Category: Business Practices
The difference between a compilation, a review, and an audit
In the past, we've detailed the many benefits to a financial statement audit and why a business might have an audit conducted. For times when a formal audit is not required, a compilation or review may satisfy the business owner's needs....
IRS clarifies which meals qualify for 100% deduction for 2021 and 2022
Under IRS Sec. 274(n)(1), any business expense of food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, a recently-enacted temporary exception allows 100% deduction of restaurant food and beverage expenses incurred after Dec....
Employer-offered Simplified Employee Pension (SEP) Plans: How to stay in compliance
Many small business owners establish a Simplified Employee Pension (SEP) plan as a retirement savings vehicle for themselves and, if qualified, their employees. We often think of these plans to be simple to implement and adhere to regulatory standards, because...
SR Client Question: Do I owe Michigan sales tax when I buy a vehicle from a business I own?
The transfer of vehicles from a business entity to the owner of the business is addressed in Revenue Administrative Bulletin 1991-1 and makes, in most instances, the transfer or "sale" of a vehicle from a business to its owner exempt from owing State...
PPP loan program extended two months for small businesses
President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire. The new deadline for applications to be submitted...
Shuttered Venue Operators Grant program to open April 8
The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program. In a news release, the SBA said it has launched a splash page for...
Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors
New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...
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...