Search results for: “payroll”
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New Jersey Taxes 4th Highest in U.S.
Kiplinger’s Magazine, November 2020, ranked New Jersey as the 4th worst state for total taxes paid by middle income residents. This poor ranking was triggered solely by our high property taxes. Kiplinger’s wrote: “For middle-class families in the Garden State, income taxes are relatively low when compared with other states. New Jersey checked with the…
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Main Street Lending Program Q&As
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…
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PPP agent blues
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…
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Status of Paycheck Protection Program application?
This comes from a real email exchange today: CLIENT: Subject: Re: status update on Payroll Protection Program Tony, I don’t believe I heard anything back from this? Has xxxxxx responded to our request? ME: Correct. No response after initial confirmation of application more than two weeks ago. I did attempt to contact the officer who…
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Accounting, representation, and financial planning client services agreement
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This draft is dated July 2020 and published for discussion purposes only. The engagement agreement has evolved since the date of publication. Thank you for choosing me to help you with your accounting and finances. This engagement agreement is one part of a two-part agreement meant to clarify the details of our work. This first…
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Small business roundup of crisis response news
The past day generated more financial news affecting U.S. small businesses than any previous day of this pandemic. While the learning curve is steep, typically 1-2 hours each day, the time requirement today and for the rest of this week will be substantially more. No doubt that after I speak with some small business clients…
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Small Business Crisis Management Plan B
The new ’employee retention credit’ is a refundable payroll tax credit for 50% of qualified wages up to a maximum wage of $10,000 per employee. Wages paid starting March 13, 2020 through December 31, 2020 are eligible, even retroactively. The best way to take advantage is to integrate this cash flow benefit directly with your…
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Costs associated with Paycheck Protection Program application processing
I’ve publicized here and on other platforms that my firm and some affiliates will prepare and submit economic relief applications under the CARES Act without charge. But submitting the application is the easy part. Doing the required underlying accounting and assembling the documentation to support these loan and grants applications is potentially expensive. Of course,…
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An update on crisis relief for small businesses
Almost nothing went right in the launch of the Payroll Protection Program over the past two business days. The best advice is to keep trying and don’t give up. Don’t forget what’s happening on a state level. The state programs quickly oversubscribed but today but more relief is likely. If you are sweating bullets to…