5 Misconceptions About the Employee Retention Credit (ERC)
The Employee Retention Credit (ERC), originally passed in March of 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was designed to help businesses keep their workers employed throughout the pandemic. The credit has undergone several modifications since 2020, with the most recent change passing on Nov. 15, 2021, and many businesses have […]
IRS Warns Taxpayers of Improper Employee Retention Credit Claims and ERC Mills
The Internal Revenue Service recently published IR-2022-183 warning employers to take caution against third parties that are encouraging them to claim the Employee Retention Credit even if they may not qualify. The IRS has given multiple warning signs to look out for. These ERC mills continue to be aggressive in their tactics so the IRS […]
Does Your Small Business Qualify for the R&D Tax Credit?
Are you a small business filing taxes for the first time? Or maybe you are a small business with a tight budget that might need some more support. The Research and Development (R&D) tax credit may be the answer you are looking for. No longer is the R&D tax credit just for lab coats and large corporations. A 2015 […]
What is the Employee Retention Credit and How to Retroactively Claim it in 2022
What is the Employee Retention Credit? The Employee Retention Credit (ERC) is a refundable tax credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees. This credit, passed under the CARES Act, encourages businesses to keep employees on their payroll. The refundable tax credit is 70% of up to $10,000 in […]
Is There Still Time to Claim the Employee Retention Credit (ERC)?
The COVID-19 pandemic and the resulting economic upheaval sparked a series of financial relief packages, each with various complicated updates and provisions. In particular, the Employee Retention Credit (ERC) underwent several legislative changes that exacerbated initial confusion and left many qualifying businesses uncertain about their eligibility. Even now, nine months after the last ERC update, […]
What Rising Demand for New Hampshire’s R&D Tax Credit Means for You
An increase in demand for R&D tax credits has taken New Hampshire by storm. Governor Chris Sununu recognized 2020 as a historic high in the volume of R&D credit business applications — resulting in a whopping 276 recipients. However, the rising demand for this tax credit has resulted in a smaller share for businesses. This year, […]
Will 45L Be Extended at the End of 2021?
In 2005, the Internal Revenue Code added an internal revenue incentive called the Energy Efficient Home Credit, more commonly known as 45L. This incentive allowed “Eligible Contractors” to collect tax credits for the construction of energy-efficient homes. Eligible Contractors are categorized by the IRS as any trust, estate, partnership, company, or corporation that was in charge […]
2022 Tax Planning: Benefits of Cost Segregation For Real Estate Investors
In the last few years, the real estate market has been booming. Real estate hot spots like Austin, Tampa, and Charlotte have seen massive growth. In fact, in 2022, 12% of Americans were investors in some sort of real estate whether that be commercial or residential. There are so many benefits to being a real […]
How to Further Develop Your Business Before 2021 Ends
The end of the year is quickly approaching. With only a few months left in 2021, improving your business should be at the forefront of your goals. There are many ways to achieve this success — from hiring the right people to figuring out a work schedule that best fits your business needs. However, the […]