Posts by MitchReitman
Infrastructure Bill Would End the Employee Retention Credit
The infrastructure bill passed by the U.S. Senate on August 10, 2021 would end the employee retention credit (ERC) early, making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business).
Read MoreTaxes to Follow COVID
After a year of coping with COVID lockdowns and reduced revenues the potential increase in business and individual tax rates may be our next challenge. President Biden has suggested raising federal rates on businesses and the wealthy to pay for his forthcoming infrastructure bill and programs to combat inequality and climate change. Under his proposed…
Read MorePayroll Tax Pitfalls
Payroll taxes and withholding present a tempting source of working capital for a small business. Payroll tax payments are easy to divert because there isn’t really an invoice (at first). Payroll taxes and withholding are ‘voluntarily’ reported on IRS Form 941 (Employer’s Quarterly Federal Tax Return) and paid via direct deposit to the IRS. The…
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