Newsletter

1. Employee Retention Scams Congress created the Employee Retention Credit (ERC) in 2020 to provide relief to businesses that were struggling because of the COVID-19 pandemic. It is a refundable credit available to employers that either: • Continued to pay their employees during mandatory pandemic-related shutdowns in 2020 and 2021; or • Saw a substantial […]

Here are some steps to follow: 1. Trust less, protect more: When it comes to cybersecurity, don’t be too trusting. The more cautious you are, the better you can safeguard your business. That’s why taking a zero-trust security approach can help address the cyberthreats and security challenges facing today’s businesses. Always play it safe and

Tax Credits for Manufacturing The IRA renews some tax credits that had lapsed, expands others and creates several tax credits intended to encourage investment in renewable energy and other environmentally conscious technologies. Advanced Manufacturing Production Credit The IRA creates a new tax credit known as the advanced manufacturing production credit. It provides credits to manufacturers

Excess Business Loss Limitation Any taxpayer other than a corporation may find that they cannot deduct as much of their losses as they would like because of the Excess Business Loss (EBL) limitation found in § 461(l) of the IRC. The EBL limits how much business loss a taxpayer can use to offset their non-business

The Amended Energy Efficient Home Improvement Credit Previously, the Energy Efficient Home Improvement Credit was a $500 lifetime credit. However, the IRA increased the lifetime limit to $1,200. The amount of the credit is 30% of the sum of the amounts paid for certain types of home improvement expenses. Essentially, homeowners can take advantage of

Did You Know Hardware and Software Expire Too? Organizations must keep up with the latest technological advancements since all technologies and systems are subject to expiration dates, just like food and medicine. Technology End-of-Service Myths Beware of technology End-of-Service myths like “if it ain’t broke, don’t fix (or replace) it.” It could leave your organization

1. Not Emphasizing Bookkeeping With all of the pressures that come with small business ownership, it can be easy to overlook bookkeeping. Business accounting requires owners to keep track of all transactions in order to make sure they have accurate books. Common issues that may arise from inadequate bookkeeping may include: Failing to track income

1. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, became effective for publicly-traded companies on January 1, 2023. It will take effect for private companies on January 1, 2024. It builds on ASU No.

What Are Co-Managed IT Services? Co-managed IT services aim to reduce the burden of maintaining the full scope of your IT needs to run a successful business. While fully managed IT services take over the complete responsibility of an IT department, co-managed IT services supplement your existing internal IT staff/department. Benefits of Co-Managed IT Services

What is the Employee Retention Credit? The ERC is a fully refundable tax credit in an amount based on wages paid to employees during certain periods of time in 2020 and 2021. To be eligible for the credit, an employer must have experienced at least one of the following in connection with the pandemic during