Main Street Lending Program now open to nonprofit applicants
Last week, the Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program.
DOL updates FMLA forms
The DOL (Department of Labor) has published new FMLA (Family and Medical Leave Act) forms that covered employers may use to provide required notices to employees and employees can use to provide certification of their need for leave for an FMLA-qualifying reason.
Does your business have a unique selling proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP).
Reporting embedded leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.
Communicate with customers: QuickBooks and Microsoft Word
If your business has had to shut down temporarily, or at least scale back operations, we hope you’ve found ways to stay in touch with your customers. Even if you’re struggling, it’s important to communicate with the people who have helped you build your company.
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.
Avoid pitfalls when splitting gifts with your spouse
The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse.
Supreme Court rules that Civil Rights Law protects LGBTQ workers
In a landmark ruling on June 15, 2020, a 6-3 majority of the U.S.