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A Business Owner’s Guide To The Payroll Protection Program Round Two

Posted by Celene Robert to Taxes, Business Advice, Coronavirus

Guidance from the Small Business Administration (SBA) for lenders of the Round Two (aka “second draw”) of Paycheck Protection Program (PPP) loans is out, and the portal is open.

What does this second round of PPP mean for your small business facing a yet uncertain 2021?

Keep reading to find out how the recent $284 billion allocation to the PPP may impact your business.

Score One for Experience and the CFO Role

Posted by Celene Robert to Business Advice, CFO Advisory

The CFO role has undergone quite a transformation in the past twenty years. The competencies of a modern CFO role has expanded far beyond accounting into every strategic corner of a company. Does your CFO’s experience meet your company’s future goals?

Today’s CFO must have a level of skill and knowledge in technology, supply chain, mergers & acquisitions, talent acquisition and retention, and industry-specific knowledge. To obtain competencies in such a wide array of areas cannot be accomplished solely through a CPA or MBA program. The modern CFO is honed by his or her career experience.

Why Cryptocurrency Taxation Isn’t As Cryptic As You Thought

Posted by Celene Robert to Taxes, Business Advice

Cryptocurrency—boy that’s a mouthful, let’s call it crypto for short—has become pretty commonplace these days.

No longer a taboo topic, more and more people are turning to crypto as an alternative currency. But because this is a newish option, the rules and regulations around using it as a business currency are still a little fuzzy. And as we all know, fuzzy and taxes really don’t go hand in hand. To clear up these muddy waters, and to help you avoid the awful surprise of an unexpected tax bill, here’s a basic primer on the taxation of crypto.

4 Questions to Ask Your Accountant About Year-End Financial Planning

Posted by Celene Robert to Business Advice, Budgeting, CFO Advisory

In just a few short weeks, 2020 will come to an end. Few of us will be sad to leave this year behind. Between the COVID pandemic, environmental disasters, and large-scale social and economic unrest, people and businesses have weathered extreme challenges over the past 12 months.

Don’t breathe a sigh of relief just yet. Unfortunately, many of the difficulties that defined 2020 will continue into 2021.

The good news is that it’s possible to get ahead of it all this time around. With some smart financial planning, you can minimize uncertainty and maximize opportunities to grow your organization. But you need to act quickly, as many tax and accounting decisions have imminent deadlines.

With that in mind, here are a few questions to ask your accountant as soon as possible:

The Top 4 Virtual Holiday Office Party Ideas for 2020

Posted by Celene Robert to Business Advice, Startup Tips, Coronavirus

I get it. Your team deserves some recognition and a chance to bond over one of the most challenging years in our lifetime but planning a virtual office party during a pandemic is feeling like pouring salt on a wound.

After some thought and a bit of research, I wanted to share with you the top four office party ideas good for teams of all sizes, across multiple sites, and time zones that you can put into action in no time. Open up a new project in your PM software because here we go!

Paying Less Taxes Can be Like Totally Bonus

Posted by Celene Robert to Taxes, Business Advice, Startup Tips

Was your business profitable in 2020? Do you expect a large income tax bill? If so, this blog is for you!

We’ve got two things you can do—before the blessed end of 2020—which could save you some serious cash on current year business income taxes! While these are two different actions, they both happen to include the word bonus. And who doesn’t like a bonus? Especially during pandemic times like these.

7 Practical Questions to Ask Before You Exit Your Business

Posted by Celene Robert to Business Advice, Mergers & Acquisitions, Startup Tips

The decision to exit your business is one of the most important and emotionally charged decisions you’ll ever make. Indeed, it’s a life-altering decision—both for your life and the lives of the people who work for you. It means stepping away from the company you’ve built, thought about, and toiled over for years. And it can change not just your day-to-day routine, but your entire conception of self.

Most importantly, exiting your business can leave you rich. I’m talking rich-rich. The filthy, stinking kind.

But in order to walk away with the wealth you deserve, you’ll have to strategize carefully and deliberately. Exit planning isn’t something you can put off and hope to figure out when the time comes. To maximize your exit, you need to anticipate and solve potential problems in advance.

Whether you intend to leave your company in a few months, years, or decades, here are a few practical exit planning questions to consider right now:

Secrets of a Home Office Tax Deduction Revealed

Posted by Celene Robert to Taxes, Business Advice, Startup Tips, Coronavirus

If you’re anything like us, you’re already thinking about what deductions you'll take come tax season. Sadly, one you might miss out on is a home office tax deduction in 2020, since the Tax Cuts and Jobs Act eliminated unreimbursed employee expenses for almost all W-2 workers in 2017. That means, from 2018 to 2026, employees cannot deduct home office expenses unless they are a member of four protected groups. Which is a bummer with so many of us setting up our new home offices thanks to COVID, right?

We're all pretty disappointed by this change. Deducting home office expenses and other business-related expenses was beloved. In 2015, those who itemize deductions did so to the tune of $96 billion in unreimbursed employee expenses.

5 Questions To Ask Your Accountant About PPP Loan Forgiveness

Posted by Celene Robert to Business Advice, Funding, Loans, Coronavirus

Somehow, we’re coming up on the end of 2020. How is that possible, you ask? Only those experienced in time travel can answer that question.

With the end of the year—especially a year like 2020 that introduced the complicated and ever-changing Paycheck Protection Program (PPP) to hard-hurt business owners—come many loose ends to tie up before we stumble into 2021 and what’s promising to be one of the most complicated tax years ever.

If you were one of those business owners who received PPP funds, what comes next for PPP forgiveness and the tax impact is one loose end you don’t want to leave dangling. To avoid a shockingly huge tax bill, here are 5 questions you need to be asking your accountant now about your PPP loan.

What is the Shape of Your Business’s Recovery?

Posted by Celene Robert to Business Advice, Funding, Loans, Coronavirus

Everyone is concerned about the shape (V, U, L, or K) of our nation’s economic recovery. Whether it’s V-shaped or K-shaped, the shape of your company’s recovery post-pandemic might depend on what is in the next government stimulus package for small and medium-sized businesses.

Keep reading for a brief update on the potential impact of stimulus proposals to the two main coronavirus emergency loan programs for small and medium-sized businesses (SMEs): the Paycheck Protection Program (PPP) and the Main Street Lending Program (MSLP).