Budgeting: A Financial Road Map to making Smarter Business Decisions Understanding and pro-actively managing your business finances is more important now than ever. Two of the best practices positively influencing your situation and focusing on what you can control instead of can’t control are: A Game plan: A set of goals and strategic priorities to…
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should…
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you…
Here is a helpful list of resources all on one page: https://wisconsinsbdc.org/services/covid-19/ Reopening guidelines for a variety of industries: https://wedc.org/reopen-guidelines/
“We’re All In” Small Business Grants (Wisconsin) Application period will open in early June – register for alerts for program here $2,500 per small business Small businesses with 20 or fewer employees qualify Business must agree to implement best practices Funds can be used for health and safety improvements, wages, rent, mortgages, and inventory Click Here…
Important changes have been made to the Paycheck Protection Program and are awaiting the signature of the President: On May 28, 2020, the House of Representatives passed the following important changes to the Paycheck Protection Program: The covered period of the loan is changed from 8 weeks to the earlier of: 24 weeks following loan…
Below you will find two important updates regarding PPP Loans. Please contact us if you have any questions. Q: Will SBA review individual PPP loan files? A: Yes. SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the…
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…
