Propel CFO

03/29/2021

Are you considering buying a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. New and used heavy SUVs, pickups and vans acquired and put to business use in 2021 are eligible for 100% first-year bonus depreciation. However, you must use the vehicle more than 50% for business. If your business use is between 51% and 99%, you can deduct that percentage of the cost in the first year the vehicle is placed in service. This tax break is available only if the manufacturer’s gross vehicle weight rating is above 6,000 pounds. Consult with us to help evaluate if this is the right move for your business.

03/29/2021

The recent signing of the American Rescue Plan Act (ARPA) brings potentially good news for many business owners: the employee retention credit (ERC) has been extended again. The ERC was originally introduced under the CARES Act to provide tax relief to companies that retain employees during the COVID-19 pandemic. It was then extended and enhanced under the Consolidated Appropriations Act. The ARPA further extends the ERC from June 30, 2021, until December 31, 2021. It also extends the higher percentage of 70% of qualified wages, as well as the allowance for up to $10,000 in eligible wages for any calendar quarter. We can explain further and help you determine whether your business qualifies.

01/19/2021

Fun fact: How much did Americans save in 2020?

01/10/2021

PPP Round 2 application forms have been released.

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

01/06/2021

Could your small business use another cash infusion from the Paycheck Protection Program? The new COVID-19 relief law makes this a distinct possibility if you qualify.

https://propelcfo.com/index.php/2021/01/06/need-another-ppp-loan-for-your-small-business-here-are-the-new-rules/

01/06/2021

Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.

https://propelcfo.com/index.php/2021/01/06/new-law-doubles-business-meal-deductions-and-makes-favorable-ppp-loan-changes/

12/31/2020

Most of us are ready to turn the page on 2020. If you’re a business owner, after the confetti clears in 2021, make sure everyone at your company is thinking about ways to build the bottom line

https://propelcfo.com/index.php/2020/12/30/ring-in-the-new-year-with-a-renewed-focus-on-profitability/

12/29/2020

Are you reconsidering the choice of entity for your business? These are several factors to consider when converting from a C corporation to an S corporation. Here are four of them.

https://propelcfo.com/index.php/2020/12/29/the-right-entity-choice-should-you-convert-from-a-c-to-an-s-corporation/

12/28/2020

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

https://propelcfo.com/index.php/2020/12/22/2021-q1-tax-calendar-key-deadlines-for-businesses-and-other-employers/