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.
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.
With the start of another tax season, businesses in the automation and manufacturing industries are forced to evaluate how persisting economic and industry trends have impacted their profit margins and viability.
Last year, I published a piece about the top myths regarding the Employee Retention Credit (ERC) that was preventing business owners, charity managers and Indian tribes from claiming this important tax incentive.
It’s well known that home care providers are prime candidates for claiming the Employee Retention Credit (“ERC”), which was enacted by Congress to reward businesses for their efforts to keep employees on payroll during the pandemic. But is your credit provider doing things the right way or just telling you a number to write on your tax form?
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.
The Employee Retention Credit (ERC) originally was introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020, and since the passing of the Consolidated Appropriations Act of 2021 in December 2020, this provision has been expanded significantly to reward more business owners for keeping employees on the payroll throughout the pandemic.