Squires & Lee PLLC

06/10/2026

It can be tough for small businesses to borrow money at favorable terms. But the U.S. Small Business Administration (SBA) offers several loan programs to help small businesses grow and create jobs. SBA loans of up to $5.5 million may be available and typically offer competitive interest rates and terms. Applying and qualifying for an SBA loan may also be easier than for conventional loans. The most popular type is the 7(a) loan, which can be used for most business purposes, including asset purchases and debt refinancing. The microloan program offers loans of up to $50,000. Contact us to help determine the right option for your business.

06/05/2026

Annual Reports Due to Secretary of State by June 30th

Kentucky businesses registered with the Secretary of State’s office must file an annual report with the agency by June 30th and can be filed by visiting the Secretary of State’s website at sos.ky.gov.

If a business fails to file its annual report by June 30, it falls into bad standing with the SOS’s office and receives a final 60-day notice. Failure to comply with the 60-day notice results in administrative dissolution of the business or revocation of authority to do business in Kentucky.

06/05/2026

Hiring can be expensive, time-consuming and uncertain. That’s why employers should strive to identify and develop their organization’s high-potential employees. To help guard against bias, create an objective, data-based process. Look for traits such as initiative, resilience, engagement, adaptability and natural leadership. Skills tests and validated assessments may be beneficial if used fairly and consistently. Once you identify high-potential employees, tailor development plans to their strengths, interests and growth needs through formal and on-the-job training, rotations, and mentorships. Contact us for help evaluating the financial and operational impact of workforce development.

06/04/2026

06/03/2026

For the 12 months ending in April 2026, the U.S. inflation rate was 3.8%. Rising inflation can make managing a business challenging, yet you can still thrive by making prudent cost cuts and acting if opportunities arise. You might, for example, reduce expenses by switching vendors, cutting overtime hours or moving offices. Be sure to assess inflation’s effect on each product line and determine whether your product mix still makes sense. Then decide whether you should raise prices (just be sure to give customers fair notice). For help evaluating your current financial situation and developing additional inflation-fighting strategies, contact us.

06/02/2026

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money.

Remember, the IRS will never contact you by email or text about a tax bill or refund. It also won’t demand immediate payment over the phone. Most IRS communications are sent through regular mail — though fraudsters may send fake IRS notices by mail, often including QR codes.

Don’t click on links, open attachments or scan QR codes from unknown senders that might direct you to fraudulent websites designed to steal personal or financial information. Contact us if you have questions.

05/29/2026

Strong payroll management is critical for today’s small and midsize employers. Start with a written policy that thoroughly explains how payroll should be handled and who has the authority to approve changes. It should be a comprehensive, living document that you regularly reevaluate and revise as needed. Also, stay current on overtime rules, worker classification and payroll tax obligations. Technology and outsourcing can make payroll more efficient, but they shouldn’t replace careful review and strong internal controls. Training is important, too. Payroll staff, supervisors and employees all need to understand their roles. Contact us for help reviewing and improving your payroll practices.

05/26/2026

If you donate artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Your deduction will generally be reduced if the charity’s use of the artwork is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization. The reduction equals the amount of capital gain you would have realized had you sold the artwork instead of giving it to charity. Other deduction limits as well as special substantiation and appraisal rules also may apply. If you’re considering donating artwork or other valuable property, contact us for help ensuring the best tax outcome.