To help small businesses keep employees on their payroll during the pandemic, Congress introduced the Employee Retention Credit (ERC) in 2020, which is a tax credit that can be claimed on the quarterly payroll tax reports. Since its inception, additional laws have modified the qualifications, and it is now quite a complex area. Because it […]
Treasury and the IRS recently released final regulations under Section 163(j) of the Tax Code, which relates to limitations on the deduction of business interest expense. This section was revised as part of the 2017 Tax Cuts and Jobs Act (TCJA) and was further modified as part of the CARES Act provisions. Background As part […]
Chapter 11 bankruptcy is a form of bankruptcy that can be filed by businesses or individuals. Its goal is to give the filer time to reorganize and reduce their debt rather than discharge it. Under this type of bankruptcy, businesses can continue to operate, and individuals can keep certain assets that might otherwise be sold […]
Many businesses are expected to see significant revenue losses due to COVID-19 and many individuals and business owners are overwhelmed with the choices of what they should do. In addition to considering Disaster Loan Assistance (EIDL) through the SBA and the Paycheck Protection Program through your bank, here are some options to consider related to […]
If you are thinking of starting a business or have already started a business, here is a detailed checklist of items to consider to get your new business off to a great start.