Many people have dreams of starting a business but lack the capital or funding needed to launch their new business ideas.  It’s true: It costs money to start a business. The US Small Business Administration (SBA) says that how to fund a business is one of the first — and most important — decisions business owners must make. Self-funding is one way that entrepreneurs leverage their own financial resources to get a business off the ground and tapping into a 401(k) is one option that many entrepreneurs aren’t aware of.  Using Retirement Savings to Fund a Business  When thinking abo ..read more

The Securing a Strong Retirement Act of 2022 (SECURE Act 2.0), passed in March 2022, expanded efforts to help Americans achieve retirement savings security.  The bill sought to further remove obstacles to saving for retirement, including a lack of access to employer-sponsored plans. To incentivize employers to open new 401(k) plans, the SECURE Act 2.0 expanded an attractive tax credit. Employers may claim the tax credit for the “ordinary and necessary costs” they incur to set up and administer a retirement plan and educate employees about the plan.  Business Tax Credits for 401(k) Pl ..read more

The Employee Retention Tax Credit (ERTC) was introduced during the COVID-19 pandemic as a tax incentive for businesses to keep employees on their payroll. To qualify, a business must have suffered financially or experienced operational disruptions because of COVID restrictions. Even though it has since expired, it’s still possible for eligible employers to claim the ERTC on an original or amended employment tax return for wages paid between March 13, 2020 and December 31, 2021. IRS Cracking Down on Fraudulent ERTC Claims The ERTC has generated a lot of interest from employers, many of whom are ..read more

With the Inflation Reduction Act of 2022 allocating substantial funding to the Internal Revenue Service (IRS) for tax enforcement activities, the IRS has made no secret that it will scrutinize high wage earners, wealthy taxpayers and corporations in a new compliance push. The agency is expected to hire scores of additional enforcement agents and implement new investigative technology in the upcoming fiscal year. Like many organizations, the IRS is jumping on the artificial intelligence (AI) bandwagon, utilizing AI to better detect tax cheating and compliance threats. Wealthy Taxpayers and Busi ..read more

Accounting and bookkeeping are important functions for any company. However, not every business has the resources to hire its own internal staff to handle financial management tasks or become QuickBooks experts. In addition, as a business grows, its needs will change. Bookkeeping systems that worked well initially may not keep up with expanding operations. For companies that could use extra support with their financial management, deciding to use outsourced accounting services can be a smart choice. Benefits of Outsourced Accounting Services Enlisting outsourced accounting services can be high ..read more

As the Inflation Reduction Act of 2022 (IRA) turns one year old, companies in the renewable energy sector are seeing their growth “turbocharged,” fueled by increased demand for products and services that supply greener sources of power. We’re seeing significant shifts in consumer behavior, whether driven by altruism, climate concerns, or sheer practicality. As Americans have endured one of the hottest summers on record, all eyes have been on the stability of the energy supply. After experiencing a catastrophic failure during freezing temperatures in 2021, Texas’s grid operator was able to com ..read more

https://www.sjgorowitz.com/wp-content/uploads/2023/08/northfultonbusinessradio-nfbr_gregsilberman_final.mp3 The post Tax Strategy and Tax Credits, with Greg Silberman, S.J. Gorowitz Accounting & Tax Services appeared first on S.J. Gorowitz Accounting & Tax Services ..read more

Renewable energy is an area of growing interest for businesses looking to take advantage of the tax incentives included in the Inflation Reduction Act of 2022 (IRA). Because the incentives are so attractive, business owners will want to understand how they might apply to their operations and what they can do to qualify. What is Alternative, Renewable, Clean and Green Energy? It may help to start with a basic definition of what qualifies as alternative, renewable, clean and green energy. Alternative energy is a broad term for any energy that is not derived from fossil fuels. Alternative energ ..read more

If you own a small- to mid-sized business, finding the right expert for your accounting and bookkeeping needs is critical to your operations. You may have tried to handle those functions yourself at one point and learned quickly that proper accounting can be time-consuming. With the help of a small business accountant or CPA who offers outsourced accounting and bookkeeping services, you can focus your time and resources on building your business, without having to hire or retrain employees to handle bookkeeping and file tax payments. Finding the right fit for you and your business is importan ..read more

The Inflation Reduction Act of 2022 (IRA) has been called “the most significant climate legislation in U.S. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy.” Renewable energy is a topic of ongoing interest and relevance to businesses, particularly because the IRA significantly expanded tax credits that incentivize carbon capture and storage. With most provisions of the IRA becoming effective January 1, 2023, businesses are starting to delve into what the tax incentives could mean for them, particularly if they are investing in new equ ..read more