What Is An S Corp Election, Why You Would Need It, & How you can request it

March 15, 2021 is the deadline for electing S Corporation tax status for your Limited Liability Company (LLC) or C Corporation. There are a lot of tax advantages that come with the S Corp election, so this date should be on your radar. What is an S Corp election, why you would need it, and how you can request it? Continue reading “S Corp Election Deadline”

The What & Why’s of an Employment background verification?

Organizational Assets & Values are only as strong as the people who abide by them

With that being said, most jobs or careers it is vital that employers check out their job candidates. A resume and applicant can state anything they choose, so it becomes pivotal to look a bit deeper.

Background verification is a process in which many organizations undertake to review the information provided by the candidate when hiring. This includes a variety of checks that the employer will pass through your education records, past employer details,
identity verification, criminal offenses and address verification. Depending on the nature and extent of the background requested by your prospective employer, an average employment background check will generally take two to four business days to complete. Continue reading “Background Checks”

The Cost Of Having Employees

When searching for an online payroll service for your small business payroll needs,
one of the most important things you need to consider is accuracy and cost.

While there are other areas you should consider, such as payroll features, customer service support, the cost is always a top consideration when running a business. However, payroll has a wide range of costs There are few factors you will want to know about. Continue reading “Choosing A Payroll Service”

Get Your Taxes Filed Earlier, Not Later.

There is more reward in filing sooner than just, getting your potential tax refund faster. There are several benefits to filing your taxes early. With W2’s out of the way and tax season officially in full swing. You are either ready to file your tax return or you are looking at the calendar seeing how far April 15 th is and determining just how long you can put off getting your taxes prepared. If you are tax procrastination camp, the points below may convince you to file earlier.  The IRS has already stated that they will not be moving the 2021 tax deadline back. Continue reading “When Should You File Your Taxes?”

The Retention Credit has Been Extended Until June 30, 2021

 

For employers who qualify in 2021, including PPP recipients. Under the Consolidated Appropriations act, 2021, expands the credit and allows employers to claim a credit against 70% of qualified wages paid. Additionally, the amount of wages that qualifies for the credit is now $10,000 per employee per quarter for the first two quarters of 2021. So, an employer could claim $7,000 per quarter per employee or $14,000 for 2021.

Continue reading “Retention Credit Extension”

Employer Tax Credit Form, Employee Retention Credit Guidance

The IRS on Tuesday issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created, also issued guidance on the employee retention credit to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200, Advance Payment of Employer Credits Due to COVID-19, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit. Continue reading “Employer Tax Credit Form, Employee Retention Credit Guidance”

SBA and Treasury Announce PPP Re-
Opening; Issue New Guidance

What else should I know? 

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To
promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

Continue reading “SBA and Treasury Announce PPP Re- Opening”