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LLCs protect you from personal liability in most instances, your personal assets — like your vehicle, house, and savings accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits.

Types of Businesses 101: Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships.

Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner — the partner without limited liability — must also pay self-employment taxes.

Guidance on deferred employee payroll tax issued
The IRS posted guidance on Thursday about how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the deferred amount of employee Social Security tax.

The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits.
Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage the provision of the smaller loans, the board waived transaction fees for all loans under $250,000.

IRS Announces 2021 Tax Inflation Adjustments

IRS Announces 2021 Tax Inflation Adjustments The Internal Revenue Service has announced the annual inflation adjustments for tax year 2021 for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustment

Inflation-adjusted income ranges for 2021 IRA and 401(k) plans

Inflation-adjusted income ranges for 2021 IRA and 401(k) plans The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.

Fast Fact: What do they mean by Disposable Income? Personal income remaining after personal taxes and noncommercial government fees have been paid.

Don't judge each day by the harvest you reap but by the seeds that you plant. Robert Louis Stevenson

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4 Crisis-Proofing Lessons for Small Business Owners
https://www.entrepreneur.com/article/357342

4 Crisis-Proofing Lessons for Small Business Owners A crisis is not all-together bad, it helps us think deeper, stretch our imagination, restructure our organizations, and discern the real needs of our business.

79% of Americans Still Feeling Financial Stress Due to Covid

80% of Americans Still Feeling Financial Stress Due to Covid About one third (34 percent) of Americans say they are “extremely/very concerned” about their personal financial situation right now, compared to 43 percent when the survey was issued in April. Combined with the 34 percent who say they are ...

Several states provide one-month filing relief for corporate deadlines

Several states provide one-month filing relief for corporate deadlines With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.

PPP forgiveness simplified for loans of $50,000 or less

PPP forgiveness simplified for loans of $50,000 or less PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.

Key Income Tax Changes for Mortgage Interest

Key Income Tax Changes for Mortgage Interest Congress keeps chipping away at itemized deductions like the one for mortgage interest. This includes the latest changes under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2025. The good news: Generally, you can still deduct most or all of ...

Keep your face always toward the sunshine - and shadows will fall behind you. -Walt Whitman

IRS Extends Deadline for Coronavirus Stimulus Payments to Nov. 21, 2020

IRS Extends Deadline for Coronavirus Stimulus Payments to Nov. 21, 2020 People who haven’t received a Coronavirus stimulus payment, and don’t typically file a tax return, can use an online tool to request their payment, up until Nov. 21.

Health coverage reporting deadline extended

Health coverage reporting deadline extended The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.

IRS releases final rules on business meals and entertainment

IRS releases final rules on business meals and entertainment The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.

Employers get guidance on income tax withholding from wages

Employers get guidance on income tax withholding from wages The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.

A friend may well be reckoned the masterpiece of nature. Ralph Waldo Emerson

IRS Offers Final Regs for Tax Withholding for Retirement and Annuity Payments

IRS Offers Final Regs for Tax Withholding for Retirement and Annuity Payments The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.

How to Make Smart Bets in Business

How to Make Smart Bets in Business Think through potential pitfalls and feel more secure regarding your investments and time.

Safety of employees, customers ranks as top pandemic-related concern

Safety of employees, customers ranks as top pandemic-related concern A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.

IRS Takes Non-Employee Compensation Out of 1099-MISC: New Form 1099-NEC

IRS Takes Non-Employee Compensation Out of 1099-MISC: New Form 1099-NEC The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC for such items as royalties, rent, and healthcare payments.

7 Steps to Starting a Business

7 Fundamentals of Starting Your Own Business - business.com A small business owner needs to consider things from several angles before making decisions.

IRS Issues Final Regs for 100% Bonus Depreciation

IRS Issues Final Regs for 100% Bonus Depreciation The 100% additional first year depreciation deduction was created in 2017 by the Tax Cuts and Jobs Act and generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property.

Final regs. govern CFC downward attribution

Final regs. govern CFC downward attribution The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.

FASB alters not-for-profit accounting rules for gifts-in-kind

FASB alters not-for-profit accounting rules for gifts-in-kind Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.

More Insurance and More Money: The Path to a Stronger Business Model

More Insurance and More Money: The Path to a Stronger Business Model What 2020 has really shown us is that businesses need more insurance and more money. And a captive insurance company is the only strategy that delivers both.

We cannot solve our problems with the same thinking we used when we created them. Albert Einstein

Salary and Benefits Trends During Covid-19

Salary and Benefits Trends During Covid-19 Employers have a growing list of concerns lately, including losing their top performers, new research from global staffing firm Robert Half shows. A large majority of senior managers surveyed (88%) said they are worried about their ...

10 Tools to Help Your eCommerce Business Get off the Ground

10 Tools to Help Your eCommerce Business Get off the Ground A round up of some of the best budget-friendly tools to help get your business going.

Small Businesses Still Being Shocked by Coronavirus

Small Businesses Still Being Shocked by Coronavirus The Small Business Pulse Survey, launched on a weekly basis in mid-May, looks at issues such as employment, revenue and supply chain disruptions. In the survey’s first nine weeks, it found pervasive difficulties with business operations and ...

5 Honest Truths About Starting A Business

5 Honest Truths About Starting A Business When it comes to starting your own business, don't be generic.

6 more IRS forms can be filed with e-signatures

6 more IRS forms can be filed with e-signatures The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.

Find out how marriage affects your federal taxes.

Getting Married? Find out how marriage affects your federal taxes. Visit https://www.irs.gov

Does Your Organization Need a Chief Innovation Officer?

Does Your Organization Need a Chief Innovation Officer? A CINO isn't just a one-man ideas machine. They help to create a company culture of innovation, and get investors on board with visionary change.