Blog Archives

Looking For an Investor?

Every deal is different, but here are some basics. There are three main ways investors can provide funding to your small business: equity investment, debt investment, or convertible debt. With equity investment, an investor will buy an ownership stake in

Posted in Tips

IRS offers further guidance on ERC, and Congress may end it

The Internal Revenue Service and the Treasury Department released guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and Congress considered a proposal to end the tax break next month. The employee retention

Posted in IRS

Gross Receipt Exclusions for ERC

A taxpayer is permitted to exclude certain items from “gross receipts” for determining eligibility to claim the ERC under the CARES Act and other recent relief legislation including:  amount of the forgiveness of a PPP loan grant from the Economic

Posted in Tips

Colorado Workers’ Compensation Insurance

All businesses with employees operating in Colorado are required to have workers’ compensation insurance, regardless of the number of employees, whether the employees only work part-time, or if they are members of the same family. All workers’ compensation insurance in

Posted in Colorado, Tips

SBA Defers EIDL Payments Until 2022

Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022. The SBA announced extended deferment periods for all of its disaster loans, including the COVID-19 EIDL loans. The

Posted in Uncategorized

Restaurant Revitalization Fund Closed

The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund (RRF) after awarding the program to more than 100,000 restaurants, bars, and other businesses that provide on-site food and drink. Demand for the funds far outstripped

Posted in Uncategorized

Cash Basis of Accounting

The cash method is the simplest and most common  for small businesses to use. With the method, the business reports income in the tax year is is actually received and deducts expenses in the tax year that they are actually paid

Posted in Uncategorized

IRS urges employers to choose carefully when selecting a payroll service provider

Below are highlights from IRS Issue Number:  IR-2020-186 Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax

Posted in IRS, Tips

Applications Now Open for 2021 Pikes Peak Small Business COVID-19 Relief Program

El Paso County is working with the Pikes Peak Area Council of Governments (PPACG) to distribute additional relief funding locally, through a new grant program, the 2021 Pikes Peak Small Business COVID-19 Relief Program. Grant awards will be a maximum

Posted in Colorado, Tips

IRS Expected to Audit More Small Businesses in 2021

After years of low examination rates, the IRS announced it will increase audits of small businesses: by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to COVID-19 have made

Posted in IRS, Taxes, Tips