What Should I Know Before I Sign a Contract for My Business?
Operating a business almost always involves entering into different types of contracts. The types of contracts you may encounter in your business depend on the nature of your business. For instance, if you operate a store or other retail establishment, you may have contracts with suppliers, a lease with your landlord, and employment contracts with […]
Is a Verbal Contract Enforceable Under Florida Law?
Historically, an individual’s word and a handshake were the most common means of doing business. Although most business owners now use written contracts in conducting business, verbal or oral contracts are still enforceable under Florida law under specific circumstances. However, these contracts can be complicated to enforce when formal written evidence of a contract is […]
The Importance of Properly Structuring Your Business
Starting and structuring your business can be an exciting and daunting task. There are countless factors to consider, from writing a business plan to building a customer base. However, the one thing you need to get right from the very beginning, is how to structure your business properly. The type of entity you choose can […]
A Detailed Guide to Pass-Through Entity Taxation for Small Business Owners
If you’re a small business owner or partner in a partnership, you’ve probably heard about pass-through taxation. However, if you’re unsure exactly what it is, let’s explore its meaning and how it works. In short, a pass-through entity is a way for a business owner to avoid paying taxes at the corporate level and instead […]
FinCEN’s Uniform Beneficial Ownership Information Reporting Rules and Related Rule Proposals
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued final rules implementing Section 6403 of the Corporate Transparency Act (CTA). These rules, also called the Beneficial Ownership Information (BOI) Rules, are designed to protect the U.S. financial system from illicit use by criminals using shell companies and other corporate structures to hide […]
PPP Likely Extended to May 31
[vc_row][vc_column][vc_column_text]Small businesses got some good news on Tuesday, when the House of Representatives voted to extend the Paycheck Protection Program for two months. On Tuesday, the House passed the PPP Extension Act of 2021, by a 415-3 vote. It would extend the program to May 31, instead of the current date of March 31, and […]
PPP Borrower Tax Relief Under New Act
Under the Coronavirus Response And Relief Supplemental Appropriations Act of 2021(the “Act”), passed last week by Congress and ultimately signed into law, PPP borrowers will now be able to deduct payroll and non-payroll expenses funded with their PPP loans, and will not have to include PPP loan forgiveness in income. PPP Loan Deductibility For the […]
IRS Issues New Guidance On Treatment of PPP Loan Expenses
On November 18th, the Treasury released new guidance concerning the tax treatment of expenses paid with Paycheck Protection Program (PPP) loan funds. Newly issued Revenue Ruling 2020-27 provides that recipients of PPP loans may not deduct expenses paid with PPP funds in the year in which such expenses were paid or incurred. The Ruling further […]
PPP Update – New SBA Notice Addresses Change of Ownership of PPP Borrowers
As the SBA gears up for borrowers to apply for forgiveness for their PPP loans, on October 2, 2020, they issued Procedural Notice 5000-20057 (“Notice”), the purpose of which is to provide information concerning the required procedures for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds (a “PPP borrower”). […]
New Tax Bill Forever Changes Retirement Planning
A new tax bill has passed the House and is now being considered by the Senate. It enjoys bi-partisan support and will probably become law. Trying to be poetic, Congress has strained to come up with an acronym- the SECURE Act of 2019. This stands for Setting Every Community Up for Retirement Enhancement Act of […]