Over the course of doing business, you will hire certain vendors to provide a good or service to your business. Other times you will hire a contractor to perform a specific task or project for your business. Either way, issuing payment is necessary. While payments to vendors generally are a repetitive and routine task, payments…
In these challenging times, we hope you and your loved ones are safe and in good health. In the past year, businesses faced numerous unexpected challenges due to the COVID-19 crisis. Congress addressed the crisis by passing the Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” in March 2020 and the Consolidated Appropriations…
The N.C. Department of Revenue (NCDOR) announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. However, under current regulation, the state is legally obligated to charge interest on late payments. Therefore, unless state…
We understand that many of our Small Business Clients are being severely impacted by COVID-19. This impact includes loss of revenue, liquidity concerns, potential employee layoffs, and the concern of making payroll. Small Business owners are now eligible to apply for low-interest loans due to the COVID-19. The SBA is providing working capital loans of…
As President Trump declared a national emergency, Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals taxpayers can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. The $1 million limit for individuals was established…
It was interesting to travel this fall, as the Lone Star State of Texas was a focal point of many meetings. We headed to Austin in September to our NFCA (National Franchise Consultants + Accountants) Annual Meeting. We heard from Spero Droulias and his team, how as accountants we can assist our Franchisees in the…
On September 24th, the U.S. Department of Labor announced a final rule to make 1.3 million American workers eligible for overtime pay under the Fair Labor Standards Act (FLSA). Here are the highlights: • Final Overtime Rule will increase the salary thresholds from $455/week to $684/week (goes up from $23,660/year to $35,568/year) • Employers may…