There have been A LOT of questions around the substance and execution of the Paycheck Protection Program loans. On the evening of April 6, the Treasury Department released a Q&A to try to provide some clarification on the most commonly asked questions. You can read the full document here. Below, we have pulled out, and summarized, […]
PPP Loan Questions and Answers Read More »
Yesterday, we posted details on the relief available to businesses impacted by COVID-19 and how to know if you are qualified to apply for it. Today, we have new information and links to sample applications that we can share as well. Starting April 3, small businesses and sole proprietorships can apply for and receive Paycheck Protection Program
Business Loan Application Released by Department of Treasury Read More »
Right now, your highest priority is your health and that of your loved ones, and we wish that all of you stay healthy and safe. But we realize that your next biggest concern may be where money is going to come from to pay your expenses during this pandemic. This is especially true if you
COVID-19 Tax & Business Relief Update Read More »
The Connecticut Recovery Bridge Loan program for small businesses and non-profits is now up and running. The Department of Economic and Community Development (DECD) and Connecticut Innovations (CI) have teamed up to administer the program. The funds will be allocated on a first-come, first-served basis, so we recommend you apply as soon as possible if
How to Apply for the Connecticut Recovery Bridge Loan Program Read More »
Incentive stock options (ISOs) – which allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date – are a popular form of executive or key employee compensation. If the stock appreciates, you can buy shares at a
Incentive Stock Options Need Careful Tax Planning Read More »
Shakespeare’s famous warning about March 15 applies to more than just to Julius Caesar; it also applies to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes because it is the federal income tax filing deadline for these “pass-through” entities. (Interesting side note: the Ides of March
Beware the Ides of March! Read More »
The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on
The TCJA Effect: Qualified Residence Interests Read More »
Even with the rise in remote meetings and web conferencing, many businesses still have plenty of employees who travel as part of their jobs. If you have workers who regularly travel – and you’re reimbursing them on a tax-free basis for their travel expenses – it’s important for you determine the location of a person’s
How to Determine an Employee’s “Home” for the Purpose of Reimbursement Read More »
Generally speaking, the Tax Cuts and Jobs Act (TCJA) reduced individual tax rates through 2025, however, there’s no guarantee that you’ll have lower tax bill or a hefty refund this year. Some people are actually paying more taxes due to reductions or eliminations of certain tax breaks. For this reason, and many more, it’s important to
What Is My Tax Bracket? Read More »
We’ve all heard the ads suggesting that you donate your old car to charity. And in some cases, this might be a good idea. But it is more complicated than you might think, so let’s pump those brakes for a minute. Donating an old car to a qualified charity may seem like a hassle-free way
Donating a Car to Charity May Not Be the Best Way to Go Read More »
Every year, January flies in and out before we know it, and often business owners are scrambling to meet the January 31 deadline to get out their 1099s. But there are often questions around this which we answer below. What is IRS Form 1099-MISC? The 1099-MISC assists small businesses and independent contractors (or any entity that
Everything You Need to Know about 1099-MISCs Read More »
All business owner’s know the importance of keeping an eye on your company’s income and expenses and applicable tax breaks. But are you also looking at your own financial future and how you will exit the business when the time comes? It may be time to create an exit strategy. Buy-sell agreement If your business
Do You Have an Exit Strategy for Your Business? Read More »