Industry News
Accounting Outsourcing… Leading the New Normal
Summary of Keypoints Shift in work environment: COVID-19 and widespread work-from-home adoption demonstrated that productivity and business continuity can be maintained without full-time, in-office staff, prompting companies to rethink traditional operating models. Case for accounting outsourcing: As leadership increasingly relies on timely, accurate financial data, outsourcing accounting and finance functions offers access to professional financial…
Read MoreEubanks Accounting & Advisory’s Jennifer Eubanks attending Capitol Hill Week to Promote PPP Legislation on June 11
We’re excited to have a direct line of communication with the Members of Congress that represent us. Now more than ever, our small business voices need to be heard!
Read MoreHelp for Small Businesses in VA
Summary of Keypoints State support announcement: Virginia Governor Ralph Northam released Workforce Innovation and Opportunity Act (WIOA) Rapid Response funding to support Northern Virginia businesses affected by the COVID-19 crisis. Program purpose: The funding is intended to help employers remain open, avert layoffs, and reduce unemployment duration by supporting operational continuity during the emergency. Eligibility…
Read MoreTax Credits Provided to Small Businesses
Summary of Keypoints Overview of FFCRA tax credits for small businesses: The Families First Coronavirus Response Act requires small businesses to provide paid sick leave and emergency family and medical leave, while offering refundable payroll tax credits to offset the cost of these required wages. Scope and timing of credits: The FFCRA provides a 100%…
Read MoreDeductions Denied for Failure to Substantiate – Penalties Imposed
The Tax Court requires taxpayers to substantiate business expenses or face stiff penalties. As we enter another tax season, the deductibility of expenses will be in the forefront of business owner’s minds. The Tax Court took a strong position on the matter in this 2006 court case, placing the burden of substantiation on taxpayers to…
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