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Think like a lender before applying for a business loan

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges.

Expanding succession planning beyond ownership

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building.

SBA streamlines forgiveness for smaller PPP loans

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many borrowers are nearing a critical deadline regarding their applications for forgiveness.

IRS issues ERC guidance as Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA).

Quickbooks Common Mistakes

An accounting system provides a clear view of the overall financial health of a company. Setting up an accounting process is important because it provides organization for a business, provides an understanding of a business’s cash flow needs, and can help identify and implement tax reduction strategies before year end.  

Is your business underusing its accounting software?

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists.

Get serious about your strategic planning meetings

Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and perhaps not be fully focused.

PPP forgiveness and repayment: What businesses need to know now

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits.

5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five ways to improve them.

QuickBooks Online or QuickBooks Desktop – Which one should you be using?

Are you just starting your business? Maybe you received the notice that QuickBooks Desktop/Intuit payroll will be retired after this year and wondering what your options are. Do you currently have QuickBooks Desktop and are wishing you could have multiple people access the data from other than your computer?

Here come the child tax credit payments: What you need to know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.

Don’t forget about the Research and Development Tax Credit

Since March 2020, many small business owners and their advisors have been focused primarily on Paycheck Protection Program Loans (PPP), PPP forgiveness, and Employee Retention Tax Credits (ERTC). That focus certainly has made sense; however, as you wrap up your PPP forgiveness and ERTC calculations, this is a brief reminder not to forget about the research and development (R&D) tax credit.