April 01, 2021
Everything You Need To Know About Second Draw PPP Loan – Foster Financial

If you’ve earlier received a PPP (Paycheck Protection Program) loan, you must know that certain businesses are entitled for a second PPP loan. Second Draw PPP loans can be used to help fund payroll costs, and also to pay for mortgage, interest, utilities, rent, worker protection costs associated to COVID-19, uninsured property damage costs triggered by looting during 2020, and certain supplier costs & expenses for operations.

March 25, 2021
Passing On Business to Next Generation – Few Considerations to Make – Foster Financial

Do you own a family business that you want to pass on to your next generation? But are you sure your children are interested in taking over your business? Will they make it profitable for the long term? Generally, parents treat their company as their baby with utmost care and love and when they pass it on to new hands they have a fear of failure. But why should they fear failure? Instead of that they should be careful enough during the deals.

February 26, 2021
Small Businesses Are Expected To Get More Audit By IRS in 2021 – Foster Financial

After many years of low examination fees, there has been an announcement by the Internal Revenue Service (IRS) to increase small business audits by fifty percent. This news making headline in a time when complicated tax law modifications & economic spur programs with regards to Covid-19 have made businesses’ books even more complex than normal.

January 30, 2021
Everything Small Business Owners Need To Know About The New Round Of The PPP – Foster Financial

After several months of filibustering, many weeks of vicious negotiations, and so many false starts, a new bill was passed to aid individuals and businesses across the country to get respite from the financial destruction prompted by COVID-19. The Consolidated Appropriations Act, 2021 comprises funding reserved for small business loans, including a new round of the PPP (Paycheck Protection Program)..

January 07, 2021
Everything You Need To Know About Form 1099-NEC – Foster Financial

Form 1099-NEC has been reintroduced by the IRS (Internal Revenue Service) as the new way to report self-employment income in place of Form 1099-MISC which has been used traditionally.