On Wednesday, the U.S. Small Business Administration (SBA) published an interim final rule which took immediate effect. The SBA is expanding access to its Economic Injury Disaster Loan (EIDL) program, low-interest loans for businesses and nonprofits damaged by the pandemic, to certain businesses–like restaurants with up to 20 locations, provided each location has no more than 500 employees. With more […]
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Will You Be Subject to a Penalty for Not Filing Your 2020 Estimated Taxes?
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that position if they did not pay their estimated tax for 2020. The IRS requires […]
2020 Year End Tax Planning for Individuals, Businesses & Business Owners
Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New tax rules have been enacted to help mitigate the financial impact of the disease, some of which should be considered as part of this years’ planning, most […]