Why Compliance Matters for Small Businesses
Staying compliant with IRS and Department of Revenue rules protects your company from penalties, audits, and cash-flow interruptions. Whether you are a startup or an established SME, proactive compliance builds trust with lenders, investors, and customers.
Core Tax Compliance Requirements
Businesses are expected to meet a range of federal and state tax obligations. Our firm provides guidance on understanding general responsibilities, maintaining accurate records, and implementing sound compliance practices. This includes support related to employment-related taxes, transactional tax obligations, periodic tax payments, and required informational disclosures. We also advise on establishing reliable record-keeping systems to help ensure accuracy and readiness for future reviews or inquiries
Key Relief Programs & Credits
Paycheck Protection Program (PPP)
The PPP was a federal relief initiative designed to help eligible businesses cover payroll and certain operating costs during the COVID-19 pandemic. In many cases, repayment could be reduced or eliminated if program conditions were satisfied. Our firm assists clients in understanding past participation, documentation needs, and potential considerations that may still affect audits or compliance matters
Economic Injury Disaster Loan (EIDL)
A federal program that offers financial assistance to help eligible small businesses manage operating expenses during officially declared disasters. In some cases, applicants may also qualify for an advance that does not have to be repaid
Employee Retention Credit (ERC)
The ERC was a federal program designed to provide financial relief to businesses that retained employees during the economic disruptions caused by the COVID-19 pandemic. Eligible businesses may have received benefits even if they participated in other relief programs
Frequently Asked Questions
Q: What types of relief programs were available for small businesses?
Federal programs were established to support small businesses during challenging economic periods, offering financial assistance for payroll, operating expenses, and other business needs
Q: How can legal guidance assist my business?
An attorney can help businesses understand general eligibility considerations, maintain organized records, and respond appropriately to inquiries from government agencies
Q: Can businesses participate in more than one relief program?
In certain cases, businesses could access multiple programs depending on eligibility. Each program had its own general requirements and considerations
Q: Do these programs have ongoing implications?
Even after program periods have ended, past participation may affect recordkeeping or compliance obligations. Professional guidance can help ensure documentation is complete and accurate