Frequently Asked Questions

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De Pere - Small Business Pandemic Response.

Green Bay - Small Business Pandemic Relief  Loan. 

Green Bay - Face Covering Ordinance.

Brown County -  Brown and Manitowoc counties announced they're rescinding local Safer at Home orders. 05/15/2020.

Wisconsin "Stay at Home"  order which details Essential and Non-Essential activities. See revised order effective 04/24/20

WEDC - Targeted grants for small businesses suffering losses due to coronavirus emergency. New application Available 6/15/2020.

DWD -  Coronavirus and Unemployment Insurance Benefits. Letter to DWD regarding employer rates.

Dept of Revenue - Tax Return Due Dates.

Installment Agreement (Direct Debit) FAQ.

How to calculate loan amounts by business type for Paycheck Protection Program (PPP). 

PPP-EZ Loan Forgiveness Application Form and Instructions (06/20)

PPP Loan Forgiveness Application Form and Instructions (06/20)

Federal Small Business Guidance and Loan Resources. Also view Relief Options.

Paid leave for workers and tax credits for businesses.

Unemployment Insurance Provisions in the Cares Act.

Stay up to date with current IRS announcements and FAQ's.

Small Business Paycheck Protection Program. Overview, Information Sheet, IRS Notice 2020-32, and Application Form.

SBA Economic Injury Disaster Loan program overview and application.

As soon as you start to think about starting a business, you should meet with an accounting professional who can help you take the next steps. You can discuss your business's organization, bookkeeping, taxes, payroll and operations, along with target pricing and profit margins.  

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accounting professional, the answers should be a resounding "Yes!"

Here are the top 5 reasons people change accountants.

1. My accountant only meets with me at tax time. By then it's too late to make changes that will improve my tax return.
2. I don't think my accountant understands, or even cares about, my business.
3. My accountant is too hard to reach.
4. My accountant doesn't provide the type of help I had hoped for.
5. My accountant's fees are too high for the service I'm being provided.

First you can check out the IRS resources to get a good overview. Next talk to an accounting firm that has helped start many businesses. We recommend you talk to Compass Accounting Group.

Get some impartial advice from an accountant before you consult a bank or investors. Put a meaningful business plan together that gives the lender/investor confidence that your business idea is worth the risk. 

Check out what the IRS has to say about starting a business. Keep in mind, many small businesses are setup as an LLC because of the cost of doing payroll. If your business has net profits that exceed $15,000 per year, you could be paying to much in taxes. 

 To be considered an independent contractor and not an employee subject to payroll, an individual must meet and maintain all nine of the following requirements:

1. Requirement One: Maintain a separate business
2. Requirement Two: Obtain a Federal Employer Identification Number or has filed business or self-employment income tax returns with the IRS based on the work or service in the previous year.
3. Requirement Three: Operate under specific contracts
4. Requirement Four: Be responsible for operating expenses under the contract
5. Requirement Five: Be responsible for satisfactory performance of the work under the contracts
6. Requirement Six: Be paid per contract, per job, by commission or by competitive bid
7. Requirement Seven: Be subject to profit or loss in performing the work under the contracts
8. Requirement Eight: Have recurring business liabilities and obligations
9. Requirement Nine: Be in a position to succeed or fail if business expenses exceed income

Only certain employees can be exempt from overtime and minimum wage. The U.S. Department of Labor has issued a Fact Sheet.