Category: Business Practices

IRS reminds businesses to report large cash transactions; e-file encouraged

The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.  To help businesses prepare and file reports, the IRS created...

Qualified disaster relief payments can be used for employees’ COVID-19 pandemic expenses

The past year has seen an unprecedented number of formerly office-bound employees reclassify as work-from-home.  For some, this change will be temporary, but employers who choose to reimburse employees for work-from-home expenses like office supplies and technology upgrades may make...

Business owners may be eligible to request an increase to already-distributed PPP1 Loan

With the recent changes to the first distribution of the Paycheck Protection Program (PPP1) rules, the following situations may allow for PPP1 recipients to be eligible for an increase to the amount they originally received: EIDL Grant Reduced PPP1 Forgiveness...

$15 billion in pandemic relief for Shuttered Venue Operators coming soon

Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.  Funds are expected to be exhausted quickly,...

Employee Retention Tax Credit significantly modified and expanded for businesses

The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act.  Two key changes to the ERTC are: 1.  The ERTC is...

Forgiveness application for PPP loans of $150,000 or less now available

The U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less: PPP Loan Forgiveness Application Form 3508S.  The...

New year is good time to review basic rules surrounding Forms 1099-MISC and W-9

For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure.  In general, amounts paid in the course of your trade or business to a...

Two new relief programs open to Michigan small businesses hurt by pandemic

The state of Michigan has authorized a $58.5 million grant program for businesses hurt by the 2020 pandemic, split into two separate programs: Michigan Small Business Survival Grant Program, a $55 million program with grants of up to $20,000 to help...

$900 COVID-19 Relief Bill offers new help for individuals and businesses

Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package.  The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...

New COVID-19 relief grants coming for Michigan small businesses

Michigan small businesses in designated industries will soon have access to another $10 million in pandemic relief funding, with the new Pure Michigan Small Business Relief Initiative announced by the Michigan Economic Development Corporation. Grant funds of up to $15,000...