2021 business year-end tax planning

Businesses must navigate 2021 year-end tax planning with new tax laws potentially on the horizon The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of...

2022 cost-of-living adjustments

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax...

Important Employee Retention Credit Changes

Employee Retention Credit Early Termination The employee retention credit will be terminated early and broker reporting of cryptoasset transfers will be required as a result of legislation (H.R. 3684) that passed the House of Representatives late Friday and is headed...

Why companies succeed – 3 keys to building a healthy business

Businesses fail for complicated reasons — from dysfunctional management to insufficient capital; too rapid growth to an inability to respond to changing markets. Why businesses succeed, on the other hand, is often easily explained. Regardless of size and sector, most...

Business Management

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PPP Updates and Loan Forgiveness Calculator

New PPP rules, applications and guidance are almost a daily occurrence and last week was no exception. The June 22 Interim Final Rule officially updates the language of the Final Rules to...

Adjust your expectations of business interruption coverage

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary....

New PPP Loan Forgiveness Guidance and Possible Congressional Changes

Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night, May 22nd, that provides some clarity on several loan...

SBA Releases PPP Loan Forgiveness Application & Instructions

The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The SBA explained that the...

Partnerships and Seasonal Employers may Be Eligible for More PPP Money

There is a new PPP interim final rule (the tenth) on increasing PPP loan amounts for partnerships and seasonal employers. Before this rule, small businesses that are structured as...

PPP Loan Forgiveness Q&A

IMPORTANT NOTE: The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The...

The Fed’s Main Street Lending Program Updates

The Federal Reserve Board recently announced changes to its new ‘Main Street Lending Program’ (MSLP), created to help small to medium-sized businesses that need access to cash because of...

Illinois Small Business COVID-19 Relief Program Receives More Funding

The Business Invest - Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer Michael Frerichs has now made...

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This...

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