As the ERC filing deadline approaches, we would be remiss not to inform churches of the valuable opportunity to take advantage of this tax incentive. The COVID-19 pandemic, a global crisis that took the world by storm, brought about unprecedented challenges for various sectors of society. Among the most affected were organizations that typically gather in person, including churches and houses of worship... Mandated shutdowns and restrictions aimed at curbing the virus' spread profoundly impacted churches worldwide, testing their resilience and adaptability. The Financial Strain COVID-19 Placed ..read more

Tax Credit Collective overviews environmental remediation activities that can qualify for tax credits- especially the Research & Development tax credit. What is Environmental Remediation and How Could It Qualify You for Credits? Our world is increasingly developing better practices to help protect the planet from pollution and natural disaster. However, sometimes accidents occur, waste is created, or natural disasters wreak havoc. This is where environmental remediation comes to play. Environmental professionals, construction companies, and design and engineering firms use a number of tech ..read more

The High-Road Cannabis Tax Credit (HRCTC) is a nonrefundable California tax credit that can be captured by eligible cannabis businesses from January 1, 2023, to December 31, 2027. The credit is worth 25% of qualified expenditures during each tax year, with a maximum credit limit of $250,000 per year. Who Qualifies? To qualify for the High-Road Cannabis Tax Credit (HRCTC), a taxpayer must operate a commercial cannabis business in California, paid W2 employees during the tax year, and hold either a Type-10 or a Type-12 license in accordance with Division 10 of the Business and Professions Code ..read more

The Employee Retention Credit (ERC) was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide financial relief to businesses affected by the COVID-19 pandemic. However, there are several myths and misunderstandings surrounding the ERC that may cause confusion among businesses trying to determine if they have a legitimate opportunity to capture this tax credit. Here are five such myths and misunderstandings: Myth: The ERC is only available to businesses that were fully shut down by COVID-19. Reality: The ERC is available to businesses that experienced par ..read more

The Internal Revenue Service is not renowned for relaying information in easy-to-understand terms. Trying to understand tax documents can often leave you feeling like you should have caught the bus to Law School! The Employee Retention Credit is an especially complicated tax credit. Some taxpayers’ claims rest partially or fully on their business suffering a more than nominal impact due to governmental mandates that restricted commerce, travel, or gathering during 2020 and/or 2021. Determining eligibility based on governmental mandates requires an understanding of the law and subsequent guidan ..read more

The Employee Retention Credit (ERC) has been referred to as "one of the most lucrative tax credits," but the scams and misinformation surrounding this credit are shocking. Is your phone ringing off the hook with ERC salespeople saying you are pre-approved for your government refund? The following are actual conversations with ERC “firms” who called me: Call #1: ,There's No Sheriff In This Town Me: If my claim is ever examined, will you provide a licensed attorney to represent me against the IRS? SDR: Uhh, let me ask my supervisor… She says you would have to hire a tax attorney in that case. Me ..read more

International tax planning is a complex endeavor, especially for US businesses exporting goods. The United States offers various incentives to promote international trade, and one of the lesser-known but highly beneficial tools is the Interest-Charge Domestic International Sales Corporation (IC-DISC), a tried and true tax incentive that’s been around for 40 years and is even more relevant today. This incentive creates as much as a 13.2% tax rate differential on the income from foreign sales. For business owners paying 37% tax from flow-through entities, this is more than a THIRD less in taxes ..read more

In an ongoing initiative to safeguard small businesses and entities from fraudulent activities, the Internal Revenue Service (IRS) has unveiled a strategic withdrawal procedure designed to assist individuals who have filed for an Employee Retention Credit (ERC) with concerns about the claim’s accuracy. The creation of this withdrawal process aims to offer support to small business owners and others who may have been pressured or deceived by ERC marketers or promoters into making claims that do not meet the eligibility criteria. This withdrawal alternative permits certain employers who have sub ..read more

At first glance… It would seem like 2020 and 2021 would be top-dollar years for medical practices. Yet, despite our collective focus on the medical space, not all areas of healthcare experienced growth. In fact, many “nonessential” yet still vital medical services were halted or forced to alter their businesses because of Covid. Elective procedures were cancelled, and many appointments shifted into a virtual space. Many optometrists and ophthalmologists agree that it was nearly impossible to perform exams and appointments over Zoom or WebEx during 2020. If your vision practice was impacted, th ..read more

Contrary to many headlines, the IRS has not eliminated the Employee Retention Credit. Have you had the chance to peruse the latest IRS ,memo about the ERC? We’re here to break it down for you in this ever-evolving landscape of the Employee Retention Credit: Key Points Noted By The IRS in IR-2023-169, Released Sept. 14, 2023 ,Delays,, One of the most pressing concerns is the timing of ERC claim refunds. Previously, the internal processing time at the Service for ERC claims averaged around 90 days. Due to recent changes, this timeline is expected to double, with their internal goal increasing t ..read more