Resources

Is Cofounder Conflict Threatening Your Business?

If you asked entrepreneurs to make a list of everything they think might one day pose a threat to their company, you’d probably hear a variety of answers. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they’re going to overcome cash flow issues. And some may still be worried about getting “taken for a ride” by the venture capital people they’re putting so much of their faith in. While all of these are understandable concerns, there’s one that’s often missing from the list: cofounders.

Read More >>

Here Comes the Math: Download PPP Loan Forgiveness Templates

UPDATED 6/3: It’s now time to start tracking your use of the funds to determine the amount to be forgiven. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action.

Read More >>

Payroll Tax Deferral: More Relief for Employers and Self-Employed

We have been providing you many updates during the COVID-19 pandemic, with most centered around the Payroll Protection Plan and loan forgiveness. And rightly so! The prospect of tax-free funds to businesses is an extraordinary benefit. However, there is another provision available to employers and the self-employed that has not received as much attention: the deferral of employment tax deposits and payments.

Read More >>

I’ve Received My PPP Funds, Now What?

Congratulations on receiving your Paycheck Protection Program (PPP) funds! You and your bank have worked hard to ensure that you have the funds available to maintain payroll and operations for the next eight weeks. But the hard work is far from over. And you’re likely asking, “What do I do now to qualify for loan forgiveness?”

Read More >>

Additional Guidance on the PPP Loan Application Process

On April 6, 2020, The Small Business Administration (SBA), in consultation with the Department of Treasury, issued additional guidance and clarifications on Paycheck Protection Program (PPP) loans. Below is an overview of these clarifications. If you have further questions, please don’t hesitate to contact us at 630-953-4900.

Read More >>

The Often-Overlooked Tax Issues Related to Hobbies

A hobby exists for pure enjoyment – there’s (typically) no goal to make money or make a living from a hobby. They are passion projects or fun activities that people choose to spend their time on because it makes them happy. But that doesn’t mean that hobbyists don’t make money from their hobby – sometimes they do! Tax law generally does not allow deductions for personal expenses except those allowed as itemized deductions on the 1040 Schedule A, and this also applies to hobby expenses.

Read More >>