Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs. Preexisting tax breaks for… Continue reading
News & Updates
New Law Includes Favorable Changes for Individuals
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals (see right-hand box). The law is titled the Consolidated Appropriations Act of 2021 (CAA) but two sections of it are called the COVID-Related Tax Relief Act (COVIDTRA) and the… Continue reading
The Tax Implications of Closing a Schedule C Business
Unfortunately, many businesses have already been forced to close their doors due to the economic fallout from COVID-19, and more will surely follow. Closing a business has important federal income tax implications that owners should understand. Here’s what owners of sole proprietorships and single-member (one-owner) limited liability companies (SMLLCs) need to know. Tax Treatment Depends… Continue reading
Wage Costs Rise in Many States in 2021
While the $7.25 federal minimum wage has been in place since 2009, most states and many municipalities and counties have upped their minimums since then. Of those, 25 have scheduled increases in 2021—most of which take effect on January 1. Meanwhile, longstanding efforts in Congress to raise the federal minimum, thus far unsuccessful, are expected… Continue reading
16 Sweet Cost-Cutting Measures for Small Businesses to Consider
Many small business owners are looking forward to the end of 2020. It has been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here are 16 ideas to help reduce costs without sacrificing quality in the new year. 1. Encourage remote work. Remote working arrangements may have been… Continue reading
Beware: Several CARES Act Tax Provisions Will Soon Expire
The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them. For Individual Taxpayers Charitable donations.… Continue reading
Keep Employees Safe From COVID-19 Without Discrimination
How can an employer keep its workforce safe from COVID-19 exposure on the job, while still following medical privacy rules? The Equal Employment Opportunity Commission (EEOC) may be able to help, as it reviews how COVID-19 workplace issues intersect with recommendations from the Centers for Disease Control (CDC) and with various laws. The relevant laws include… Continue reading
Be on High Alert for Ransomware Attacks
The FBI has warned of a staggering increase in ransomware attacks against businesses since the start of the COVID-19 pandemic. Here’s what business owners and managers should know about these attacks to help prevent them—and manage an attack if preventive measures fall short. Three Types of Ransomware Here’s an overview of three basic types of… Continue reading
2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills—and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. Claim Bonus Depreciation for 2020 Asset Additions Thanks to the Tax Cuts and Jobs Act (TCJA), 100% first-year… Continue reading
SSB CPAs Announces New Team Members
Adam R. Timblin, CPA joins our team as a Senior Manager. He will provide assurance and advisory services to our clients and play a key role in expanding the service we offer to small businesses. He comes to SSB with 12 years of experience in public accounting and 2 years’ experience serving as the CFO for… Continue reading
