Author Archives:
Adam Knop

In late November, the IRS announced a delay in the $600 reporting threshold requirement for payment apps and online marketplaces. The decision was made due to feedback received from tax professionals and payment processors and general taxpayer confusion. The 2023 tax year will serve as another transition year leaving prior threshold reporting requirements in place. This means only payees who made gross payments of more than $20,000 or more than 200 transactions will remain. The delay is welcome news for businesses that would otherwise be required to prepare and submit Form 1099-K.

The golden years are a time when the days of the daily grind of the working world are left behind and a new chapter begins. It often means spending more time pursuing hobbies, time with family, or traveling. As lovely as it sounds, this reality may simply be out of reach for many. Most workers do not have enough saved to be able to support themselves, even when coupled with anticipated Social Security payments. According to the U.S. Bureau of Labor and Statistics, only 55% of workers participate in an employer-sponsored retirement plan. This alarming statistic prompted Congress to take action resulting in the passage of the SECURE Act in 2019. The legislation made it easier to save, expanded plan eligibility to part-time employees, and more.

Since March 2020, it’s been one thing after another for North Carolina businesses. Government shutdowns, shelter in place orders, job losses, reopening and repeated closures, and countless other pivots including vaccine mandates and exclusions. Heading into 2022, businesses have been faced with even more challenges from labor shortages, supply chain disruptions, and rising material/supply costs. That’s why North Carolina’s Business Recovery Grant will be a lifeline to many struggling businesses.

With the news of increased vaccinations and a drop in the number of reported new COVID-19 cases, it is easy to understand the optimism around the expected economic recovery. However, for many Atlanta area businesses, the financial challenges continue as activity has yet to return to pre-pandemic levels. The reality is that local unemployment is hovering at 4.5% and overall Atlanta is still down over 160,000 jobs from last year.

As the COVID-19 pandemic persists, Atlanta individuals, families, and businesses are feeling the impact of restrictive government orders and health mandates in schools, at work, and other public places. While the arrival of the vaccine has helped to curb the number of new infections, there is still much work to be done as Georgia has only distributed 67% of received doses. Over the coming weeks, many will line up to receive either the first or second inoculation and manage with the side effects.

From the start of the COVID-19 emergency, it was clear the stay at home orders and forced business closures would have a punishing impact. The abrupt changes to operating rules combined with fear of virus transmission left many with dwindling demand for their products and services. Without a consistent source of revenue to pay employees and offset other expenses, very difficult decisions had to be made to ensure the business could survive

It’s obvious there are many businesses which currently, or soon will need help with payroll, leases and employee expenses. Matters have been made worse because many don’t know where to turn for help. The good news is companies absorbing COVID-19 losses can now apply for an SBA Economic Injury Disaster Loan (EIDL) to help.

When individuals terminate employment, an important question to consider is what to do with the retirement savings account.  If they participated in an employee stock ownership plan (ESOP) or otherwise hold company stock in their investment portfolio, the answer to this question becomes especially important. As company shareholders, they have different options than other employees with 401(k)s or 403(b)s that do not include company stock.

When suffering comes it can be a challenge to manage through it. Finding processes and methods for dealing with even the most challenging of circumstances, cancer, is not easy. Not only do patients often need complex medications to fight the disease, support and encouragement of friends and loved ones, but also medical supplies for the journey.

There has been a lot of discussion in the press recently about the various tariffs the President has imposed on China. They have extended across a range of products to balance the trade deficit and act as a catalyst to create a long-term trade agreement. While many of these tariffs are aimed at intellectual property related products, the 25% tariff on steel and 10% tariff on aluminum, are of greatest concern to the automotive industry. The flood of news stories has left many dealerships wondering if these changes will adversely impact their business in new car, used car, part sales, and maintenance services.