by Sheri Hart | Oct 26, 2020 | Payroll, Small Business, Tax
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to...
by Sheri Hart | Aug 26, 2020 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act,...
by Sheri Hart | Jun 5, 2020 | Business Strategy, Financial Planning, Non-Profit, Payroll, Small Business, Tax
In some welcome news, the Senate passed the House Bill to provide enhanced and, in many cases, more lenient guidelines for PPP loan forgiveness. As soon as the President signs The Paycheck Protection Flexibility Act, borrowers will be able to adjust their plans and...
by Doug Kook | May 28, 2020 | Business Strategy, Financial Planning, Non-Profit, Payroll, Small Business
With the release of the PPP Loan Forgiveness Application and related guidance, we now have some needed clarification – and yet are left with many unanswered questions. The rules continue to evolve as the 8-week coverage period approaches the finish line for...
by Sheri Hart | Mar 31, 2020 | Community, Financial Planning, Payroll, Small Business, Tax
On March 27, another coronavirus (COVID-19) bill was signed into law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention...