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With the current lockdown and the stay at home call, virtually everyone who can is working from home. This has created the need for a dedicated workspace at home that one can use comfortably without family distractions.  Now, not many homes come with a provision for a study or home office, so if you fall into this category, it calls for innovation. Here are a few steps to help you create a nice and functional home office. Assess your needs What type of work are you engaged in and what type of resources do you need? Assess the type and size of equipment you plan to use in answer to this question. Does your work require ample storage space? How about ...
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When decorating your local business office, you will need to take various factors into account. The nature of your profession will play a part in your choices as well as whether you need to see clients or not. If you see clients, you will want them to feel at ease and also demonstrate your expertise to them.  Think about the nature of your profession Lawyers, accountants and other professionals need to decorate their offices differently from those in creative industries, like photographers or graphic designers. If you’re a party planner, a photographer or an artist, you can give free rein to your creativity in terms of décor. Expressing your creativity ...
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International trade continues to increase and with advances in e-commerce, it is becoming easier and cheaper to reach international customers. If a business doesn’t keep itself informed on changing trends, it could find itself floundering with no customers.   If you’re launching a small business on a tight budget or looking to improve the efficiency of your advertising efforts, consider these tips for saving money on your online marketing campaign.   Plan and strategize   With an online marketing campaign, you have to be careful of every dollar you spend. You have to know the goals of your campaign and what marketing options are available ...
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The changing business climate has led to higher incidences of company’s outsourcing some of their functions. Small businesses do so because they are unable to afford a full-time employee to fulfil these obligations. The practice of outsourcing finance and accounting services has become more prevalent in recent years. A business owner won’t have the time or capacity to manage the financial aspects of the company on their own. This is time that can be devoted to the nuts and bolts of the business and focusing on its continued growth. Here are the compelling reasons you should follow the trend and outsource your accounting services: Reduced costs ...
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They say that the only two inevitabilities in life are death and taxes. While your golden years might see the former looming, there are ways to make sure the latter doesn’t rob you of your savings. Many people assume that their taxpaying years are over once they reach retirement age. This, unfortunately, is not the case. Social Security benefits may be taxed, as may any money you take out of a 401(k) or traditional IRA. Other investments, such as business ownership or stocks and bonds, can also get you in line for taxes on capital gains and dividends. So, what can you do to keep your money out of the taxman’s pocket? Use a Roth Individual ...
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SOC 2 compliance can take a long time to be certified and awarded to a business. The time can range between 9 to 18 months and some businesses may consider this timeframe too long.  During this time, the businesses lose customers so they need to take immediate action that will help with getting the certification in a short timeframe. If you would like to get your SOC 2 compliance certificate in less time starting from 6 months going down, here are ideas on making this a reality. Choosing between SOC 2 Type I and II You have a choice to make when it comes to SOC 2 compliance and it relates to choosing the type of audit that will be conducted on the ...
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June 19, 2020 John Rice NSA CEO The Treasury Department released Form 3508 EZ  and  Instructions  on June 17 allowing recipients of Paycheck Protection Program (PPP) loans, who meet certain specified criteria, to take advantage of this new simplified loan forgiveness application process. This simplified version provides some level of relief to borrowers as it does not require the use of more complicated forgiveness reduction calculations that are otherwise needed. While the application is much more simplified, borrowers are still required to retain supporting calculations and documentation for their records.   To establish whether a borrower meets ...
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Many people spend the best years of their lives working frantically and saving for retirement, only to find themselves as retirees with no idea of how to make the most of this special time. They are suddenly confronted with the question of ‘now what’ and settling into retirement is a struggle for them. Instead of enjoying their retirement, they feel increasingly dissatisfied and depressed. This can make their golden years nothing like what they had expected.  Here are some things to do to make sure you’re ready to enjoy your retirement: Plan ahead Like any other stage of your life, goals are important during retirement. Before you near the time ...
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June 10, 2020 John Rice NSA CEO The Treasury Secretary Steven Mnuchin appeared at a hearing of the Senate Small Business Committee today, telling the Committee that he supports additional aid to large and small businesses that have been hit hardest by the coronavirus pandemic. “I definitely think we are going to need another bipartisan legislation to put more money into the economy,” he said at a Wednesday hearing of the Committee. “Whatever we do going forward needs to be much more targeted particularly to the industries and small businesses that are having the most difficulty reopening.” Mr. Mnuchin gave few specifics however, only stating that the additional ...
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A bipartisan bill passed the House of Representatives today intended to loosen the compliance requirements on Paycheck Protection Program (PPP) loans. The bill will affect hundreds of billions of dollars in small-business loans made under the PPP and is in response to concerns from employers struggling to stay open during the COVID-19 pandemic. The House legislation is strongly supported by various business groups including NSA who have pushed Congress for changes to the existing program, seeking more time for businesses to have the loans forgiven and paid off by the U.S. government.   NSA encourages our members to remain alert for future changes to the ...
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NSA sent a letter to Senator Chuck Grassley (R-IA) last week objecting to details of IRS Notice 2020-32.    Lawmakers on both sides of the aisle are requesting that the Internal Revenue Service (IRS) reverse their ruling made in   Notice 2020-32 . This momentum, now building in Congress, seeks to allow small businesses to receive tax-free loan forgiveness under the Paycheck Protection Program (PPP) while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits.   Late last Tuesday, senior senators seemed willing to back legislation that would overturn the IRS ruling if the agency was unwilling to change ...
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The SBA reopened the PPP last Monday, once again offering a pipeline for small-business loans and grants. The reopening, however, echoed the previous efforts by the administration to support small businesses with a chorus of complaints from borrowers and lenders alike regarding delays and systems failures holding up the approval process. Click here for the full story
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Key government agencies are simply overwhelmed by the worst economic downturn in 80 years, the resulting demand for the relief, and the speed at which it is needed. These agencies are understaffed and underfunded and are struggling to deliver.   Millions of households and small businesses are still waiting to receive the help they were promised under the CARES Act. It is becoming a growing concern that many may never receive the aid they thought would arrive. Read the full article here:  CARES_Act_Article_4-19-2020.pd
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On April 23, the Small Business Administration (SBA) issued new guidance intended to prevent larger publicly traded companies from accessing the next round of Paycheck Protection Program (PPP) funding intended for small business relief. The new SBA guidelines require that companies applying for relief certify that the loans are necessary and that they cannot tap other sources of funding. Read the full story here: CARES_Act_Article_4-23-2020_I.pd
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As the owner of a commercial building, you rely on your tenants to pay their rent on time or on your workers to do their jobs. In return, they expect you to ensure that the building meets their needs.  One of the most common needs is a working HVAC system. HVAC provides the necessary heating or cooling to maintain stable temperatures in the building and excellent air quality. When your HVAC system isn’t doing what it is supposed to, worker productivity can suffer, and expenses can increase rapidly. Both these scenarios result in a diminishing bottom line, so it is in your interest to make sure the system is running optimally. The symptoms of a faulty ...
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The Small Business Administration (SBA) has announced further guidance and details to the advance on their Economic Injury Disaster Loan (EIDL). Information is also given regarding the Paycheck Protection Program. NSA will provide further information as it becomes available. Read the full SBA statement here
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The Treasury & IRS have unveiled the new online application to help with COVID-19 Economic Impact Payments.  Get My Payment  allows people to provide direct deposit information and gives an expected payment date.   " Get My Payment  will offer people with a quick and easy way to find the status of their payment and, where possible, provide their bank account information if we don't already have it," said IRS Commissioner Chuck Rettig.   He continued ... "Our IRS employees have been working non-stop on the Economic Impact Payments to help taxpayers in need. In addition to successfully generating payments to more than 80 million people, ...
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NSA CEO John Rice has written an article to keep you up to date on the evolving Paycheck Protection Program loan roll-out. This article discusses the US Senate's failure to reach a deal on an additional $250 billion for the PPP and the urgency for funding to reach small businesses. Here is a brief excerpt from the article. The US Senate Adjourned Thursday without a deal on an additional $250 billion for the Paycheck Protection Program (PPP). John Rice, NSA CEO The CARES Act is only a week old and the initial $349 billion allocated for the Paycheck Protection Program (PPP) is proving insufficient as widespread need for the program ...
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Alexandria, V.A. (April 8, 2020) –   Today, the National Society of Accountants (NSA) sent a letter to all members of Congress voicing concerns raised by NSA members regarding the implementation issues of the CARES Act. The position of the NSA is that the programs aimed at providing assistance to small businesses across the United States have not proceeded in an efficient manner and have been subject to many significant setbacks. One of the major concerns raised by NSA’s CEO John Rice is the CARES Act definition of “small business.” “…new SBA guidance released on April 7, 2020 states that small businesses eligible for relief may, in some cases, have ...
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The IRS has released infographics explaining the upcoming economic stimulus checks for people who have yet to file (or may not need to file) their tax return, and general information about the value of the payments. These PDFs are an excellent resource to share with your community to answer the most basic questions about the checks they can expect to receive. Early this week, the IRS is expected to release new guidance on how people who have not, or are not required to file, a return will be able to enter their information online to get their economic impact payment through direct deposit. Those who do not wish to share their banking information with the IRS ...
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