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EMPLOYEE RETENTION CREDIT AS AN ALTERNATIVE TO A PAYCHECK PROTECTION LOAN
The popular Paycheck Protection Loan is not the only tax-free cash infusion provided to businesses by the CARES Act. Section 2103 of the Act provides an additional means for employers to obtain tax free cash to assist in retaining employees during the period of business contraction caused by the Corona virus government mandates. Section 2103…
Read moreReview Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018
In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership…
Read more2015 Action Required To Maintain Qualified Status Of Prototype Defined Contribution Plans
Maintaining up to date documentation for your retirement plan is extremely important and not something employers should take lightly. During a plan audit the first thing the IRS auditor asks for is a signed copy of the Plan Document with all amendments. If these do not contain provisions timely reflecting the latest legislative and/or regulatory…
Read moreExcluding Gain on the Sale of a Home
As the size of a family increases, families traditionally seek to replace the home they are outgrowing with a larger one. As time goes by and parents become empty nesters it is not uncommon for thoughts to turn to downsizing or perhaps becoming snowbirds and moving to a warmer climate. These, as well as other…
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