Health and accident insurance premiums (this includes premiums for spouse and family coverage as well) paid on behalf of a 2% S corporation shareholder-employee should be reported as wages on the shareholder-employees Form W-2.
Thanksgiving presents the perfect time to reflect on the challenges, opportunities, relationships, and triumphs we have faced and find our gratitude for the new perspective and lessons this year has provided.
The Treasury is calling the shots and taking away everyone’s ability to play timing games with PPP forgiveness.
Your company core values should serve as a small set of vital and timeless guiding principles – they should define your culture and who you truly are as people. When they are clear, applied and lived by, you can build a thriving culture around them. Here is what I shared with the team.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows those subject to RMDs in 2020 to essentially skip them… as the Patriots say… “We’re on to 2021”
Ever heard the phrase, “the sooner, the better?” You guessed it! That phrase directly applies to tax planning.
It is likely you will not know if your loan is forgiven and by how much until 2021, which will have implications on your tax planning and financial reporting. Here is what we know about the timeline to apply for forgiveness.
The business community despises uncertainty, yet it is the world which we find ourselves playing in.
If you haven’t applied, and you have experienced, or foresee the potential for “economic uncertainty” caused by the pandemic for your business you should consider applying.
So once again, the old adage proves true – there’s no such thing as a free lunch! Updates, thoughts, and guidance on the PPP on this very interesting MayDay.
When the SBA met its $349,000,000,000 (that’s billion, 9 zeros!) lending limit, 1.6 million small business owners received the SBA’s loan commitment. With more than 30 million small businesses in America, the $349B cap leaves a very wide gap between those businesses that will receive financial help to meet payroll over the next two months and those without a financial lifeline.