Uphill climb seen for employment tax credit in omnibus talks
A pandemic relief measure with sustained bipartisan backing, the employee retention tax credit was originally set to expire at the end of 2021.
A pandemic relief measure with sustained bipartisan backing, the employee retention tax credit was originally set to expire at the end of 2021.
Rules around small business taxes have changed significantly in the last two years. This year is no exception as many of the various pandemic-era deductions and deferrals come to an end.
The Employee Retention Credit (ERC) has proven to be one of the most effective tax policies in helping small and medium businesses and tax-exempt entities weather the economic impact of the pandemic. The ERC provides employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021 (and a reduced benefit for 2020).
Businesses around the world suffered a great deal this year, and U.S. businesses were no exception. Matching the dynamism business environment
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.
The pandemic has drastically affected the restaurant industry in the U.S.. With the government imposing several restrictions, many in the food industry incurred heavy losses and shut down their operations altogether.
The pandemic has truly disoriented U.S. businesses to their core. It has forced firms to try to keep their businesses operating while complying with strict health protocols and standards. COVID has disrupted the supply chains of 94% of Fortune 1000 companies and according to the U.S. Census Bureau’s supply chain disruption survey, the manufacturing industry was the most affected sector.
The COVID-19 pandemic has significantly impacted the construction industry, which is sensitive to economic cycles. But thanks to its potential to create jobs, recovery in the construction industry will also fuel the recovery of the American economy as a whole.
Inflation rates are currently at a 30-year high as U.S. businesses continue to fight tooth and nail against supply chain disruptions that have stifled the ability access necessary goods. According to recent reports, global supply chain disruptions due to shortages were up by 638% in just the first half of 2021, and things are not looking better.