Keep Your Money in the Family with These Estate Planning Tips
This article explains why and how keeping money within the hands of the people you trust will help you in the future. Heirs could be responsible for “paying federal income taxes on either assets or retirement accounts, and if you plan poorly, your money could end up in the hands of an ex-spouse or creditor.” To prevent that tragedy, meeting with an estate attorney and an accountant could be very beneficial. To help keep your...
Keeping a Family Business Running Smoothly Generation after Generation
This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents, even if they do not want to follow their steps. Parents that focus too much on their business instead of...
Material Shortages Impact the Construction Industry
This article discusses how the construction industry has still not fully recovered from the coronavirus pandemic and the ensuing supply chain difficulties. For example, key materials such as steel, PVC pipes, and drywall have all seen a significant price jump and shortages causing delays throughout the industry. However, lumber did see a price drop throughout the last few months, but the price stored back up by 40% since August. Overall, if you are planning or...
Business Travel Deductions for 2021
This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business through travel, and if you are honestly keeping records of money spent, many deductions await. In fact, you can sprinkle in some pleasure during the...
Receipt Signatures, Does Your Small Business Need Them?
This article discusses an important topic that all small business owners should consider as it occurs every single day. In the past, credit card transactions required a signature in order to help authenticate the purchase. However, with the development of EMV technology, most credit card companies have dropped this requirement, and large companies such as Walmart and Target applauded this decision. However, for small businesses, it is more important to ask some key questions in...
The Top 5 Challenges a Business Owner Faces
By: Zack Greene Many business owners struggle with the same problems. CEOs (presidents, owners, shareholders—whatever you happen to label them as) need more time to work on the business. In order to do this, they need to overcome common pitfalls to direct their workload away from the day-to-day work that sometimes leaves their efforts stuck in the weeds. CEOs are often hesitant to ask for outside professional assistance. They believe that they must manage the challenges that...
Federal Vaccine Mandates for Contractors
This article discusses how federal contractors are going to be required to be fully vaccinated against the COVID-19 virus by December 8th of this year. The guidance specifically states that the protocols will include covered contractor employees and “contractor or subcontractor employees in covered contractor workplaces who are not working on a federal government contract or contract-like instrument.” Additionally, this link also outlines some of the other new workplace safety protocols that are going to...
Productivity Tips for Your Small Business
This article discusses both the importance of a good leader in any small business as well as the requirement that the business is productive. To help you decide what is important to understand, members of the Young Entrepreneur Council weigh in on what they believe are tips that all small businesses should be considering. For example, prioritizing responsibilities, automating and digitalizing tasks, having a clear-cut definition of success, and tracking business performance are all strategies...
Succession Planning for Your Family Business
This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years ahead can eliminate power struggles, allows you to thoroughly vet candidates, and allows you to come to the realization that soon you will no longer...
Affordable Marketing Ideas for Startups
This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails to the right people are all inexpensive ways that your startup can gain consumer attention. It’s also important to constantly be in a creative and innovative mindset during this process....
Carter Heim Admitted to the Anne Arundel Hall of Fame
Carter Heim, CPA.CFF.CGMA, MST will be inducted to the Business Hall of Fame by the Anne Arundel Chamber of Commerce on October 14, 2021. Heim started his accounting career in 1975 and founded Heim & Associates, the predecessor of HeimLantz, in 1995. Since then, he has led the firm in serving a wide range of clients, including businesses, business owners, and organizations. Heim offers clients business and tax planning, succession planning, estate tax planning, business growth...
Things to Consider Before Selling Your Business
This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method, market method, and income method. It is also important to acquire a third-party professional to determine if the sale is fair. Seeking financial and legal expertise, hiring a professional business...
What You Need to Know About Business Meal Deductions
This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.” However, differentiating between business entertainment and meals required more guidance. In short, proper documentation such as the amount of the...
Consistency is Key for Mask and Vaccine Mandates
This article discusses how the recent surge of the Delta variant of the coronavirus pandemic has made things difficult for construction project managers and company owners. For example, topics such as mask mandates and proof of vaccination are causing managers to change their existing policies. However, no matter how many changes, being consistent is the most important component. In fact, “consistency of enforcement is imperative to establishing the legitimate nature of the policy, as well...
Succession Planning Strategy for Your Business
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start...
Tax Deadlines for the Remainder 2021
Tax Due Dates for the Remainder 2021 September 15, 2021: Deadline for third-quarter estimated tax payments for the 2021 tax year September 15, 2021: Final deadline to file partnership and S corporation tax returns for tax year 2020, if an extension was requested (Forms 1065 and 1120-S) October 15, 2021: Final extended deadline to file individual and corporate tax returns for the year 2020 (Form 1040 and Form 1120) October 15, 2021: Deadline for taxpayers who earned $69,000 or less in adjusted...
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years. That’s bad news for those taxpayers who are eagerly waiting for tax refunds. For tax year 2020, roughly 70 percent of the individual returns...
The Treasury Green Book of Biden Proposed Tax Changes
The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress. The Green Book proposals include both domestic and international taxes; however, this article will only cover domestic tax issues that...
Exit Strategy: How to Create One for Your Small Business
Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time in your business ends up meeting your personal goals and expectations is to prepare an exit strategy now. Crafting an exit...
Tax Issues Related to Renting Your Vacation Home
Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for themselves and their family, doing so can offset some of the expenses related to the property, and you may even...
Mitigating High Prices with Lean Construction Tactics
This article discusses how a combination of unique circumstances such as the Suez Canal blockade, an ice storm in Texas, labor shortages, and manufacturing slowdowns due to the pandemic have all put a very intense strain on contractors within the construction industry. However, by utilizing technology, construction workers have relied on extreme efficiency and improved productivity to guide them through a challenging year. Be sure to check out this link for more information! To view this...
Tips for Selling Your Business in 2021
This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as considering multiple exit strategies, not rushing, and picking the right PE partner can make all the difference in the world....
SBA Releases New PPP Loan Forgiveness Guidance
On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas: PPP loan recipients will be able to use a new COVID Revenue Reduction Score for necessary documentation regarding second-draw PPP loans. ...
Warehouse Real Estate and Construction Demand is Climbing
This article discusses how the world we live in is becoming highly digitalized, and how tools, such as e-commerce, are causing change within the construction and industrial real estate industries. For example, the growth and e-commerce, especially during the COVID-19 pandemic, caused more demand for warehouse space in each region of the United States. In fact, rent in each region has increased in the first two quarters of this year. Be sure to check out...
Family Business Succession Tips
This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all set your family business up for success for generations to come. Be sure to check out this link for more details! To view this article, click...
Strategies to Lower Your Construction Business Taxes
This article discusses how the construction industry pays a lower tax rate when compared to most other sectors. Leading firms within the construction industry achieve this through many ways, all of which are legal and should be utilized throughout the entire industry. For example, depreciation on assets, stock compensation, and research and development tax credits are all strategies outlined in this link. Be sure to check out this link for more information and details! To view...
Getting the Most From Selling Your Business
This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are at in the mergers and acquisition process, be sure to check out this link for more information and to be as educated as possible! To view...
Which Meals Qualify for the Temporary 100% Expense Reduction?
This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding when the 100% deduction and when the 50% limitation applied. Be sure to check out this link for more information and details that are relevant...
Creating a Post-COVID Workplace
This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally, prioritizing what employees need, and supporting growth in both work and personal aspects is going to be key these next few months. Be sure to...
Tax Rates for Public Contractors are Low
This article discusses both the plan that has been proposed by President Biden and the tax rates that currently exist in the private and public construction industries. The CEO of the Associated General Contractors of America believes that “the president’s proposal to finance the new investments primarily via an increase in the corporate tax rate will likely undermine many of its economic benefits.” However, Biden seems set on how he is going to finance his...
Marketing Your New Startup
This article discusses how many startup firms are having similar problems in marketing and getting their new ideas out there. Whether your startup is 5 years old or 5 days, utilizing tips such as email best practices, social media, blogs, and truly staying authentic can prove beneficial in the long run. Be sure to check out this link for more information and details! To view this article, click HERE to access the original content. ...
OSHA Guidance on COVID Measures and Vaccination
This article discusses the latest news from the occupational safety and health administration concerning COVID-19 regulations within the workplace. For example, “employers no longer need to take steps to protect their workers from COVID-19 exposure in any workplace, or well-defined portions of a workplace, where all employees are fully vaccinated.” However, employers are also encouraged to grant paid time off for employees to continue to get vaccinated. Be sure to check out this link for...
Tips for Family Business Success
This article acknowledges and discusses how running a family business can be difficult at times. From balancing a family work-life balance to communication issues, this industry can be very challenging. However, by following tips such as actively managing family dynamics, hiring externally when necessary, establishing a structure, and succession planning, your family business can be at the top of its game. Be sure to check out this link for more information and details! To view this...
Tax Update 2021
Daniel Russell and Amy Smith recently presented and update on tax topics to watch for during the remainder of the year.
HeimLantz CPAs and Advisors Announces New Promotion for team member, Sheri Mergenthaler
HeimLantz CPAs and Advisors is pleased to announce that Sheri Mergenthaler, CFP®, CPWA®, CDFA® has been promoted to Director of Wealth Management. Mergenthaler joined the HeimLantz team in 2006 as a Wealth Management Assistant. From the start of her career at HeimLantz, she realized how much she loved helping others achieve their personal financial goals. In fact, her internship at HeimLantz was what inspired her to change her college major to finance. Mergenthaler has benefited from a...
Important Tax Due Dates – June 2021
IMPORTANT NOTE: Maryland Maryland State Tax Deadline is July 15, 2021. June 2021 Individual Due Dates June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day of the prior year (Dec 31, 2020) is used to determine the...
7 Different Types of Income Streams for Your Business
No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income stream is an insurance policy against economic disaster. It provides a cushion to keep you afloat if your business suddenly falls off. Though some types of businesses have a...
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House of Representatives and the Senate before becoming law. With a price tag of more than $1.8 trillion, many on both...
Trends Shaping the Construction Industry
This article discusses how, like most industries, the construction industry was severely disrupted by the outbreak of the coronavirus. Because of that, it is vital to take advantage of the emerging trends in 2021. These trends include green efforts, modular designs, and remote work sites. No matter your current standing, these trends can apply to you and your company in some way. Be sure to check out this link for more details and the full...
Financial Mistakes Business Owners Made During the Pandemic and How to Avoid Them
This article discusses how many businesses felt a significant negative impact due to the coronavirus pandemic this past year. Although most of the setbacks were unavoidable, it is important to do everything in our power to avoid making the same mistakes in the future. For example, mistakes such as not keeping good business records, not having cash reserves, not having multiple streams of income, and not being somewhat educated on your numbers are all instances...
HeimLantz CPAs and Advisors Welcomes Daniel Russell to Ownership Group
HeimLantz CPAs and Advisors proudly announces the addition of Daniel T. Russell, CPA.ABV.CFF, CVA, CFE, MSA to the firm’s ownership group. “As a person of color, I am extremely proud to now be in this leadership position,” said Russell. “One of our firm’s core values is Innovate to Differentiate and I see myself as an example of that core value in action. HeimLantz does not do things similar to other firms. We have created a culture...
Strategy of Time Clock Rounding
This article discusses the business strategy of time clock rounding in order to ease payroll calculation and prevent employee time theft. With many employees still working from home, these practices are important to review frequently. Legally, if you participate in rounding, there are three approved rules that you must follow. One is the 15-minute rounding, the second is five-minute rounding, and the third is six-minute rounding. Be sure to check out this article for more...
Management Changes Happening in the Construction Industry
This article discusses how a shift in mindset is driving construction management and how they approach both job sites and designs. Specifically, environmental sustainability efforts, supply chain efficiencies, and advanced building materials are all areas of focus for big construction companies such as CEMEX Ventures, Ferrovial, Dysruptek (a Haskell venture), HILTI, GS Futures, Vinci Groups’ Leonard platform, and NOVA. These top companies are looking for startups to help them in their efforts. Be sure to...
Remote Work Policies That Last
This article discusses how the coronavirus pandemic has shifted the way many industries are conducted on a day-to-day basis. Specifically, teleworking has become the new norm, and it is important to have proper procedures in place in order to promote efficiency for your business. A few tips include communicating and being transparent with your employees, real estate agreements, and technology utilization. Be sure to check out this link for more information and details! To view this...
The Benefits of Work Management
This article discusses the definition of work management and how it differs from project management. Specifically, work management “is the oversight and supervision of all individual and team tasks and task lists within one project or across a company’s operations.” The concept of work management can include pieces of time, resource, process, and client relationship management. No matter your industry, being both efficient and effective in the workplace can prove to be very beneficial. Be...
New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery
On April 21, 2021, President Biden announced a tax credit for employers that would reimburse them for providing paid time off to employees to cover both getting vaccinated and any recovery time required due to vaccine side effects. The IRS followed up the President’s announcement with a new release offering details about the credit. Under the authority of the American Rescue Plan Act of 2021 (ARP), employers that meet eligibility requirements can claim a refundable tax...
Maximizing Tax Incentives Before You Build
This article discusses how many projects within the construction industry qualify for tax incentives that can save millions. By utilizing tax strategies such as cost segregation, bonus depreciation, and 45L energy-efficient tax credit, these projects can become a lot more affordable. Taking the time to look over your liability insurance coverage, federal incentives, and accelerated depreciation can prove to be beneficial. Be sure to check out this link for more information and details! To view this...
Tech Trends for Small Business to Watch in 2021
This article discusses and outlines seven different technology trends to watch within the small business industry. Specifically, these trends are designed to improve software, automation, and machinery functionality. Artificial intelligence-powered chatbots and CRM, streamlining HR work, 5G, and voice-activated payments are all expected to have a significant impact. Be sure to check out this link for the full list and more information! To view this article, click HERE to access the original content. ...
Daniel Russell Participates in Cross-Border Cannabis Discussion
Daniel Russell recently lead a discussion around unique tax code opportunities available within the cannabis industry. He also spoke with cannabis dispensary owner Michael Tese of Gold Leaf Dispensary to discuss merger and acquisition activity on the East Coast. Click here to watch the video, which was apart of a larger webinar presented by GreenspoonMarder. To watch the full webinar, Cross-Border Cannabis Issues, please click here.
Many Contractors Are Not Interested in Getting the COVID Vaccine
This article discusses the results of a recent survey organized by construction dive. The results revealed that “46% of readers responding to last week’s survey who have not yet gotten the vaccine said they have no plans to.” Additionally, the article offers data on the reasons contractors are hesitant to get the vaccine as well as the numbers surrounding respondents who have received at least one dose. No matter your standpoint, this survey could point...
Credit and Debt Collection Strategies Your Business Can Implement
This article discusses and emphasizes the importance of having and implementing the most efficient debt collection process possible. Providing services to your client before payment is often a risky but necessary part of doing business. Implementing strategies such as invoice date, contact information, and obvious total invoice values can help ensure that your business gets paid. Be sure to check out this link for more information and details on some of the best practices for...
Estate Planning Techniques During COVID
This article discusses how the COVID-19 pandemic has resulted in low interest rates and depressed asset values, creating a very unique opportunity for estate planners. Specifically, this article outlines five different strategies to consider utilizing during this time. For example, annual gift tax exclusion, gifting interest, annuity trusts, and intra-family loans are all topics that should be considered. Be sure to check out this link for more information and details! To view this article, click HERE...
Keeping Your Company Grounded During a Crisis
This article discusses and emphasizes the need for all businesses to be able to adapt and pivot in the right direction, especially during a crisis like the Coronavirus pandemic. Some tips that are outlined are the ability to strategize quickly, supporting company morale, staying grounded, and preparing for a future crisis through risk management. No matter your industry, these tips can be very beneficial if implemented in the proper format. Be sure to check out...
SBA Announces Changes to COVID-19 EIDL Loans
The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program. As of the week of April 6, 2021, the maximum loan amount for COVID-19 EIDLs will increase to $500,000. Under the CARES Act, the EIDL program was expanded to cover eligible businesses experiencing substantial economic injury resulting from the pandemic. The act also relaxed a number of traditional EIDL loan stipulations, making COVID-19 EIDL loans more...
HeimLantz Welcomes Laura Macauley to Ownership Group
The regional accounting firm HeimLantz CPAs and Advisors proudly announces the addition of Laura Macauley, COO, to the firm’s ownership group. Macauley has been with the firm for a collective 9 years, taking some time off in 2008 before rejoining the HeimLantz team in 2013 as a firm administrator. Macauley has been COO since 2017. As COO, Macauley oversees HeimLantz’s day-to day operations, which include client relations, finance, human resources, and strategic planning. She has extensive...
IRS Announces Individual Tax Deadline Extension
For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain to the U.S. tax bureau. On Wednesday, March 17, the Internal Revenue Service (IRS), in conjunction with the U.S. Treasury Department, announced an extension of the...
American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on the provisions included in the ARPA. Individual Stimulus Checks Estimated portion of the stimulus package: $422 billion The ARPA includes another round of economic impact payments for people who...
Transforming Local Government Through Digital Technology
This article dives into the many challenges that local government is facing due to their inability to transform into a more digital operating system. For example, many outdated IT infrastructures are still being used and that has led to longer wait times and challenges shifting to remote working. That being said, the local government industry has the unique ability to utilize innovative technology to transform their everyday operations. Be sure to check out this link...
Consider COVID-19 Vaccine Incentives for Workers
This article discusses how construction workers are among the least likely to receive the COVID-19 vaccination according to a study. However, many contractors and employers are considering incentives in order to promote the safest environment possible. For example, paying workers while they get their vaccination and paid sick leave for workers who experience side effects are among the possibilities. Be sure to check out this link for more details! To view this article, click HERE to...
Changes in the PPP Program Working Better This Time Around
This article discusses how the Small Business Administration has made significant changes when comparing the first round of the Paycheck Protection Program (PPP) and the most recent program. Specifically, the SBA stated that “The changes aim to speed up the flow of funds to PPP applicants while maintaining the integrity of the program.” These changes lead to money reaching the smallest of businesses, reaching rural communities, and increased partnerships. Be sure to check out this...
HeimLantz Shares the Love
This year, we created a Share the Love Event, which ran February 8 – 20. This event allowed our team members and our clients to share some love on Valentine’s Day to those in need. Each office collected food and personal hygiene items for local food banks in our communities. Below are the organizations that each office supported.The Annapolis office donated to the West Annapolis Pop Up Pantry, a food drive funded through the Marshall...
Changes to the New PPP Attempt to Aid Small Businesses
This article discusses some of the key changes the Biden administration is making to the application process of the paycheck protection program. Specifically, Monday started a two-week period in which only businesses that have less than 20 employees are able to apply for the loan. Additionally, changes to the loan calculation formula are going to be implemented as well. The aim is to help sole proprietors, independent contractors, and self-employed individuals. Be sure to check...
Is Your Home Office Tax Deductible?
Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Who says that? The IRS. Show me where they say that! In IRS Publication 587, the IRS says this: Your home office will qualify as your principal place of business if you meet the following requirements: You use it exclusively and regularly for administrative or management activities of your trade or business. You have...
Increase in Steel Prices Threaten to Slow Construction Jobs
This article discusses the price increase of two vital materials, steel and lumber, within the construction industry. Specifically, “Over the past year, softwood lumber spiked 73%, according to the Producer Price Index,” and “Iron and steel scrap has surged 50.8% in the last 12 months.” On top of this disruption, supply chain difficulties are also making life in the construction industry more difficult. Be sure to check out this link for more details and information! To...
Keys to Successful Change Management in Family Business
This article discusses how important family businesses are to the economy of the United States. However, “70% of family businesses last just one generation before they either fail or are sold.” Succession planning can be difficult at times, but implementing strategies such as narrowing your target, taking a step back, and measuring everything can prove to be beneficial when handing down your company. Be sure to check out this article for more information and details! To...
New Paycheck Protection Program
The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a loan. Done right, however, the PPP loan is 100 percent forgiven. The word “loan” makes some businesses leery of this arrangement. Don’t be. The PPP...
What Are the Tax Advantages of Home Ownership?
Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average for a 30-year fixed-rate mortgage was just under 3%, the lowest it has been in the last 50 years or even longer. Many individuals are taking advantage of the historically low rates to buy their first home, sell their existing home to move up...
IRS Offers New Identity Protection for Taxpayers
In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit code known only to the taxpayer and the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information. The IP PIN serves as the key to an individual’s...
Congress Has Authorized a Second Round of PPP Loans
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each location could not have more than 500 employees. Unfortunately, this opened the door to some large businesses gobbling up the allocated funding and shutting out...
How Socially Responsible Investing Is Intersecting With Construction
This article discusses how the construction industry is changing on a number of levels including working towards more sustainable efforts. In fact, investors are starting to take notice of sustainability efforts being a key ingredient in any successful construction project. With this new outlook comes many expectations and may demand construction infrastructure to change as a whole. Be sure to check out this link for more information! To view this article, click HERE to access the...
What is Business Identity Theft and How to Avoid It
This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.” Along with bringing on a forensic accountant, investing in security can be a potential business saver. Be sure to check out this link for more information and details! To view this article,...
The Benefits of S-Corporation Election
Should your single member LLC or other sole-proprietorship elect to be an S-corporation effective January 1, 2021? If so, the deadline to elect this option is March 15, 2021. Please contact your HeimLantz Advisor to discuss whether you would benefit from converting to an S corporation and the cost of the analysis. S-corporations offer many tax advantages. Some of these advantages are detailed below. Reduced self-employment taxes, assuming reasonable wages are paid. Self-employment tax is assessed against income...
2021 Individual Tax Reminders
We are committed to delivering a great client experience while maintaining the safety of our team and our guests. Our offices are open but to reduce the spread of COVID-19, we have limited staff on site. Please contact your accountant or call the office’s main line at 410-841-5575, if you would like to schedule a teleconference, video conference, or in-person meeting. Dates to Remember April 15: this year's filing deadline. March 1: all tax organizers and...
8 New Tax Breaks in the Recent Stimulus Bill
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But Form 1040 American taxpayers who are not in business are struggling as well. The stimulus bill contains a hodgepodge of eight new or extended tax breaks intended...
Turn Your Meetings Into Effective Leadership Tools
Do your meetings feel more like a waste of time? Are they worth the effort? Businesses need to establish meeting rhythms in order to create more strategic, efficient, and effective meetings with their teams. In our latest video, Gravitas Impact Coach Zack Greene takes you through four reasons why your meetings aren't accelerating your business.
Things to Consider Before Applying for a PPP Loan
This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a second draw are all things to be contemplated as you start the application process. Be sure to check out this...
The Benefits of S-Corporations
Should your single member LLC or other sole-proprietorship elect to be an S-corporation effective January 1, 2021? If so, the deadline to elect this option is March 15, 2021. S-corporations offer many tax advantages. Some of these advantages are detailed below. Reduced self-employment taxes, assuming reasonable wages are paid. Self-employment tax is assessed against income reported on a Schedule C (or Schedule F for farmers) at a rate of 15.3%, up to certain limits. In contrast, S-corporation shareholders,...
ABLE Accounts: Game Changer for the Disabled
Sixty-one million adults and over 12.6 million children in the United States have some type of disability. If you have a disabled or blind child or another family member or are disabled or blind yourself, you should know about ABLE accounts. These tax-advantaged accounts can be a real game-changer for the disabled. Ordinarily, a disabled person who receives government benefits can only have $2,000 in cash or other countable assets. This can make it impossible for disabled...
Top Tech Trends to Watch in 2021
This article discusses how, like most industries, the technology world has been impacted by the coronavirus pandemic in a number of ways. For example, trends in e-commerce, telemedicine, and remote learning are expected to take center stage in the new year. Specifically, robots, 5G and its impact on transportation, and cloud usage are all outlined in this article. Be sure to check out this link for more information! To view this article, click HERE to access...
Marketing Tips for Start-ups
This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to check out this great link for more information and details on how to utilize these tips! To view this article, click...
What You Should Know About Estate Taxes
If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The decedent’s medical expenses provide you with planning opportunities to deduct as itemized deductions (subject to the 7.5 percent floor) not only the medical expenses incurred during the taxable year of death but also those unpaid at the date of death but paid within one year of death; or deduct in full...
6 Engineering R&D Tax Credit Activities
This article discusses and outlines the qualifications for a hidden opportunity within the engineering industry that rewards your firm for innovative efforts. A research and development tax credit could be rewarded to projects such as alternative structural designs, testing new materials, designing sewage systems in complex environments, and conduct in environmental studies. Be sure to check out this link for the full list of qualifying activities as well as more information on research and development...
Building a Lasting Family Business
This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as well as the owner strategy triangle. Be sure to check out this great source for more information! To view this article,...
Paycheck Protection Program Opportunities
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, you should know that the big picture works like this: You obtain your PPP tax-free monies from a lender (it’s called a “loan,” but watch...
COVID Grants
Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) advances, and new grants for shuttered entertainment venues such as movie theaters. The good news is that, unlike loans such as SBA EIDLs, these grants...
COVID Relief and the Construction Industry
This article offers a breakdown of the most recent coronavirus relief bill and what it means for the construction industry. Specifically, it outlines the many opportunities that lay inside the bill for contract workers. Topics such as school construction, clean energy projects, and military housing are all discussed. To view this article, click HERE to access the original content.
Trends Driving Small Business in 2021
This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. To view this article, click HERE to access the original content.
New Paycheck Protection Program Guidance Released
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim final rule titled, “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” – This document includes a consolidation of...
President Signs Coronvirus Relief Act
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal government through September of next year. The nearly $900 billion in stimulus funds comprises a variety of measures, including a renewal of enhanced unemployment benefits, an extension of the Paycheck Protection...
Tax Changes Coming: What Contractors Need to Know
This article discusses how the end of 2020 brings the need for a conversation surrounding tax planning and consideration of other financial issues/opportunities. Additionally, it outlines the importance of turning to a tax and accounting expert in order to stay in compliance, but it also outlines some basic points to start this vital process. For example, changes in accounting methods, the election effect, and research and development credits are all points that should be considered....
Succession Planning Trends to Watch
This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure to check out this link for more details! To view this article, click HERE to access the original content. ...
Processing Payroll in 8 Easy Steps
Although outsourcing payroll is an effective approach, completing payroll in-house can save your business time and money. You may think that completing payroll is a daunting task, but following tips such as determining overtime pay, calculating gross pay, and determining deductions before you start the payroll process can keep you in check. Additionally, keeping records after each pay period is also a vital tip. Check out this link to take a short quiz and to...
Essential Workers Are Second in Line for Vaccine
The article discusses the recent publication from the CDC outlining their plan for the second wave of coronavirus vaccines. Specifically, “essential workers” Are scheduled to receive the vaccine only behind healthcare workers. However, their publication listed “education, food, and agriculture, utilities, firefighters, correction officers and transportation” workers as examples. However, the vice president of the AGC is not worried that construction workers were not listed. Check out this link for more information! To view this article,...
Income Tax Brackets for 2020 and 2021
This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare last year to the expected upcoming 2021 federal income tax bracket and rates. To view this article, click HERE to access...
Maryland Enacts Pass-Through Entity SALT Deduction Workaround
On May 7, the governor of Maryland enacted SB 523 – Income Tax—Pass-Through Entities and Corporations. This new legislation aims to provide relief for taxpayers from the $10,000 cap on federal deductions for state and local taxes (SALTs). SB 523 goes into effect on July 1, 2020 and applies to tax years 2020 and beyond. SB 523 was created in response to a change made by the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA...
What Contractors Can Expect from the New Administration
This article discusses the election effect that is going to be felt in the construction industry in the months to come. For example, Biden promised to “invest $2 trillion into the economy, creating millions of jobs in infrastructure, housing, building construction, and other projects.” Additionally, the strengthening of worker organizations and unions should be monitored. Be sure to check out this article for more information! To view this article, click HERE to access the original content. ...
Finding, Retaining, and Rewarding the Right Staff and Clients
This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out this link for more details! To view this article, click HERE to access the original content.
Deducting Losses – Current NOL Rules Related to the CARES Act
This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses, “It is critical for those businesses and especially their financial advisers to be updated on the current rules surrounding the NOL deduction.” Be sure to check out this link for...
Assessing and Understanding Your Weaknesses
When a driver fails to check their blind spot before changing lanes, an accident can easily happen; similarly, when an accounting professional fails to have a clear understanding of their weaknesses, it can be very detrimental to their career. Today we want to talk about a potentially unpopular subject: assessing and understanding your own weaknesses. Benefits of Understanding Your Weaknesses Nobody really enjoys contemplating what they are bad at, but it is an exercise well worth the...
How Sustainable Development Can Qualify as R & D Tax Credits
This article discusses how many occupations including builders and property owners can benefit from research and development tax credits by pushing for sustainable development. Specifically, “Sustainable construction practices that involve innovative processes and activities may qualify for R&D tax credits.” These opportunities often go overlooked, but research and development tax credits are a significant part of the tax code in the United States and are aimed at keeping technology and other advancements within our nation....