Don't Miss Your PPP Loan Forgiveness Deadline!

Posted by MKW, LLC on August 30, 2021

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.

The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite forms to ensure that your loan will be forgiven. You can't afford to miss the deadlines for filing this paperwork.

Read More

Tags: Accounting, PPP, CPA, Deadline, PPP Forgiveness

11 Steps to Reduce Your Chances of Cyber Attacks

Posted by Craig Wilson on August 23, 2021

A man registers online for a fantasy football league, unaware of a shock ahead.

The site requires him to create a user ID and password, so he uses the one he always uses: his email address for his user ID and his birth date followed by his initials (lower-case) for his password. After registering, he logs in, pays the registration fee with a credit card, and starts playing.

Read More

Tags: Book review, Accounting, Cyber Attacks, CPA, Cyber Attack, Internet, Internet Security, Cyber Security

Consider Using Advance CTC Payments to Start a College Fund

Posted by Collene Torres on August 16, 2021

If you're eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder if you should spend the extra cash. Some families are incurring extra child-care costs so the parents can return to work. But others don't have any imminent child-care-related expenditures to cover.

Rather than spend the money on a trip to Disneyland or new smartphones, you might want to invest in your child's future by starting or contributing to a tax-favored Section 529 college savings plan. Here's what you should know:

Read More

Tags: Accounting, COVID, CTC, Section 529, College Fund, American Rescue Plan Act

California AB-150: Small Business Relief Act

Posted by Rex Ours on August 09, 2021

On July 16, 2021, California’s governor signed Assembly Bill 150 (AB 150). Among other things, this bill includes the “Small Business Relief Act”, which allows taxpayers to receive a credit for their share of state and local tax (SALT) deducted from the net income on their federal returns for their qualified business(es). This elective tax payment will be available from January 1, 2021 through January 1, 2026.

Read More

Tags: Accounting, COVID, IRS, California State Tax, Small business relief act, federal tax, Income tax

Want Information About Child Tax Credit Payments?

Posted by George Chahinian on August 04, 2021

About the Child Tax Credit (CTC) and advance payments

Taxpayers are allowed a CTC for each qualifying child. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act (ARPA). It phases out for taxpayers with adjusted gross incomes (AGIs) over certain thresholds.

Eligible families will receive up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and older.

Read More

Tags: Accounting, COVID, Child Tax Credit, CTC, IRS

The Federal Employee Retention Credit (ERC) & How it Can Help Bring You Out of a Cash Flow Slump

Posted by George Chahinian on July 12, 2021

Has the Government-mandated Covid shutdown brought your cash flow to a halt? Have you been able to operate, but still haven’t been able to get your revenues up to the level they were at before all the lockdown madness of 2020?  Here's a brief overview of how the federal Employee Retention Credit (ERC) can get you up to $33,000 (per employee) in refundable federal tax credits through the end of 2021.

Read More

Tags: Accounting, COVID, Employment Tax, business, cash flow, Employee Retention Credit, payroll, ERC

Hit the Ground Running: 7 Steps for New Business Owners

Posted by Robert Hicks on April 01, 2021

Running a new business can be a daunting endeavor. As soon as you form a business, you'll face many important decisions, ranging from mundane to critical. While much of what you must learn comes through trial and error, other lessons can be learned by observing what other business owners have experienced. Here are seven tips to help you hit the ground running.


Read More

Tags: Accounting, cloud accounting, business, cash flow

Coronavirus Rapid Response Checklist

Posted by David Knecht on May 04, 2020

The Boston Consulting Group (BCG) has recently made available their Rapid Response Checklist to help navigate through this Coronavirus crisis.  This checklist provides numerous timely suggestions for dealing effectively with this crisis.  BCG lists out a number of suggestions and issues to consider.  Reviewing this checklist might help to be sure you have not overlooked critical components needed to successfully traverse this rocky terrain which will likely continue for a while. 

Read More

Tags: MKW News, Accounting, Updates, Forecasting, coronavirus, financial crisis

Managing Cash Flow: Finding Hidden Dollars in Your Small Business

Posted by Robert Hicks on August 30, 2017

Managing cash flow is one of the biggest challenges involved in running a small business. Thankfully, there are a few secrets you can use to keep the dollars flowing.

Read More

Tags: Tax, Accounting, cloud accounting

6 Keys to Better Budgeting & Forecasting for CEOs

Posted by Michael Milam on February 08, 2017

Budgeting and forecasting are necessary evils to keep a company on track to meet their short-and long-term goals. Unfortunately, the process can be time-consuming and complicated. As CEO, you will want to make this yearly task move as quickly and painlessly as possible.

These six tips will act as a better way forward when completing your budget and forecast for the coming year.

Read More

Tags: Tax, Accounting, budgeting, Forecasting