Financial Resources & News
There is an income tax with your PPP loan
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...
Employee Payroll Tax Deferral Update
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...
Do Not Rush Your PPP Loan Forgiveness Application
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...
Paycheck Proctection Program Flexability Act
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...
The Impact of Sales Acceptance Policies
The Impact of Sales Acceptance Policies Every dollar seems incredibly valuable to every business, but not every dollar has equal value. The easiest sale to make is one that typically fits into one of these three situations: This could be intentional by applying a...
Increasing Cash Flow
Increasing Cash Flow Cash flow is vital to any business. The primary reason any company has a loan or a line of credit is because they did not have the cash. Some capital to buy large equipment, a facility, etc. is needed rather than tying up working capital. The...
2019 Illinois Tax Amnesty Program
2019 Illinois Tax Amnesty Program For a limited time, the Illinois Department of Revenue is offering amnesty to taxpayers who have outstanding tax liabilities relating to tax periods ending after June 30, 2011 and before July 1, 2018. Penalties and interest will be...
Transition Planning – Option 2 Family Succession
Transition Planning – Option 2 Family Succession Owners need to understand that conducting a family succession requires a very different path than an owner who is looking to sell to an outside party. Most family successions involve some form of gifting in order to...
Transition Planning – Option 1 Selling Your Business
Transition Planning – Option 1 Selling Your Business When it comes to selling your business, there are more issues to address than most people think. Here are a few key items that impact an exit strategy: Understanding the value. Value is unique to each company,...