Privately Held & Family Owned Businesses

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Top IRS audit triggers and best practices to protect your business from an IRS audit

May 16, 2021

Tax audit can strike fear and loathing into the hearts of business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily make your…

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IRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave

April 23, 2021

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small…

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The pros and cons of hiring contractors vs. employees

April 23, 2021

When you’re ready to expand your business and grow your team, you generally have two options for increasing your workforce: Hiring employees or engaging independent…

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Key tax provisions in the American Rescue Plan Act

March 17, 2021

The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some…

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American Rescue Plan Act signed into law

March 17, 2021

The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves…

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IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

March 8, 2021

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility…

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New PPP calculation released for Form 1040, Schedule C filers

March 8, 2021

Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The…

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Smallest businesses get PPP updates, special filing period

March 3, 2021

The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration.…

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IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

January 19, 2021

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and…

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Everything you need to know about the expanded ERTC

January 19, 2021

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks…

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