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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).

3 Not-So-Secret Reasons to Outsource Your Next CFO

Posted by Celene Robert to Business Advice, Budgeting, Coronavirus


CFO turnover this year has been a major hurdle for companies navigating an unpredictable COVID-19 world. Some companies are promoting from within to fill the finance chief seat but outsourcing a CFO instead of an internal hire is more than a stopgap measure—it is a strategic solution.


Many assume that promoting from within to fill the CFO seat will save precious time on onboarding and building trust within the company. Time spent in the fold is valuable, no doubt, but thinking this way puts a premium on how things have been done at your company versus how business needs to be done in the future.


Your next CFO should be an outsourced CFO because it is better for your business.

5 Doubts About Payroll Tax Holiday You Need to Clarify

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


There are things to love or hate about the latest executive order of a payroll tax holiday, such as:


  • Eligible employees love the extra cash in their pockets that would ordinarily go to the government to spend or to save. Though as it stands now, that extra cash would need to be repaid at the end of the period...
  • Employers hate the headache of implementing a new operation to their payroll process and accounting.

What the Great Recession Can Teach Us About What’s to Come in 2021

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


Believe it or not, 2020 is more than halfway over. It feels like we’ve lived through a decade since 2019.


Can you remember what you were doing around this time last year? What were your major priorities and projects back then?


Around this time last year, I was helping one of our clients prepare for conversations with investors. We were working diligently to get the company’s financial statements in order, ensure the books were accurate and up to date, develop the fundraising pitch, and create projections for the next 18 months. Everyone was feeling optimistic. The business had momentum, a strong value proposition, and the attention of several potential sources of capital.

Funding Opportunities Beyond the PPP: What Business Owners Should Know

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


Like so much of life these days, the Paycheck Protection Program (PPP) is unprecedented. Never before has so much money been loaned out to so many businesses so quickly. Equally astonishing is the fact that the government has agreed to forgive the loans for qualifying borrowers.


However, unprecedented also means untested, uncertain—and perhaps unfeasible. It’s no surprise that a program this big and this hastily rolled out has had numerous issues, limitations, and controversies.

Rundown of Government Relief for Businesses Affected by COVID-19

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

 

Do not miss out on ways to improve your business’s liquidity


As COVID-19 continues to spread around the world, U.S. businesses have received historic government relief in exchange for its participation in the life-saving emergency shelter-in-place and social distancing orders of state governors.


As those same governors are lifting emergency stay-at-home orders, enabling non-essential workers to return to the shop floor or office, the need for government relief of business activity has remained a necessity.

5 Ways Accountants Can Make Life Easier for Everyone Else

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

 

Most accountants wouldn’t consider themselves responsible for managing workforce performance. But let’s pause and think about that for a second. When someone is feeling overwhelmed and under-supported at work, there’s almost always a financial factor involved.

3 Ways To Manage Virtual Teams

Posted by Iba Masood to Business Advice, Startup Tips, Coronavirus

 

It's a challenging time for teams and organizations that have suddenly jolted to working remotely. For startups and larger organizations, helping their teams with a generous dose of empathy, to enable productivity, is key.


Whether you're already a remote org or moving that way due to the current social climate, here are a few things we've done at Tara to shift quickly into a high functioning remote team.