Federal loans aim to help small businesses survive coronavirus slowdown
Washington — Michigan officials are seeking a declaration from the federal government that would make low-interest disaster loans available to the state’s small businesses that are struggling as the coronavirus pandemic slows consumer spending. Gov. Gretchen Whitmer on Monday officially notified the U.S. Small Business Administration that she is seeking an Economic Injury Disaster Loan Declaration for the state, […]
Disaster relief for small business and employees
LANSING, Mich. (WLUC) – Monday, Governor Gretchen Whitmer signed Executive Order 2020-10 to temporarily expand eligibility for unemployment benefits. This executive order is effective immediately and until Tuesday, April 14 at 11:59 p.m. Under the governor’s order, unemployment benefits would be extended to: Workers who have an unanticipated family care responsibility, including those who have childcare […]
An Alternative to Layoffs
Polk & AssociatesLarge enough to serve a diverse clientele, yet small enough to maintain a hands-on approach, we are committed to maintaining the highest accounting and ethical standards with continuous education, extensive research resources, and excellent quality control. Polk and Associates is a member of the Michigan Association of Certified Public Accountants, and the American […]
Coronavirus Communication Update
To Our Clients, Our top priority remains with the health and safety of our clients and our staff, during the coronavirus outbreak and flu season in general. As we have mentioned in earlier communications, we at Polk have invested significantly in order to take advantage of improvements in technology and Go Green. An additional advantage […]
How’s your buy-sell agreement doing these days?
Most companies wouldn’t go into business without property or liability insurance. Businesses with multiple owners need to use an additional risk-management tool: the buy-sell agreement. If yours has yet to create one, start the process as soon as possible. Even if you have a buy-sell, there are a couple elements to regularly review: funding and valuation. For many businesses, payouts for a buy-sell agreement are funded with life insurance or disability buyout insurance. Look carefully at the policy’s details in relation to the agreement. A valuation should be performed upon creation of the buy-sell and periodically thereafter to assess changes in company value. Contact us for more info.
Home is where the tax breaks might be
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on home mortgage loans is deductible. Unfortunately, that’s not true. First, you must itemize deductions in order to deduct mortgage interest. And the deduction is limited. From 2018-2025, you can’t deduct the interest for mortgage acquisition debt greater than $750,000 ($375,000 for married taxpayers filing separately). From 2018-2025, there’s no deduction for home equity debt interest. But interest may be deductible on a home equity loan, home equity credit line, etc., if the proceeds are used to substantially improve or construct the home.
Work Opportunity Tax Credit extended through 2020
A recent tax law extended a credit for hiring people from targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for each eligible employee, including ex-felons and from other groups. The credit amounts are different for some employees ($4,800, $5,600 and $9,600 for certain veterans; $9,000 for long-term family assistance recipients; and $1,200 for summer youth employees). The WOTC was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Contact us with questions or information about your situation.
Gen Z Residents Reshape Multifamily Operations
This cohort is 44 million strong, extremely tech-savvy and used to instant results. Are you prepared to handle their living needs?
Protecting Your Legacy: Creating a Self-Storage Business Succession Plan
Part of being a good self-storage owner is having a succession plan in place in case you’re unable or no longer want to steer the ship. Here are four common methods of transfer to explore so your business will be protected.
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