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Impact of IRA and IIJA on Commercial Lighting Upgrades

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Despite the uncertain economic conditions in the future, the Infrastructure Investment Jobs Act (IIJA) and the Inflation Reduction Act (IRA) for energy-efficient interior lighting renovations can provide good relief to for-profit and nonprofit organizations. Not only are the improvements financially feasible, but better lighting systems also save money as they have lower running expenses with […]

What is the Employee Retention Credit and How to Retroactively Claim it in 2022

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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)?

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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, […]

5 Misconceptions About the Employee Retention Credit (ERC)

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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

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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 […]

Cost Segregation for Apartment Building Owners

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Apartment Building Owners Apartment building owners, inspectors, and investors are encouraged to have cost segregation studies performed on their buildings in order to improve their federal tax credit savings, and increase their cash flow. The study is beneficial for almost any commercial building that has been constructed, acquired, or renovated, and is done to identify […]

Cost Segregation for Commercial Property Owners

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Commercial Property Owners Commercial property owners, inspectors, and investors are encouraged to have cost segregation studies performed on their buildings in order to improve their federal tax credit savings, and increase their cash flow. The study is beneficial for almost any commercial building that has been constructed, acquired, or renovated and is done to identify […]

Cost Segregation for Restaurant Owners

Restaurant Owners Restaurant owners who are building or remodeling their property can reduce their federal tax liabilities through a cross segregation study. Restaurant owners are able to benefit from Cost Segregation studies by increasing their cash flow, and lowering federal tax burdens. Qualifying items that can be reallocated Carpeting, vinyl, and epoxy flooring Canopies and […]