Hi, I'm Katherine Taylor, the lawyer for business owners.
I'm going to give you three tips as we approach the end of the year that hopefully will improve your bottom line and help you shore up your business structure going into 2022. The first thing I would like you to know and remember is that in most states and definitely in Maryland, every business is required to file an annual report by April 15th of every taxable year. So make sure you get that report filed. The dates or the deadlines may be different if you're not in Maryland. Find out when that deadline is and make sure that report is filed. In many states, there is a penalty for not filing on time and you could lose your good standing status for your business.
Tip number two, find out by discussing with your CPA if your business is eligible for the employee retention credit — also called the ERC. The ERC one was one of those benefits that came out at the same time that PPP loans were enacted into law, but a lot of people didn't know about this credit that their business could get.
And even when business owners did find out about the ERC, the guidelines were that you could not apply for the ERC if you already had a PPP loan. However, the guidelines have changed. You can now apply for the ERC even if you had a PPP loan, so check with your accountant to find out if your business is eligible
for the ERC.
Finally, as you approach the end of the year and start the beginning of 2022, my tip is to think about what your business goals are and write them down. Go back to those goals frequently throughout the year and I guarantee you, you'll be closer to meeting those goals if you write them down and review them all year long.
Find more tips on our YouTube Channel by searching for Taylor Legal on YouTube. Thank you.
KATHERINE L. TAYLOR, ATTORNEY AND CPA
5850 Waterloo Rd