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Government Contracts and the STR

With the Federal government planning to ramp up infrastructure spending to get the economy going with “nation building” projects, the opportunity is ripe for businesses to take full advantage and tender for these contracts. Before you dive into writing your tender, you should be aware that any contracts over $4m (including GST) will require your business to obtain a statement of tax record (STR) from the ATO.

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Why Maintaining Payroll Records Remains an Absolute Must

The COVID-19 pandemic has forced many small businesses to reduce their operations, furlough workers and even shut down for a period. But this doesn’t mean employers can allow payroll recordkeeping obligations to lapse. Your business is still responsible for creating and maintaining records for possible inspection by the Equal Employment Opportunity Commission (EEOC) and the Department of Labor (DOL).

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Tax-Favored QSBC for the COVID-19 Era and Beyond

The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will survive and thrive.

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A Good Time for Making Tax-Smart Family Loans

During the COVID-19 crisis, you may want to loan money to a family member in need of financial assistance. However, before writing out a check, you should review the federal tax rules to ensure that you’re making a tax-smart loan. The good news is that now is generally an advantageous time to lend money to family members.   

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Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business entities and haven’t yet filed their personal tax returns. Here’s what business owners need to know.

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COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would otherwise fall on or after April 1 and before July 15 have been postponed to July 15. The postponement applies to certain other deadlines as well. This relief, while welcome, has created confusion. Here’s what individuals and business owners should know to manage their tax calendars through July 15.

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Keep Employees COVID-19 Free: An Employer’s Guide From OSHA

Naturally you care about the health and safety of your employees, and don’t need a federal agency to tell you that you should be concerned. Still, it’s helpful to know what the overall position of the Occupational Health and Safety Administration’s (OSHA) is on COVID-19. In a recent “alert,” OSHA urged employers to take the following three steps:

  1. Assess the hazards to which workers may be exposed,
  2. Evaluate the risk of exposure, and
  3. Select, implement and ensure workers use controls to prevent exposure.
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