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Here’s What Happened in the World of Small Business in April 2021
Here are five things that happened this past month that affect your small business.
1) President Biden announced tax credits for COVID-19 vaccination paid time off.
The President announced on April 21st “tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate America in his vaccination campaign.” The tax credits will be applicable for businesses with fewer than 500 employees. (Source: Reuters)
Why this is important for your business:
Providing your employees with paid time off to get their vaccine will now be covered by the government, so you can encourage vaccinations if you choose without taking on the cost of offering additional PTO.
2) Workers at an Amazon warehouse in Alabama voted not to unionize, but the company is being accused of violating laws.
The union vote we discussed last month has been completed, and workers at the Amazon fulfillment center in Bessemer, Alabama voted not to unionize. This was seen as a win for Amazon; however, the union that led the drive “has filed challenges over the vote, saying the company violated legal restrictions throughout the election.” (Source: The Wall Street Journal)
Why this is important for your business:
This union push caught the attention of workers, unions, businesses, and government officials, and the story isn’t over yet. Additionally, other groups across the US have already started announcing their goals to unionize, inspired by the push in Bessemer. No matter your views on organized labor, keep paying attention to this story.
3) Businesses across the world are bracing (and hoping) for an impending post-pandemic “spending boom.”
Could we be in the beginning stages of a global spending spree? “Consumers around the world have amassed an extra $5.4 trillion in savings since the coronavirus pandemic began, setting the stage for a spending boom that could power a strong uplift in economic growth this year.” (Source: CNN Business)
Why this is important for your business:
Revenue, revenue, revenue.
4) Small businesses can get another $500k from the Small Business Administration (SBA).
Beginning April 6th, the SBA expanded its Economic Injury and Disaster Loan (EIDL) program. “Small businesses who originally took out an EIDL loan for up to $150,000 for six months can extend that loan for up to 24 months and receive additional funds for a total of $500,000 in relief.” Additionally, the deferment period for both Paycheck Protection Program (PPP) and EIDL loans was extended through 2022. (Source: Yahoo! Finance)
Why this is important for your business:
If your small business is still struggling financially and you need additional funding, the EIDL expansion could help.
5) The conversation around corporate taxation (and large firms who pay $0 in taxes) is growing louder.
A report from the nonpartisan Institute on Taxation and Economic Policy found that “55 of the largest firms in the country used a complex roadmap of tax breaks and loopholes to bring their tax bill down to zero, despite turning millions, or even billions in profit.” (Source: Fast Company)
Why this is important for your business:
This finding has added fuel to the conversation around corporate taxation – or a lack thereof – in the US. Keep an eye on the public discourse and any moves made by politicians to speak on this topic in the coming months.
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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)
Offices in Flemington, NJ and Califon, NJ
Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.
Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.
Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.
Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.
Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.
We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.
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