The Coronavirus Aid, Relief, and Economic Security (CARES) Act, allows for a payroll tax deferral of the employer share of Social Security tax that would otherwise be due from March 27 until December 31, 2020. Initially, this deferral was not available to those businesses taking advantage of the Paycheck Protection Program (PPP) Loans.
If you own a business jointly with others, we recommend you establish an owner buy/sell agreement which governs what happens in situations, such as disability or death of an owner or an owner wants to dispose of their ownership interest.
In the last three weeks, two major pieces of stimulus legislation have been signed into law. Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting.
The business and tax environment has become increasingly complex. Most business owners cannot maintain the expertise necessary to ensure compliance in all tax disciplines.
Top Accounting Firms in the Midwest We are excited to announce Smith Schafer has been named to Accounting Today’s 2020 Top Firms: The Midwest list. The lists appear in a special supplement to the March 2020 edition of Accounting Today. Accounting Today has studied the...
Small Businesses can apply for a forgivable loan under the CARES Act. The funding from the federal government for these loans will be limited.