Safety planning for 2021 post-pandemic: a personal choice

Posted Posted in Business networking, crisis management, News and Politics

By all accounts, we are not yet halfway through the worst of the COVID pandemic as we soon enter the cold weather season. The most basic point of what we now know is that it spreads easily through the air with prolonged contact. Even indoor ventilation systems pose a significant spread risk. We also know […]

Covid small business disaster story update

Posted Leave a commentPosted in Accounting, crisis management, Small Business

My list of Covid small business accounting horror stories is down to just three remaining open and unresolved: 1) A bank that extended a PPP loan application to 4 1/2 months and still counting; apparently due solely to lack of internal process control. I follow up with them every two to three days. All involved […]

Update on pandemic payroll tax deferrment

Posted Leave a commentPosted in crisis management, Payroll, Small Business

New guidance on the so-called pandemic payroll tax deferment issued by IRS last week does not change previously issued guidance to small business employers. The new IRS guidance strengthens the argument that employers should not make any change in payroll tax practices at this time. Deferent of payroll taxes, if not paid timely in early […]

Didn’t receive an economic impact payment?

Posted Leave a commentPosted in crisis management

Some people are still waiting for their $1,200 economic impact payment from the federal government. IRS confirms that a data entry error in 2019 TurboTax may be to blame. Forbes’ Rob Berger as been following the issue in a series of posts. Intuit, the makers of the software issued a statement “We are working closely […]

What’s going on in D.C. and how does it affect your South Jersey business?

Posted Leave a commentPosted in crisis management, New Jersey, News and Politics, Small Business

Yesterday the New Jersey Chamber of Commerce sponsored a discussion program with government policy experts from the U.S. Chamber of Commerce titled “What’s going on in D.C. and how it affects your business?”. If you own a small business in New Jersey (like me) the basic question is likely ‘How bad will it be?’ This […]

Small Business Guidance on Payroll Withholding Postponement

Posted 1 CommentPosted in crisis management, Payroll, Small Business

This weekend the President issued an Executive Order to postpone employer’s payment of wage taxes. The advice that I and every other small business tax adviser, to my knowledge, immediately issued to clients was to take no action until we receive further guidance. Most tax experts believe that only Congress has the power to stop […]

Round Two of Small Business Recovery

Posted Leave a commentPosted in crisis management, Financial Planning, Financing, HEROS Act, Small Business

Two months ago the U.S. House of Representatives passed a bill called the “HEROS Act” that included financial resources to small businesses struggling to restart after the disruptive effects of pandemic shutdown. While the entire bill is not likely to become law because of objections by U.S. Republican Senators, the small business portions of that […]

Main Street Lending Program Q&As

Posted 1 CommentPosted in Banking, crisis management, Financial Planning, Small Business

I’ve received a lot of questions about the new Main Street Lending Program. This post is meant to provide general non-technical information as a starting point in evaluating whether the program may work for your business. What is the Main Street Lending program? A program established by Congress run through the Federal Reserve offering loans […]

Unrealistic advice from IRS to gig workers

Posted Leave a commentPosted in crisis management, Government, IRS, Taxes

IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are […]

PPP agent blues

Posted Leave a commentPosted in Banking, crisis management, Small Business

More than two months ago on LinkedIn I posed a summary of the problem that Wells Fargo small business clients were locked out of the PPP program. I don’t know why so many small nonprofits use Wells Fargo, but they do. As an agent who handles transactions for several of these, it was perplexing. An […]