Business
Q&A – COVID-19 Emergency Loans
For Small Businesses: New COVID-19 Federal Assistance – CARES Act
Summary of Keypoints Overview of CARES Act relief for small businesses: The CARES Act, enacted March 27, 2020, provides payroll, rent, and cash-flow relief for small businesses, including loan forgiveness for eligible expenses and the option to defer employer Social Security tax payments over two years. Paycheck Protection Program (PPP) and loan forgiveness: The Act…
Read MoreHelp for Small Businesses in Maryland
Summary of Keypoints Overview of Maryland small business relief: Maryland offers two COVID-19 emergency assistance programs for small businesses and nonprofits with fewer than 50 employees: an emergency relief grant fund and an emergency relief loan fund. Maryland Small Business COVID-19 Emergency Relief Grant Fund ($50M): This program provides grants of up to $10,000 to…
Read MoreFairfax County Help For Businesses due to Covid-19
Summary of Keypoints Overview of Fairfax County business assistance: Fairfax County provides COVID-19-related relief measures aimed at supporting local businesses impacted by the pandemic. Tax deadline extensions: Fairfax County extended deadlines for certain local taxes, including car (business personal property) taxes and real estate taxes, to help ease short-term cash flow pressures for businesses. Purpose…
Read MoreResources for Small Businesses – SBA EIDL Funding
Summary of Keypoints Overview of SBA Economic Injury Disaster Loans (EIDL): The U.S. Small Business Administration offers low-interest federal disaster loans of up to $2 million to help small businesses experiencing substantial economic injury due to COVID-19. Purpose and use of funds: EIDL funding is intended to provide working capital to support ongoing business operations…
Read MoreFamilies First Emergency Family and Medical Leave Expansion Act
Summary of Keypoints Overview of Families First emergency leave requirements: The Families First Emergency Family and Medical Leave Expansion Act (EFMLEA) and the Emergency Paid Sick Leave Act (EPSLA) require employers with fewer than 500 employees to provide paid leave related to COVID-19, with potential exemptions for employers with fewer than 50 employees if compliance…
Read MoreSBA EIDL Help for Small Businesses
Summary of Keypoints Overview of SBA Economic Injury Disaster Loans (EIDL): Under the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, the SBA provides low-interest federal disaster loans to small businesses experiencing substantial economic injury due to COVID-19. Loan purpose and use of funds: EIDL proceeds may be used for working capital needs, including…
Read MoreFour tax strategies you can use to reduce your income taxes and increase your 20% Pass-Through Income Section 199A deduction
Summary of Keypoints Purpose: The article outlines four tax planning strategies designed to reduce taxable income while increasing eligibility for the 20% Pass-Through Income deduction under IRC Section 199A. Capital loss harvesting: Taxpayers can offset capital gains that negatively affect the Section 199A deduction by realizing capital losses before year-end. Charitable contributions: Increasing itemized deductions…
Read MoreAlert – how to handle the government shutdown as a Federal contractor.
Summary of Keypoints Situation overview: A partial federal government shutdown has begun, creating uncertainty for federal contractors and requiring immediate contract-by-contract assessment. Prime contractor guidance: Contractors should maintain close communication with the Contracting Officer (CO/KO), COR, and COTR; stop work on unfunded contracts; and follow any stop-work orders issued on funded contracts. Funded contracts without…
Read MoreLower Your Tax Bill for 2018
Summary of Keypoints Context: The article outlines year-end 2018 tax planning opportunities under the Tax Cuts and Jobs Act, which introduced major changes for both individuals and businesses, including new rates, deductions, and limitations. Individual tax planning: Key strategies include managing investment income to minimize the 3.8% net investment income surtax, timing capital gains and…
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