Massachusetts Continues to Offer COVID-19 Relief Grants to Small Businesses in the Commonwealth

From its share of the American Rescue Plan Act of 2021, the Commonwealth of Massachusetts has made a total of $75,000,000 available to support small businesses negatively impacted by the COVID-19 pandemic. These funds will be administered by the Massachusetts Growth Capital Corporation (MGCC) through two different grant programs, the New Applicant Grant Program and the Inclusive Grant Program.

Can You Deduct The Costs of a Spouse on a Business Trip?

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.

The Importance of Business Recordkeeping

If you operate a business, or you’re starting a new one, you’ll need to keep records of your income and expenses. Specifically, you should carefully record your expenses to claim all the tax deductions to which you’re entitled. You’ll also want to make sure that you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Entrepreneurs and Taxes: How Start-up Expenses are Claimed on Tax Returns

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due to being laid off. Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, there are tax implications you should be aware of.

An Introduction to Benchmarking: Part 3

In Part 1 and Part 2 of our benchmarking blog series, we introduced benchmarking and provided examples of key benchmark findings for staffing companies. Based on these findings, we identified specific problems for the companies to solve. This blog provides some hypothetical solutions stated below.

Debt Management in a Healthy Financial Plan

Wise debt management is a key component of healthy and effective financial planning. Today, most people carry some amount of debt to finance a degree or buy a home or car. Other debts may be incurred out of necessity or as part of an investment plan. Whatever your reasons for taking on debt, you should understand the different types of debt and their risks. This knowledge will help you manage debt wisely as part of your overall financial plan.

An Introduction to Benchmarking: Part 2

In Part 1 of this three-part blog series, we introduced benchmarking and chose four staffing companies from clients in the employment services industry to demonstrate the financial metrics that we used for benchmark analysis. In part 2, we will take a look at the key findings from this analysis.

Tax Limits for Businesses Have Increased for 2022

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.

An Introduction to Benchmarking: Part 1

"Benchmarking" is the process of measuring the products, services, processes, and financial performance of one company against those of similar companies that are known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand your company’s position and performance within the industry and even across industries, and further helps you identify specific areas, systems, or processes in which your company can improve.

Maintaining Multistate Compliance with a Remote Workforce

The pandemic has changed the work landscape dramatically, and for many companies—as many as 70% according to a recent study—the massive transition to remote and hybrid work is here to stay. Remote work has many benefits for both employees and employers, but these benefits come with some major compliance requirements. With remote work policies varying from state to state, navigating key issues like tax compliance, workers compensation, payroll compliance, and insurance coverage can be complicated—especially when employees are working remotely in different states than the company’s headquarters location.