General News

PPP Loan Forgiveness FAQ

SBA and Treasury issue FAQ for PPP Loan Forgiveness On Tuesday, August 4, 2020, the Small Business Administration and Treasury released a new set of Frequently Asked Questions (FAQs) regarding the forgiveness of Paycheck Protection Program (PPP) loans. These FAQs are intended to address loan forgiveness concerns facing borrowers and lenders. The 10-page document provides…

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Reducing Customer Concentration Risk is Key to Success

Reducing Customer Concentration Risk is Key to Success By Andrew Walker, MBA, CPA COVID-19 has made customer acquisition and sales difficult for many industries and often resulted in a loss of customers. Difficult economic times are providing us the opportunity to diversify customer and product concentrations. Customer concentrations are typically disclosed in financial statements when…

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Avoid Early Retirement Account Withdrawal Penalties

How to Avoid Penalties on Early Retirement Account Withdrawals Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan…

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5 Mid-Year Business Tax Planning Ideas

5 Mid-Year Tax Planning Ideas for Small Business Owners The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax…

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Business Vehicle Deductions for 2020

Business Vehicle Purchases: What Is Deductible for 2020? Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you go shopping. Some vehicles may qualify for bigger deductions than others. First-Year Depreciation Breaks The…

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