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.

United States United States Latest News, United States United States Headlines

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

Project Cashew's request for $3.6 million in incentives moves ahead - Jacksonville Business JournalIncentives one step closer for Jacksonville food manufacturer
Source: JaxBizJournal - 🏆 599. / 51 Read more »

First Coast housing permit numbers rise in October - Jacksonville Business JournalThe number of housing permits issued on the First Coast was positive in October.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Bay Area sees lowest October home sales volume in 15 years - Silicon Valley Business JournalEconomic conditions in September and October continued to nosedive and so did real estate sales in the Bay Area. Here's how much they were down in October compared to the previous year.
Source: svbizjournal - 🏆 334. / 59 Read more »

Neighborly acquires junk removal service Junk King - Dallas Business JournalThe junk removal company said it works to keep 60% of its collected materials out of landfills through repurposing and recycling.
Source: DallasBizNews - 🏆 525. / 51 Read more »

Il Fornaio coming to Mountain View shopping center - Silicon Valley Business JournalIl Fornaio, which counts 'a few hundred thousand' fans in the Bay Area, is opening a new location. Here's where.
Source: svbizjournal - 🏆 334. / 59 Read more »