-Atlanta. Most of the fraud was related to fraudulent return transactions, and one of them exceeded $87,000! Fortunately, Kroger was able to recoup some of the funds, but that doesn’t make the story any less…Read More -
PPP Loan Forgiveness Forms Now Available
The SBA has issued updated Forgiveness Application FORMS FOR the Paycheck Protection Program:
Form 3508EZ
Form 3508S…which should take the place of the EZ form for most borrowers with loans under $150,000
Form 3508…for borrowers with loans over $150,000, which now includes new categories of costs included in the legislation passed in December, 2020
See the link: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/ppp-loan-forgiveness to download…Read More -
Five Ways to Improve Profitability
Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12 months — particularly after the arduous, anxiety-inducing nature of 2020 — creates the perfect opportunity for business owners to gather…Read More -
President Signed Stimulus Bill to Aid Small Businesses
The President signed the COVID Relief bill on Sunday, December 27, 2020, but also made several suggestions about how it could be changed. It is not anticipated that Congress will be able to agree on the changes and the bill will go into effect as originally written. Fahrenheit Advisors Managing Director, Doug Jones, outlined key highlights of the bill in…Read More -
New COVID-19 Relief Bill Highlights
On Monday, December 21, 2020, Congress passed a $900 billion relief package in response to COVID-19 in connection with its annual spending bill. This bill addresses many items impacting small businesses and taxpayers facing economic uncertainty. The following is a high-level summary of the new package:
Passed by both houses of Congress. The President is expected to sign.
As experienced…Read More -
Payroll Record Keeping Guidance During COVID-19
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck Protection Program and the payroll…Read More -
(UPDATED) COVID-19: Navigating the SBA Disaster Assistance Program
The SBA has provided $20 billion to small businesses and nonprofits through the Economic Injury Disaster Loan Advance (EIDL) Program. Fahrenheit business transformation expert, Tim Hayes has provided helpful resource links to access small business loans. Funds are still available with very affordable terms:
3.75% interest rate for small businesses
2.75% interest rate for nonprofits
30-year maturity
Automatic deferment of…Read More