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IRS Notice: Employee Retention Credit

  • April 5th, 2021

2021 – 04/05 The IRS has provided guidance to employers claiming the employee retention credit (ERC) for 2021. In Notice 2021-23, the IRS explains how employers can determine their eligibility for, and the amount of, the ERC they may claim for the first two quarters of 2021. During the first two quarters of 2021, the…

Tax advantages of hiring your child at your small business

  • April 5th, 2021

2021 – 04/05 As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child…

FAQ: American Jobs Plan

  • April 2nd, 2021

2021 – 04/01 President Biden has released a summary of the “American Jobs Plan” that focuses on infrastructure improvements and other initiatives. He also released the “Made in America Tax Plan” to help pay for the proposals. Among other provisions, it would increase the corporate tax rate from 21% to 28% and discourage offshoring to…

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