Trust, But Verify There is significant debate over whether there is validity to a management style of “trust, but verify”. There is no debating, however, that the old Russian proverb makes sense in considering an entity’s operations. As much as a business owner can, should and must trust their employees – especially those in positions…
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There is an income tax with your PPP loan. As of today, any expenditures made with PPP funding is not tax deductible. To give you a quick example of the potential impact let us examine a $250,000 PPP loan. Assuming you followed the rules and properly documented your loan you should have complete forgiveness. So,…
Employee Payroll Tax Deferral Update On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers in regards to the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an “executive order.”). Though many questions are still unanswered, it addresses some key items. Insight: Although the IRS…
Do Not Rush Your PPP Loan Forgiveness Application Most lending institutions are not processing loan forgiveness applications and when they are ready there is no reason you need to be first in line. Take your time. Let others iron out the process first. Some key reasons to be patient include: You want to make sure…
Paycheck Proctection Program Flexability Act On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act provides some relief and flexibility in the use of the Paycheck Protection Program (“PPP”) funds. Changes Included: Borrowers can now choose to extend the original 8-week covered period…
PPP Loan Forgiveness Application Last week, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. While the application is in final form, we should expect to see further narrative guidance from SBA over the next several weeks. The form and instructions inform borrowers how…
How Does Your Accounting Impact Your Profits? Accounting is one of those items in a business that just seem to chug along. Think about your meetings. Most revolve around ways to refine processes, increase profits, add more revenue, labor costs, etc. The items that rise to the surface are the ones that get the attention.…
KPIs and Why Do They Matter Key Performance Indicators (KPIs) are critical to monitor your progress. Typically, these are simple to set up to monitor. If they are not easy to set-up that is a sign your accounting software may need to be updated or more likely that you need to change your accounting processes…
Setting Stretch Goals Goal setting should be more of an exercise than it is. How did you set your goals? Did you pick a number and then do the math needed to get there? You need to set a numerical target, but goal setting should be a session that makes you think. It should lead…