COVID-19 employee retention credit

To counteract the effects COVID-19 is having on the economy and businesses, the Internal Revenue Service recently announced the Employee Retention Credit. This refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer impacted by COVID-19. Wages between March 12, 2020 and December 31, 2020 are eligible for the …

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Consider an SBA Disaster Loan

We’ve been talking a lot about U.S. Small Business Administration (SBA) low-interest federal disaster loans lately. If your business has been adversely affected by COVID-19, an SBA disaster loan could be a viable solution. $50 billion in funding has been set aside for the program which offers up to $2 million in assistance for each …

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Federal aid package helps individuals affected by COVID-19

In response to the coronavirus pandemic, congress passed The Families First Coronavirus Response Act (H.R. 6201), which became law on March 18, 2020. The act is an emergency measure set to expire in late 2020. In a bid to help mitigate the pain individuals and companies are feeling during the pandemic, the act seeks to provide …

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SECURE Act results in tax credit opportunities for employers

With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …

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10 holiday shopping tips to shop wisely, protect your info

The holiday shopping season is in full swing. Whether you’re hitting the retail stores or doing all your shopping online, you want to shop wisely and protect your personal information. The FTC has a few holiday shopping tips to help you. Make a list (and check it twice!) as well as a budget. This will …

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Update: new overtime rule moving along

The United States House of Representatives recently voted to pass an amendment to the Fair Labor Standards Act (FLSA) that gives private-sector employees the option of selecting compensatory time off in lieu of cash for overtime wages. In the measure generally backed by Republicans but opposed by Democrats, an employee will be able to choose …

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Executive orders cause confusion, headache at IRS

Across the United States and around much of the world, people are trying to determine the impact of recent executive orders issued by President Donald Trump. The IRS is no exception; in fact, the Service is concerned enough to have suspended issuance of all new revenue rulings and procedures until they have a better grasp …

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New overtime rules delayed nationwide

It has been widely reported that U.S. District Judge Amos Mazzant agreed with 21 states and a coalition of business groups that the new overtime rules set to go in place on December 1, 2016 were unlawful, and as such, he granted their motion for a nationwide injunction. The new overtime rules would have increased …

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New AZ minimum wage business impact

On November 8 Arizona voters passed the “The Fair Wages and Healthy Families Act” to increase the AZ minimum wage. Here are our initial observations regarding this new law. We expect that there will be clarification and guidance in complying with the new act forthcoming from the state. For 2016 the minimum wage is $8.05 an …

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