Getting refunds on your taxes can be exciting but waiting for your refund is a different matter. Whether you are a seasoned attorney with years of experience or you are submitting your taxes for the first time, the IRS refund process can seem slow. So what can you do about it?
Working with a tax professional can help you understand what tax credits you qualify for and how to claim them. Tax season brings rule changes for business owners, and this year is no different.
The Employee Retention Credit (ERC) remains one of the best tax benefits out there for small and medium business – as well as tax-exempt entities – to keep doors open and employees on payroll during this difficult economy.
Unfortunately, the actual number of SMBs and charities taking advantage fell far below that due to
misinformed business owners lacking a full understanding of the credit and its qualifications.
The COVID-19 pandemic has wreaked havoc on the United States, not just in terms of lives lost, but also in terms of the country’s ability to maintain a fully operational economy.
The latest developments surrounding the COVID-19 Omicron variant have American businesses on edge, and for good reason. The World Health Organization (WHO) has stated that the new variant poses a “very high” global risk, leaving companies around the world once again anticipating even more government restrictions.
Recovering from the devastating impact of COVID will prove to be a long journey for the restaurant industry. Recent data shows that sales are $240 billion below normal, 8 million employees have been laid off or furloughed, and over 110,000 eateries closed for good in 2020, and it’s evident the way back to pre-crisis level of sales and employment will not be straightforward.
Last December Congress released the Consolidated Appropriations Act of 2021 which provided major tax breaks for companies that have found ways to come together with their teams to embody America’s commitment to innovation in the midst of the pandemic.
The revamp of the employee retention credit under the Consolidated Appropriations Act, 2021 (CAA, P.L. 116-260), has turned an underused relief option into the most potentially powerful credit available to struggling businesses.
Restaurant owners have had to completely flip their operations to accommodate proper health and safety protocols for over a year now, but the country is finally starting to see the light at the end of the tunnel with an influx of vaccine distribution.