Save Money and Increase Profits With This Tax Credit
New Jersey business owners can save on their taxes through programs and subsidies if they know where to look for them. Unfortunately, information for these programs isn’t always well known or publicized, so it requires research to discover what’s available. NJ and the US have one major thing in common; state and federal tax codes […]
Increased Child Tax Credit Might Cost You in 2022
There’s no such thing as a free lunch, and nowhere is this truer than at the IRS. Earlier in the year, I wrote an article about understanding the increases to the child tax credit as part of the American Rescue Plan. It appears that for some Americans and New Jerseyans, it was too good to […]
Infrastructure Bill Brings ERC to a Close
With President Biden’s Signing of the Infrastructure Investment and Jobs Act (IIJA) on Nov. 15, employers’ ability to claim employee retention credits (ERC) for eligible wages paid after Sept. 30, 2021, has been retroactively eliminated. In the simplest terms, this means that employers will no longer be able to claim the tax credits they had […]
Critical Info About the Employee Retention Credit
The employee retention credit (ERC) was one of the CARES act’s provisions designed to alleviate the financial suffering employers have experienced due to COVID. It allows employers to claim a tax credit based on the wages paid to employees. With recent legislation, there have been updates to the act. It’s crucial for employers to know […]
Easily Save More Money With the ERC
The Employee Retention Credit, a provision of the CARES Act, has been extended under the Consolidated Appropriations Act of 2021. It is now available through June 30, 2021, and is available for all employers who have retained their employees throughout the COVID-19 pandemic. The new extension will help businesses deal with the financial havoc resulting […]
Employee Retention Credit (CARES Act) Part 2
The Internal Revenue Service (IRS) and the Department of the Treasury on May 7, 2020, decided to revise their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that don’t pay wages but continue to cover the health plan expenses for laid-off or furloughed employees, to qualify for retention credits. As […]
Employee Retention Credit (CARES Act)
The Internal Revenue Service (IRS) and the Department of the Treasury on May 7, 2020, decided to revise their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that don’t pay wages but continue to cover the health plan expenses for laid-off or furloughed employees, to qualify for retention credits. As […]