Resources

Archive for January, 2021

Monday 01/11/2021

What Your WIP Schedule Can Tell You

The monthly work-in-progress (WIP) schedule your team puts together can be so much more than your financial statements. It can help you manage and plan throughout the entire year to better manage your jobs, maximize your profits, and assist with tax planning. Make Sure Your WIP is Accurate To start, make sure your WIP schedules […]

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Do I Need an Exit Plan for My Business?

Exit planning is not usually the first thing entrepreneurs and business owners are thinking about. The daily demands of growing a business often take priority over long-term planning, but it’s the long-term planning that can transition current success into something that lasts a lifetime. 99% of business owners say that their transition strategy is important […]

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Friday 01/08/2021

Important Tax Credit Updates Under Latest COVID-19 Relief Bill

Employee Retention Tax Credit Back in March of 2020, The CARES Act granted eligible employers a credit, the Employee Retention Tax Credit (ERTC), against employment taxes equal to 50 percent of qualified wages paid to employees who are not working due to the employer’s full or partial suspension of business or a significant decline in […]

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Tax Implications of Consolidated Appropriations Act for December 2020

On December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133) into law.  Below are the significant individual and business provisions. Extension of Unemployment Insurance Compensation Benefits An 11-week extension of unemployment insurance benefits.  This will provide an additional $300 per week along with state unemployment insurance. Stimulus Checks to Individuals Similar to […]

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Tuesday 01/05/2021

UPDATED FOR 2021: Tax Considerations for Newlyweds

Gwyn Broski is a supervisor in the tax department at Corrigan Krause. Update from Scott Serfozo, supervisor in the tax department at Corrigan Krause.   Marriage is an exciting time for couples however, along with most life changes; your tax situation also changes. It is important to understand basic tax considerations and consequences for newlyweds. […]

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