Tag: wage

  • Eligible Businesses: Claim the Employee Retention Tax Credit

    Eligible Businesses: Claim the Employee Retention Tax Credit

    The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain employees during the pandemic. At…

  • New COVID-19 Relief Law Extends Employee Retention Credit

    New COVID-19 Relief Law Extends Employee Retention Credit

    Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC…

  • The New COVID-19 Law Provides Businesses with More Relief

    The New COVID-19 Law Provides Businesses with More Relief

    On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid…

  • Hire Your Children This Summer:  Everyone Wins

    Hire Your Children This Summer: Everyone Wins

    If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll…