New Per Diem Business Travel Rates

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

Express Training Grants Available for Massachusetts Businesses

The Workforce Training Fund Program helps address business productivity and competitiveness by providing resources to Massachusetts businesses to fund training for current and newly hired employees.

Tax Breaks to Consider During National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider.

IRS Provides Updated Guidance on the Employee Retention Tax Credit

The IRS recently issued Notice 2021-49, which provides updated and additional guidance related to the Employee Retention Tax Credit (ERTC), including guidance on employer eligibility.

Reporting Large Cash Business Transactions to the IRS: Everything You Need to Know

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

Is an LLC the Right Choice for Your Small Business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be appropriate for your business.

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

SVOG Applicants May Appeal Denied Grants and Seek Supplemental Funding

The Small Business Administration (SBA) announced Tuesday that they have awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOG) to approximately 10,000 live entertainment venues, small businesses, and non-profits.

Massachusetts Enacts New COVID-19 Emergency Paid Sick Leave Program

The Commonwealth of Massachusetts has a new temporary sick leave program related to COVID-19. Under Chapter 16 of the Acts of 2021 (An Act Providing for Massachusetts COVID-19 Emergency Paid Sick Leave), employers are now required to make paid leave time available to employees for COVID-related illnesses, quarantine, and vaccinations. Employers may then apply for reimbursement from the state.

The Return of the Corporate Retreat

As vaccination levels rise and many areas of the country begin to fully reopen, business owners may find themselves wondering: Should we have a company retreat this year?