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Small Business

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 […]

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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

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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

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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

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Simple retirement savings options for your small business

Contributions, Employees, Investment, Pension benefit, Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Tax Deduction /

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an

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Providing optimal IT support for remote employees

Employees, Information Technology (IT), Small Business /

If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could be far less enthusiastic. This was among the findings of a report by IT solutions

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Tax advantages of hiring your child at your small business

College children on The Payroll, Employees, FICA, Retirement, Small Business, Social Security & Medicare (FICA) taxes /

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings. You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for

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EIDL loans, restaurant grants offer relief to struggling small businesses

American Rescue Plan Act, Economic Injury Disaster Loan (EIDL), Partnerships, S Corporation, Small Business, Small Businesses Administration /

The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business

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Is an S corporation the best choice of entity for your business?

Business Income Tax, S Corporations, Small Business, Tax Deduction, Tax Planning /

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation

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New COVID-19 relief law extends employee retention credit

American Rescue Plan Act, Consolidated Appropriations Act (CAA), Employee Retention Tax Credit (ERTC), Employees, Small Business /

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit. As originally introduced under last year’s CARES Act, the ERC

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