This month’s Commonsense CPA gives an early digest of the Inflation Reduction Act legislation. We’ll be following up with more substantive details as they’re released later this year. This is a repost of Harmony Group’s Commonsense CPA, which you can follow here.
This month we’re discussing credit card fees because the vast majority of customers pay with a credit card and we field many questions from clients about the intentionally inscrutable nature of credit-card processing fees. So let’s start at the beginning, the difference between a credit and debit card.
This month’s Commonsense CPA focuses on an attractive retention tool that is generally underutilized by small businesses: Educational Assistance Programs. You may not be able to beat the entire labor market by expanding your benefits, but I believe that investing in your people will always pay dividends, plus a well designed plan can be easy to administer and adapt to the current economic conditions of your business.
Many of our clients are inundated by offers to take out “loans” and lines of credit from point-of-sale operators, third-party delivery companies, credit card companies and endless boiler room operations besieging our clients with enticing “loan” offers. We’ve put loan in quotation marks in the preceding sentence because what is being offered to clients aren’t actually loans in many cases, they are merchant cash advances.
This week the SBA announced that the agency would provide additional deferment of principal and interest payments for existing EIDL program loans, adding a six month extension to the program’s existing 24 months deferment, for a total deferment of 30 months from the date of the loan…
The James Beard Award Semifinalists list is out now, and we couldn’t be more proud to work with so many of the DC region’s nominees…
