It is evident that the COVID-19 Pandemic has changed the way we live and work. It has also created numerous challenges for business owners. From health and safety mandates to logistical problems, the ability to stay profitable has become an issue for many.
The Employee Retention Credit, also referred to as ERC, is a refundable payroll tax credit that businesses can receive on qualified employee wages and certain employee benefits beginning March 13, 2020, through December 31, 2021. The program was first introduced by the Coronavirus Aid, Relief and Economic Security (CARES) Act. It was signed into law during March 2020 to assist businesses that were impacted by the COVID-19 pandemic and to encourage businesses to keep employees on their payroll. Since its inception, the program has gone through many revisions with three different acts. The first being the Consolidated Appropriations Act, 2021 (CAA), enacted in December 2020, the second is the American Rescue Plan Act (ARPA), enacted in March 2021, and the third is the Infrastructure Investment and Jobs Act (IIJA), enacted in November 2021. The last act accelerated the end of the program from the initial date of December 31, 2021, to September 30, 2021, for most businesses. However, for wages paid by a Recovery Startup Business, the expiration date remains December 31, 2021.
The Department of Treasury and the Internal Revenue Service (IRS) released new guidelines and provisions under NOTICE 2020-23 in response to the COVID-19 pandemic. These measures were intended to provide relief to taxpayers in the form of extensions to time-sensitive acts. Most notably under these provisions was the extension of the tax filing deadline to July 15, 2020.
Imagine: After getting laid-off and pounding the proverbial pavement for several months, you finally have two employers knocking on your door. Both offers are adequate. One offers a higher salary and flexible hours. The other promises better benefits and a shorter commute. As you’ve been inching towards desperation, you’d consider taking either offer as-is. Yet you want the ‘full meal deal.’ What do you do?
Imagine: You pull up to the grand hotel. An eager valet slips into your car seat as the bellhop secures your luggage. You stroll to the front desk where a smiling attendant checks you in. Out of the elevator, you open the door to your temporary palace. A whiff of freshly laundered towels still lingering in the air tells you housekeeping has just recently finished.
The natural world is full of awe-inspiring wonder. From simple gardens growing in our backyards, to the epic beauty of national parks like Yosemite or the Grand Canyon, Mother Nature stirs up a wide range of emotions and experiences.
Timing is everything. A universal truth that can be applied to almost every moment in life where a decision or action can change the course of things to come. The swing of a baseball bat, the delivery of a comedian’s punchline, leaving work five minutes late, or gathering enough courage to strike up a conversation before the next train stop…all moments that can make a difference.
Now, while the potential ramifications to one’s destiny may not be quite as profound, timing is also very important when it comes to your business capitalizing on employment incentives.
For those of us that provide Work Opportunity Tax Credit (WOTC) services to business owners, it is easy to assume that most business owners are bird lovers. The perception that they are ornithology enthusiasts comes from frequently hearing many of them attempt their best Barred Owl imitation.
Thanksgiving will soon be here, a time for family and friends to gather around the dining room table and show appreciation for each other while celebrating with a bountiful turkey dinner and all the trimmings. And with this tradition, there is a phrase that many will hear drifting across the table…"Please pass the gravy.” As if the turkey, mashed potatoes, and stuffing aren’t enough for a succulent feast, here comes the gravy, a delicious, mouth-watering reward resulting from hours of toil preparing the feast.
The Georgia Investment tax credit is designed to service two specific industries; Manufacturing and Telecommunications. The intent is to help these industries grow by making it more affordable to expand and improve facilities. Investment tax credits can be used to offset up to 50 percent of a company’s Georgia corporate income tax liability. If the earned credit exceeds that limit, then the unused credit can be carried forward up to 10 years and applied to future years’ tax liability. Taxpayers generally claim one of the three Georgia credits for the same project and/or jobs. The credits available are (1) the Investment Tax Credit, (2) the Job Tax Credit, and (3) the Quality Job Tax Credit.