Facebook Linkedin Twitter

Douglas Freeman

The Restaurant Revitalization Fund is now live

American Rescue Plan Act, Paycheck Protection Program, Restaurant Revitalization Fund (RRF), Small Business, Small Businesses Administration /

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraging movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business […]

The Restaurant Revitalization Fund is now live Read More »

Tax filing deadline is coming up: What to do if you need more time

Individual Income Tax, Internal Revenue Service (IRS), Tax Calendar, Tax Deadlines /

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one

Tax filing deadline is coming up: What to do if you need more time Read More »

Providing education assistance to employees? Follow these rules

COVID-19, Employee Benefits, Qualified Educational Assistance Program, Small Business, Tax /

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training

Providing education assistance to employees? Follow these rules Read More »

Is your wellness program built on a solid foundation?

Business Culture /

In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease Control and Prevention (CDC) has defined these programs as “a health promotion activity or organization-wide policy designed to support healthy behaviors and improve health outcomes

Is your wellness program built on a solid foundation? Read More »

Claiming the business energy credit for using alternative energy

Alternate Energy, Business Credit, Tax Credits, Tax Savings /

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax

Claiming the business energy credit for using alternative energy Read More »

Why it’s important to meet the tax return filing and payment deadlines

Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Tax, Tax Deadlines /

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay. Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty

Why it’s important to meet the tax return filing and payment deadlines Read More »

Ensure competitive intelligence efforts are helpful, not harmful

Competitive Intelligence, Small Business, Strategic Business Planning /

With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in which you can uncover a wide variety of information on what your competitors are up to. All you or an employee need to do is

Ensure competitive intelligence efforts are helpful, not harmful Read More »

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

AGI (Adjustable Gross Income), American Rescue Plan Act, Tax Credits, Tax Refund, Tax Savings, Unemployment /

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes Read More »

Know the ins and outs of “reasonable compensation” for a corporate business owner

C Corporations, Compensation, Small Business, Tax, Tax Planning /

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the

Know the ins and outs of “reasonable compensation” for a corporate business owner Read More »

Changes to premium tax credit could increase penalty risk for some businesses

Affortable Care Act (ACA), American Rescue Plan Act, Health Insurance Marketplace, PTC (Premium Tax Credit) /

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements

Changes to premium tax credit could increase penalty risk for some businesses Read More »