IRS GUIDANCE ON SMALL BUSINESS CLOSURES

COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…

PPP Loans and Changes of Ownership

On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…

Record Retention

The time period to retain records varies depending on whether the record is tax-related or non-tax related. The links below provide suggested guidelines for some of the more common individual and small business records. Record…