Attention Small Business, Non-Profit, Sole-Proprietors, Independent Contractors and Other Self-Emplo
On Friday March 27, 2020, Donald Trump signed into law the largest lifeline (the CARES Act) in United States history to combat the most trying economic times for the United States. As markets react, supply chains strain, and lockdowns ensue havoc, it’s no secret that small business, the self-employed, independent contractors, and sole-proprietors are the most vulnerable during these uncertain times. To help the most vulnerable, the Cares Act provides a small business-focuse
401(k) Distribution and Loan Opportunities Under the COVID-19 Stimulus
The Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) was passed by President Trump to combat the economic impact of Covid-19. While the CARES Act provides a number of advantageous tax provisions, one in particular may be helpful to those affected by COVID-19 with a retirement savings plan. Under the CARES Act certain participants can take a coronavirus-related distribution up to $100,000 from their retirement plan. The advantage under the new legislation stem
Coronavirus Stimuli: How Will They Affect Individuals and Businesses?
There’s been a lot of information circulated with regards to coronavirus-related legislation that’s either been signed into law or is currently proposed. However, some of the information is either inaccurate, a mixture of truth, or just plain false. This article will discuss some of the stimulus packages that have already passed, items that are proposed, and measures seeking to directly benefit business owners. On March 4, 2020, Congress passed the first coronavirus package i
Is Your Company Utilizing the Work Opportunity Tax Credit?
Recent legislation has made the Work Opportunity Tax Credit a permanent tax credit to applicable employers. In order to qualify for the tax credit, the employer must employ someone from one of the following categories: 1) veterans, 2) TANF recipients, 3) SNAP (food stamp) recipients, 4) designated community residents, 5) vocational rehabilitation referral, 6) ex-felons, 7) supplemental SSI recipients, or 8) Summer Youth Employees To claim the WOTC, an employer must have the e
Corporate Record Book Documents: Governing Document
This week’s blog is going to discuss governing documents with regards to your corporate record book. We are going to discuss what a governing document is, how it is approved, and whether you need one for your company. The governing document for an LLC and a corporation are different. Where corporations have “bylaws”, a limited liability company has an “operating agreement”. While each document basically lays out how the business is to be ran, they each go about their way diff
Corporate Record Book Documents: Meeting Minutes/Notices/Waivers
This week’s blog is going to discuss meeting minutes, notices, and waivers with regards to your corporate record book. We are going to discuss what the documents are and give you an example of how they’re used in real life. First off, every special or annual meeting of a company is going to first require notice. The procedure for notice should be laid out within the government document of the company. Most companies notice to be sent out via some form of communication that al
Corporate Record Book Documents: Qualifications
This week’s blog is going to discuss qualifications with regards to your corporate record book. We are going to discuss what a qualification is, how it is filed, and whether you need to file one for your company. Foreign qualification is the process of registering to do business in a state other than the one in which you incorporated or formed your business. Corporations and LLCs are considered domestic only in their state of incorporation (for corporations) or formation (for
Corporate Record Book Documents: Amendments
This week’s blog is going to discuss amendments that need to be placed within your corporate record book. We are going to discuss what an amendment is, how it is filed, and whether you need to file an amendment for your company. First off, an amendment is a minor or major change to one of your documents that has previously been filed with the Secretary of State. Often times, most amendments are simple and deal with something such as an address change, registered agent change,
Corporate Record Book Documents: Articles of Incorporation
Over the new few weeks, our blog is going to focus on documents that need to be a part of the corporate record book for your business. A well-kept corporate record book is often required by state statutes for any businesses that are doing business within the respective state. Failure to keep a corporate record book could result in the court piercing a corporate veil in the event of a lawsuit and leave the officers as personally liable. The first document that should be locate
