Ongoing Management and Protection

//Ongoing Management and Protection

Ongoing Management and Protection

CorpNet’s blog posts offer a wealth of information for navigating through the ongoing management and protection of startup and business operations. Our articles are written by industry experts who have the experience to help you avoid common and unnecessary mistakes.

What to Know About Business Entities and How You Can Save on Taxes Next Year

Businesses of all sizes and industries have been put through the proverbial ringer in 2020. No one could have foreseen the toll the coronavirus would take on entrepreneurs from independent contractors to C corporations and everyone in between. One positive thing, however, is the tax deadline has been pushed to July 15, 2020. That means there’s still time to learn about the tax issues based on your business entity and take advantage of some tax savings on your 2021 return, no matter what your legal structure.

Sole Proprietorship

In a sole proprietorship, there is […]

2020-05-13T11:20:06-07:00May 13th, 2020|Categories: Ongoing Management and Protection|

Help Your Clients Stay Compliant in a World of Information Overload

Your business clients are dealing with a barrage of information as the coronavirus pandemic evolves. The deluge of new requirements, rules, and recommendations related to COVID-19 has become overwhelming for many entrepreneurs. As a result, some of them may have temporarily lost sight of their ongoing business compliance filings.

They need your help!

Fortunately, many state governments have deemed professional services providers in the financial and legal industries as essential. Even if your business is under stay-at-home orders, you have ways to serve your clients remotely by embracing technology tools, like video conferencing. This […]

2020-05-11T09:22:09-07:00May 11th, 2020|Categories: Ongoing Management and Protection|Tags: |

10 Mistakes to Avoid When It Comes to the CARES Act Funding Relief

With tons of misinformation swirling out there, you may be afraid of making a crucial mistake when it comes to applying for and receiving CARES Act relief funding. Here are 10 mistakes to avoid.

Application Mistakes

1. Not Being Prepared

Any delay in your application could mean your business gets bumped to the bottom of the list. Have on hand:

  • Basic business and contact information
  • Average monthly payroll costs including employee salaries, wages, and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave, insurance premiums, etc.
  • 2019 Tax Forms (all […]
2020-06-15T10:44:38-07:00April 27th, 2020|Categories: Crisis Management, Ongoing Management and Protection|

The Small Business Mid-Year Checklist

How are we nearing mid-year already? If you’re like me, the current business climate has been a whirlwind of trying to keep up on new information, planning for post COVID-19 recovery, and still maintaining running our business operations. Now that we’re approaching the mid-way point of 2020, we think it’s a good time to remind you there are some deadlines you need to keep an eye on and important decisions yet to make.

Business Taxes

The tax deadline has been pushed to July 15, 2020 which gives individual and business taxpayers more time to […]

2020-04-28T12:44:33-07:00April 27th, 2020|Categories: Ongoing Management and Protection|

9 Tax Benefits in the CARES Act

There are more advantages to the CARES Act than just relief funding that can help your small business save money and those come in the form of tax breaks. Although most of the breaks are temporary, it’s important to take advantage of all that’s being offered to business owners now, so your company has the best chance of coming out of the pandemic healthy and if not profitable, at least in recovery mode.

Here are nine tax breaks and benefits you and your employees can take advantage of today.

Tax Benefits For Your Business

1. […]

2020-06-15T10:44:38-07:00April 27th, 2020|Categories: Crisis Management, Ongoing Management and Protection|

Texas Annual Reports and Franchise Tax Information

Does your business have to file a Texas annual report and pay franchise tax? Report filing requirements in Texas vary according to the type of business entity, so the answer to that question is, “It depends.”

In this article, I’ll list the different annual reports that businesses may need to submit to the Texas Comptroller’s office by the May 15 deadline of each year. I’ll also cover the basics of the Texas franchise tax, which must also be reported and filed by May 15.

Please note that due to the coronavirus pandemic, Texas has […]

2020-04-27T13:36:59-07:00April 27th, 2020|Categories: Ongoing Management and Protection|

3 Ways a Business Owner Can Respond to COVID-19

Small business owners know the key to survival in any economy is flexibility and adaptability. To handle difficult situations, such as the restrictions imposed during the current coronavirus pandemic, entrepreneurs must be creative and think outside the box to come up with solutions for business survival.

Here are three ways small businesses can successfully navigate to a positive outcome.

1. Scale to Meet Unusual Demand

In order to scale your company during the pandemic, your type of business would likely have to be deemed essential and be in high demand to provide services or products […]

2020-06-15T10:44:37-07:00April 23rd, 2020|Categories: Crisis Management, Ongoing Management and Protection|

How Loan Forgiveness Works for the PPP and the EIDL Loan Programs

Now that we are in full swing of the coronavirus pandemic, small businesses across the country are trying to make sense of the CARES Act and how the relief funding can help keep their businesses afloat. One area of confusion seems to be how a business receiving funds from the Paycheck Protection Program (PPP) and/or the Economic Injury Disaster Program Loan (EIDL) will have their loans forgiven. To date, details and information appear to change daily.

According to the Small Business Administration (SBA), there will be additional guidance on […]

2020-06-15T10:44:39-07:00April 20th, 2020|Categories: Crisis Management, Ongoing Management and Protection|

COVID-19 Relief Funding Alternatives

As of April 16, 2020, the SBA announced all appropriations for the Paycheck Protection Program and the Economic Injury Disaster Loan were exhausted. Small business owners are now in need of COVID-19 relief funding alternatives.

Below is a list of some COVID-19 funding options that are still available.

SBA Express Bridge Loans (EBL)

Eligibility: Small businesses that currently have a business relationship with an SBA Express Lender.

Loan Amount: Up to $25,000.

Purpose: Support for small businesses experiencing a temporary loss of revenue due to the coronavirus pandemic. The SBA Express Bridge Loans […]

2020-06-15T10:44:37-07:00April 20th, 2020|Categories: Crisis Management, Ongoing Management and Protection|

Paycheck Protection Program for the Self-Employed and Sole Proprietors

By now we have all at least heard about the Economic Injury Disaster Loan and the Paycheck Protection Program enough to know what the acronyms EIDL and the PPP stand for.  Even the infamous Pandemic Unemployment Program aka the PUA has become part of our daily vocabulary. But what are these programs and how do they work? More importantly, how do they work for us, for our clients, and are they enough to get us through this crisis?

Like me, you have no doubt been hunkered down at your desk watching recorded webinars, […]

2020-04-22T12:27:37-07:00April 17th, 2020|Categories: Ongoing Management and Protection|
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