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Can your business benefit from the enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law....
The COVID-19 relief law: What’s in it for you?
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act...
Nonprofit boards must remain vigilant as long as the crisis continues
It’s been a tough year for not-for-profits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play a special role in ensuring that it remains...
Small businesses: Cash in on depreciation tax savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election...
Steer clear of the wash sale rule if you’re selling stock by year end
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy...
Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing...
Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income...
Why your nonprofit must make time for accountability
“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget. But not only is accountability essential to your nonprofit’s health and efficacy — affecting everything from...
Minority and Small Business Relief Grant Program
South Carolina has announced a “Minority and Small Business Relief Grant Program.” This program is designed to provide grants to minority and small businesses to reimburse qualifying expenditures for providing services or revenue loss due to COVID-19. Grant award...
