Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare. Piercing the Corporate Veil Another, perhaps more critical consideration is that using a personal account for business has the potential of […]
A lot of businesses are suffering tremendously and while many shops seem to be seeing a slow down in numbers, overall, auto repair shops seem to be faring much better than some other industries during this time, like the restaurant industry or the tourism industry. However, that doesn’t mean that things aren’t difficult but there […]
With the PPP funds drying up, if you haven’t seen the funds yet are you feeling antsy? I don’t blame you! That money seemed to dry up pretty quickly. That means that there are millions of small business owners just like you that are scrambling to keep the doors open. If you haven’t submitted your […]
I know there are several small businesses out there that are receiving money from the PPP loan and there are even more that are in line to receive money in the second round. If you’ve applied for this loan or are considering it, remember, the purpose of this loan is to save jobs! I also […]
In 2017, the Tax Cuts and Jobs Act eliminated carrying back of Net Operating Losses (NOLs). However, with recent economic hardships from the Coronavirus, new provisions in the CARES act now waive that and businesses can now carry back a NOL arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, […]
