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The Internal Revenue Service provides information for tax credits and filing deadline extensions for businesses and tax-exempt organizations. Information about Business Dedcutions and Credits can be found at: https://www.irs.gov/credits-deductions/businesses
Michigan provides information about Business Resources and Assistance programs on their website located at: https://www.michiganbusiness.org/services/business-assistance/
The Attorney General provides information to both employers and employees about employment rights, unemployment, and critical infrastructure workers. There is a section where the Attorney General answers questions. The website also includes links to Business Resources, Executive Orders & Directives, and COVID-19 press releases. The link to this website is https://www.michigan.gov/ag.
Michigan Department of Treasury provides information regarding the Michigan state taxes, unclaimed property, revenue administrative bulletins, forms, garnishments, and much more. You can visit the website at https://www.michigan.gov/treasury
LARA has several online resources related to state required licenses, professional licenses, and business name searches. This information can be found at https://www.michigan.gov/lara/
MEDC provides access to capital and resources for businesses in Michigan. These include programs for small businesses, Covid-19 programs, and community resources. This is page is updated with new resources as the resources become available.
Business is changing rapidly – sometimes daily. Sometimes that means that the manner in which the business is operated needs to shift accordingly. Keeping up on the changing landscape, the changing directives, the new executive orders can be time consuming when also trying to keep essential employees safe or non-essential employees paid.
Many businesses are closing, reevaluating its venue and format, or entrepreneurs are starting new businesses. This is a time of great change. If you find your business does not quite fit in the current climate, consider whether you can adapt it. If you are sitting at home dreaming about the business you always wanted to start, maybe now is the time. If your business is struggling, let's talk options.
When a new business is formed, it is importatnt to account for tax considerations. Different types of entities are taxed in different manners. The goals of the business are important considerations when forming a new business. This is an important aspect of the business plan. Business taxes can be complicated based on the entity or can be a simple form added to your individual tax form. Either way, transaction need to be meticiously tracked through out the year.
The Next Steps Law Firm can assist with reviewing, updating, and drafting policies and contracts.
The Next Steps Law Firm can create an action plan and start you on the path to the next adventure.
The Next Steps Law Firm can consult with you regarding the tax consequences regarding the entity options, creating your business plan, establishing your accounting methods, and discussing tax consequences of individual transactions.
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