The Paycheck Protection Program (PPP) is in the forgiveness stage for most businesses. Here’s an overview on how to navigate the PPP loan forgiveness process.
If your architecture or engineering firm is looking into working on state department of transportation awards or other federally funded contracts, you may have heard the term “overhead rate” or “indirect cost rate.” Calculating a rate for the first time can seem daunting. No worries. We’re here to answer some FAQs related to FAR overhead rates and audits.
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Remote employees can complicate taxes for businesses. In most cases, having a remote employee creates nexus or the obligation to file tax returns and pay taxes in the local jurisdiction and/or state that an employee works.
A real estate waterfall is a term used to describe how real estate partners distribute cash flow. The “waterfall” is a way of visualizing various “pools” in a real estate partnership. Cash flow fills up each pool in succession, which spills over into the next pool. Each step along the way, the waterfall flows based on an agreed-upon methodology for distributing the profits. Once a pool has filled, remaining cash flows to the next pool, divided per the terms of the partnership agreement between the general and limited partners.
There are many different ways a business owner can transfer a family-owned business to the next generation. Each method comes with its own set of risks and benefits, especially when it comes to tax implications associated with the transfer or sale.
Businesses who are subject to Virginia income tax may need to file a one-time Unitary Business Report by July 1, 2021. If your company is required to file this report but fails to file by July 1, your business will be subject to a $10,000 fine. This new filing requirement affects businesses that are part of a “unitary business.”