ERC and other tax credits every small business should know about - Jacksonville Business Journal

Proponents say it encourages employers to report tip income, which improves overall tax compliance and ensures future Social Security benefits for tipped workers. But opponents say the tip credit has not done that and is unfair because it is not available to other workers beyond the food and beverage service sectors.Some restaurants claim it and some don’t, surprisingly," Johnson said."It's probably a lack of awareness and understanding that it's available to them.

Businesses that took the SBA’s Paycheck Protection Program also still qualify, with their PPP amount being deducted from what they would get from the credit, which is still a significant amount for many businesses owners. Meanwhile, the IRS received a boost in funding to add more enforcement agents, and Johnson said the ERC remains a compelling target.One has to believe that they're going to be focused on this for the next several years," Johnson said, adding there is a five-year window in which the IRS can take a look at ERC claims. But he stressed that time will start to run out on claiming the full credit.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ERC and other tax credits every small business should know about - Jacksonville Business JournalExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville scores high in national real estate rankings - Jacksonville Business JournalJacksonville, along with 33 cities, received a rating of strong for investor demand.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville cancels Veterans Day parade as Nicole moves closer - Jacksonville Business JournalStorm surge is expected to lead to flooding in low-lying areas.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville one of the best areas for retired veterans - Jacksonville Business JournalThe First Coast is one of two Florida cities on the list.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jacksonville scores high in national real estate rankings - Jacksonville Business JournalJacksonville, along with 33 cities, received a rating of strong for investor demand.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

ERC and other tax credits every small business should know about - Silicon Valley Business JournalExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: svbizjournal - 🏆 334. / 59 Read more »