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Coronavirus Stimulus Small Business Loans: Your Next Steps

Posted by Concannon Miller on Wed, Apr 1, 2020

Late yesterday, the Department of Treasury released the first information on the SBA loan program related to the CARES Act.

We have promised to keep you updated as things take place. We understand from SBA lenders that there is still a lot of work to do and guidance needed from the Dept of Treasury.

On our end, we are actively monitoring, meeting and reviewing all of this information and commit to being ready to advise and guide you through this process.

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Topics: Business consulting, 2020 Coronavirus

Stimulus Bill Gives Small Businesses $377B in Loans to Retain Employees

Posted by Concannon Miller on Mon, Mar 30, 2020

The massive $2 trillion federal stimulus package, referred to as the CARES Act (Coronavirus Aide, Relief, and Economic Security Act), was signed by the President on Friday. Along with a slew of tax provisions, the Act includes major new loan initiative for small businesses.

Included in the CARES Act, the small business initiative – called the Keeping American Workers Paid and Employed Act – will provide $377 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic.

The Act includes a Paycheck Protection Program, where businesses will receive loans meant to help support payroll during the period February 15, 2020 through June 30, 2020 through 100 percent federally guaranteed loans if they maintain their payroll during this emergency.

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Topics: Business consulting, 2020 Coronavirus

Help Employees Affected by Coronavirus with Tax-Free Qualified Disaster Payments

Posted by Concannon Miller on Tue, Mar 24, 2020

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus.

Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.”

Below are some frequently asked questions about how employers can use Section 139 immediately to help employees cope with COVID-19.

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Topics: Business tax planning, 2020 Coronavirus

New Employer Tax Credits, Employee Paid Leave Provisions Related to COVID-19

Posted by Concannon Miller on Tue, Mar 24, 2020

The novel Coronavirus is changing the business landscape at lightning speed.

While governments continue to work to blunt the negative impacts, there is already one new provision designed to help employers assist workers needing to take leave for either health or family care reasons.

The Families First Coronavirus Response Act, signed into law last week, allows small and midsized employers to use two new refundable payroll tax credits aimed at immediately reimbursing them, dollar for dollar, for the cost of providing Coronavirus-related leave to their employees.

The new law also mandates paid leave benefits for small business employees affected by the COVID-19 emergency. Learn some details on the new law below.

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Topics: Business tax planning, 2020 Coronavirus

Leadership Tips for Business Owners: Plan, Manage Cash & Show Concern for Employees

Posted by Michael Burcham on Tue, Mar 24, 2020

Article written by Michael Burcham, an Executive Partner with Shore Capital Partners and teaches at the Owen Graduate School of Management at Vanderbilt University.

These are unprecedented times. There is no playbook for what to do in such a crisis, yet leaders must step up now and guide our communities and businesses as we face some of life’s most demanding challenges.

These challenges may include large quarantine areas, limited access to essential services, and medical shortages for those who fall ill to this virus. Any one of these can also create paralyzing fear.

As the leader, you cannot always control the environment you find yourself. But you can always control your response, your attitude, your behavior, your words and actions. You can always choose to be proactive rather than paralyzed.

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Topics: Business consulting, 2020 Coronavirus

Federal Tax Deadline Extended; Some State Rules Still Up in Air

Posted by Concannon Miller on Fri, Mar 20, 2020

The federal tax deadline has been extended from April 15 to July 15 due to the Coronavirus pandemic, officials announced Friday.

The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the filing deadline will be extended into the summer, as well.

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Topics: Business tax planning, Individual tax planning, 2020 Coronavirus

Actions to Take to Reduce the Coronavirus’s Business Impact

Posted by Concannon Miller on Mon, Mar 16, 2020

The impact of the novel coronavirus on businesses has started and it’s expected to last for weeks, if not months.

Those in the hospitality and entertainment industries are being hardest hit currently with some mandated shutdowns or new capacity rules, but it’s likely to touch just about every industry, considering the effects of supply chain operations, potential expanded shutdowns and rippling effects leading to a likely economic slowdown.

We’re closely monitoring the situation in Washington, D.C. and the states of our business clients, including Pennsylvania and New Jersey.

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Topics: Business consulting, 2020 Coronavirus

Tax Credits for Small Businesses: 7 to Consider

Posted by Concannon Miller on Thu, Mar 12, 2020

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit.

But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills.

Here are seven credits for small business owners to consider this tax year and beyond.

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Topics: Business tax planning

Confused about Business Entertainment Deductions? New Rules May Help

Posted by Concannon Miller on Tue, Mar 10, 2020

The Tax Cuts and Jobs Act permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost of taking clients out for a round of golf.

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Topics: Business tax planning, 2017 Federal Tax Reform

Business Succession Planning: Splitting Interests Among Siblings

Posted by Concannon Miller on Thu, Mar 5, 2020

Often, the senior generation of a family business goes through the process of choosing one of its offspring as the successor to lead the company in the future. Usually, the chosen successor is given the title of president or CEO.

For a period of time, he or she will work under the supervision of the senior family member, who may have founded the business. Eventually, the successor takes over complete operating control of the business.

This means that the fate of the future operation of the business is in the chosen sibling's hands.

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