Let’s start with the good news: The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
Individual taxpayers can postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021, without penalties and interest, regardless of the amount owed.
This postponement applies to individual taxpayers, including individuals who pay self-employment tax.
The COVID-19 pandemic disrupted many aspects of business in Nevada, including buying and selling companies. In the second quarter of 2020, deal activity in the U.S. – and Nevada – dropped by over 40% from an already record low first quarter of 2020 caused mainly by the uncertainties of COVID.
When COVID shut down a large part of the economy in March 2020, many deals already underway were abandoned altogether or put on hold. Doing deals in this current environment presents some unique challenges.
Read MoreWhen starting or operating a business, one of the most important decisions that you will make is what type of business entity you should choose. There are four main types of business entities—the sole proprietorship, a partnership, the limited liability company (LLC), and the corporation. Each type has advantages and disadvantages depending on the circumstances.
In Part 4 of our series, we take a look at some important points to consider when determining which business entity is right for you.
Read MoreIn March 2020, as the coronavirus pandemic shut down Nevada and the entire nation, we started bumping elbows instead of shaking hands.
One year later, the NNBW fielded responses from more than 20 business owners and executives in Northern Nevada to find out the biggest lessons they have learned since March 2020, and the biggest differences in how their industry now conducts business.
Read MoreThe passage and signing of the American Rescue Plan Act in March kicked off another round of funding for COVID relief, which includes several assistance programs for small businesses. Here’s a list of several pandemic assistance programs for businesses, including those that provide financial assistance and forgivable loans for entrepreneurs impacted by COVID-19.
Read MorePart of Jackie Shelton’s job is working with her team to help her clients identify what could potentially go wrong with their businesses. By doing this, she not only helps them anticipate and address issues ahead of time, but helps them plan for what to say if something does go awry.
And speaking of “things going awry,” we’re guessing 2020 gave you some reasons to consider doing the same thing.
Read MoreWes McQuillen, Alana Ridge and Kyle Robertson have been re-elected to the board of directors of NCET, a member-supported non-profit that produces educational and networking events to help people explore businesses and technology.
Read MoreIt can’t do back flips like Atlas the humanoid robot, nor can it dance or open doors for its friends, like Spot the robotic dog can. Instead, Boston Dynamics’ new robot, named Stretch, is going straight to work in a warehouse. Rolling around on a wheeled base, it’s basically a large robotic arm that grabs boxes using vacuum power, and it’s designed for tasks like unloading trucks or stacking pallets.
Read MoreIt’s a little-known fact that Nevada experiences thousands of earthquakes each year – most all of them being too small to feel. However, the potential for seismic activity in our region is likely, being that Reno sits on at least two faults that are capable of large and damaging earthquakes.
Read MoreSome Northern Nevada workers, battered by a pandemic that has devastated the labor market and reshaped the workplace, are questioning whether to stick with their occupation or start an entirely new career. Many are strengthening existing skills or resetting priorities such as which industry they work in, where they work or their job title. Others are taking classes to add new expertise and reinvent themselves in completely different fields.
Read MoreWhen most people hear the term ‘elevator pitch,’ they think they have at least 30 seconds, maybe more, to showcase who they are and what they do. But they’re wrong. When I first started my business, Bridesmaid for Hire, I’d find myself gushing about what I do and all the services I offer. I even tossed in a few big accomplishments and business wins. But although what I do is unique and odd to some, even I couldn’t hold people’s attention after the first few sentences.
Read MoreIn these uncertain times, having a reliable workforce solutions partner can be imperative to your company’s growth and success. Many companies during these times also utilize an outsourced human resources services company to make their lives easier when it comes to dealing with those important administrative duties. So how do you know if outsourcing these administrative duties is the right fit for your organization? Here are three ways that outsourcing HR, benefits, payroll, and workers compensation might make sense for your company.
Read MoreOn March 1, the IRS released Notice 2021-20 providing guidance on the employee retention credit (ERC). While a significant portion of the Notice formalizes previously released frequently asked questions, the Notice also provides new guidance on several important areas, including the interaction of the ERC with the Paycheck Protection Program (PPP) and additional guidance on what constitutes a partial suspension of operations for ERC purposes.
Read MoreTo give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer’s share of Social Security tax. IRS Notice 2020-65 PDF allowed employers to defer withholding and payment of the employee’s Social Security taxes on certain wages paid in calendar year 2020. Employers must pay back these deferred taxes by their applicable dates.
Read MoreConsumers and marketers alike have noticed a significant upward trend in video content over the last few years, but what does this trend look like practically? A recent report by Hubspot sheds light on some key figures: 85% of business people use video as a marketing tool, up from 61% just five years ago.
Read MoreCOVID 19 has forced many nonprofit organizations to move their events – including major annual fundraisers – online. In this week’s NCET Biz Tips, we present a case study by Cinammon Davies exploring how “Soroptimist International of Truckee Meadows” very successfully moved its annual fundraiser online.
Read MoreIt’s a story stranger than fiction. Overnight, the COVID-19 pandemic redefined what it means to “go to work.” Millions of workers around the world traded their conference room meetings and office commutes for video calls and a spot on the couch. Masks became the new uniform and hygiene hypervigilance the new mandate for those who needed to stay on the frontlines. For many, modified operations created new or additional job duties, some of which required learning new skills.
Read MoreMidday on a Tuesday and Heather Zikas was cleaning up, among other chores, and also milling some flour, which is a perfectly normal thing to do at the Zikas household in Lake Tahoe. Zikas is the founder and owner of a bakery service called Tahoe Bread Company.
Read MoreIt’s hard to feel like the epitome of mental toughness when you’re sitting on the couch in your pajamas for the 250th day in a row armed with nothing but a laptop and a coffee-stained pile of papers. Working from home can feel a bit liberating while also a bit mundane. And over time, every day might blend together when your only coworker is your cat.
Read MoreAs business owners and leaders within our organizations, we wear many hats. We have to be in so many places at once yet fully present in all. We have to provide answers, and ones that work for everyone. We have to bring joy, and bring hard truths. The list goes on and on. While it can seem almost impossible to add another thing to your plate, let me tell you about simple things you can do more often, that will bring balance to your business function and to the way you lead:
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