If you can’t pay your tax obligations with the IRS, it is important to go ahead and get the tax return filed and then work with the Internal Revenue Service in order to set up a payment plan. The IRS’ Fresh Start Program allows taxpayers with balances of less than $25,000 to set up a…
WageFiling, LLC recently announced a change to the way non-employee compensation is reported. Up until now, businesses have used Form 1099-MISC to report calendar-year payments that have exceeded $600 to non-employees who performed business services. This includes independent contractors, freelancers, and consultants. The new Form 1099-NEC will be used to report payments made to non-employees who…
The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the addition of Skyler Rodts to their professional team. Skyler joins as a Staff Accountant in the Emerging Business Solutions department. Skyler is currently a student at Indiana University – Purdue University Indianapolis where he is studying accounting. Prior to BGBC, Skyler…
For the first time in decades, skyrocketing insurance costs threaten the ability of businesses to follow through on their growth and expansion plans—and sometimes even to meet their basic obligations. Even before the global pandemic, businesses were facing steep increases in premiums coupled with dramatic reductions in coverage. This situation was only worsened by the…
Although companies that have managed to survive up to this point will have overcome immediate safety and cashflow problems, they still face an uncertain future. No one can predict how long the downturn will last, whether the world will revert into crisis mode or whether the path towards long-term recovery has begun. Despite the persistent…
There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale – a great experiment, the ripple effects…
Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members,…
The Trump administration announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under the new Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments will be invited to apply for additional funding that considers financial losses and changes in operating expenses caused by the…
The Small Business Restart Fund, which was approved by Governor Holcomb in May, makes federal funding received through the CARES Act available to small businesses to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to COVID-19. Eligible Indiana small businesses can seek reimbursement for qualified business…
On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less. The agencies published a new interim final rule offering guidance for recipients of PPP loans equal to or less than $50,000 (“eligible…