Ideas & Insight

The state of Michigan announced a new Michigan COVID-19 Safety Grant Program on July 23 , which will provide small businesses with matching funds of up to $10,000 to decrease the risk of COVID-19 spread, through safety and health-related equipment purchases and training in response to COVID-19. The initial grant application window will be open […]

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free […]

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange […]

Dentists, you can now apply to receive funding from the U.S. Department of Health and Human Services’ (HHS) Provider Relief Fund. HHS is distributing $175 billion to hospitals and healthcare providers on the front lines of the coronavirus response. The American Dental Association worked closely with HHS and the Health Resources and Services Administration, which administers the fund, […]

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 […]

Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should […]

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. It has caused business owners to ask themselves IT questions they did not have to worry about before. Some companies fared better than others. Many businesses that had been taking an informal approach […]

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to consider. Here are three considerations. 1. Some tax records can now be thrown away You […]

The COVID-19 crisis is affecting not only the way many businesses operate, but also how they are assessing productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can adjust expectations and objectives accordingly. Impact of […]