Employee Retention Credit Available for Businesses Affected by COVID-19

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees.

The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year.

Employee Retention Credit Available for Businesses Affected by COVID-19

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees.

The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year.

Managing for Recovery – Marketing & Sales

We have reviewed the three principle areas that your management must focus on to survive and prosper in this period of change:

1)  YOUR VALUABLE FORMULA  - (read article here for detailed overview )

Re-assess the competitive element that generates profit and sustainable success for the business.

2)  MODIFY OPERATIONS – (read article here for detailed overview)

Change the way business works to adapt quickly to the changed environment.

3)  CASH MANAGEMENT – (read article here for detailed overview)

Establish the absolute priority of cash over profit and investment while the storm is blowing.

These are the inter-related and ignoring any of them will be detrimental to the long-term success of the business.

Another area of concern during times of crisis is “how do we grow revenue?” and to a conversation about marketing and sales.

MARKETING AND SALES

If products and services represent the nuts and bolts of the business, marketing and sales is the engine room that provides the drive for the business. In a classic episode of the TV show ‘yes Minister’, civil servants argued that the best run hospital in the health system was the one which had no patients. They had lost sight of what it was all about. In tough times it is quite vital that you do not lose sight of the importance of customers and sales.

Managing for Recovery – Cash Management

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

There are three principle areas that your management must focus on to survive and prosper in this period of change:

1)  YOUR VALUABLE FORMULA  - (read article here for detailed overview )

Re-assess the competitive element that generates profit and sustainable success for the business.

2)  MODIFY OPERATIONS – (read article here for detailed overview)

Change the way business works to adapt quickly to the changed environment.

3)  CASH MANAGEMENT - (review below)

Establish the absolute priority of cash over profit and investment while the storm is blowing.

These are the inter-related and ignoring any of them will be detrimental to the long-term success of the business.

MANAGE FOR CASH

At the sharp end of things is the need to manage for cash. If you can’t pay your bills, no matter how profitable you are, you will crash and burn. There are many tactics that can improve cash flow. Some of these are short term and one-off measures. However, to resolve any cash crisis you must have the right Valuable Formula and you must operate the business sensibly.

Managing for Recovery – Modify Operations

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

Managing for Recovery - Understanding Your Valuable Formula

How to position your business for recovery the right way.

How do we navigate our way through the economic turmoil? How do we ensure that our businesses continue to perform well and provide us with the ability to enjoy a full and rich life outside the workplace? How do we ensure that our businesses will in fact prosper, or at least be positioned to prosper, in the future?

How to Apply for Tax-Exempt Status

Some believe that creating a nonprofit automatically means their organization is tax exempt. This is not true. There is more to being a tax-exempt organization.

How to Apply to be a Prequalified Architectural & Engineering Firm for MassDOT

MassDOT routinely prequalifies Architectural and Engineering Firms (A&E) to provide services in various A&E discipline categories.

MassDOT uses this prequalification information when selecting firms for new A&E contract services. Municipalities and other parties may also use this information. An Audited Overhead Rate must be submitted to the Audit Operations Section as part of the prequalification process.

MassDOT uses a qualifications-based selection process for the procurement of firms for all A&E contracts and surveying services.

Helpful Tips When Searching for a Tax Preparer

The tax filing season is upon us, and many will be looking for someone to help them file a tax return. The IRS announced that the 2019 tax filing season will begin on Jan. 27. The agency expects to receive more than 150 million individual income tax returns. 

If you are searching, choose their tax return preparer wisely. This is because it is ultimately you, the taxpayer, who is responsible for all the information on your income tax return. It is important to remember this is true no matter who prepares the return.

Tips for Subcontracting with DOT

Subcontracting allows small and disadvantaged businesses to substantially impact the federal procurement preference programs. Large prime contractors receiving Federal contract awards valued over $700,000 ($1.5 million for construction) are required to establish plans and goals for subcontracting with small businesses, veteran-owned small businesses, service-disabled veteran-owned small businesses, HUBZone small businesses, small disadvantaged businesses and women-owned small business concerns. More information on the government's subcontracting program can be found under the Federal Acquisition Regulations Subpart 19.7

Why Employees Misuse Company Funds

 

Theft takes many forms. Individuals can steal one another’s heart. They can steal possessions, such as cars. Identity theft is a growing problem. Trivial matters can steal time. Although many individuals don’t regard misusing company assets as theft, it is a form of stealing, that along with employee theft, costs American businesses millions, if not billions, of dollars every year.

There are dozens of ways of misappropriating business funds, from taking company supplies for personal use to falsifying expense reports or hours worked to skimming cash. While these may seem like minor infractions for relatively small amounts, they can add up over time.

increasing-reimbursements-and-profits-at-your-architect-and engineering-cover-3d-600

Increasing Reimbursements and Profits at Your Architect & Engineering Firm



3 Steps to Optimizing Your FAR Overhead Rate

Get Your Copy >
Recent Posts

Employee Retention Credit Available for Businesses Affected by COVID-19

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wages (including allocable qualified health pla...

Read more

Managing for Recovery – Marketing & Sales

We have reviewed the three principle areas that your management must focus on to survive and prosper in this period of change: 1)  YOUR VALUABLE FORMU...

Read more

Managing for Recovery – Cash Management

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there ...

Read more

Managing for Recovery – Modify Operations

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there ...

Read more