To attract top talent, small businesses are offering their employees generous compensation packages and lavish benefits, such as retirement benefits, tuition reimbursement, company cars, free fitness center memberships, and regular work-related retreats. In order to facilitate this rapid growth in the labor force, state governments are adopting payroll taxes that specifically target high-salary employees. Eliminating…
Employee retention credit (ERC) is a crucial form of employee benefit. But it’s something that many business owners make mistakes with. It’s a little like a tax credit that you’re given to offset income taxes. I have helped a number of business owners create and implement ERCs. However, I’ve also discovered several common errors business…
The recent Senate tax reform legislation, which is in conference at the moment, includes the most significant tax cuts for small business and middle-income households in a generation. It is time for small businesses and other small business tax shelter companies, as well as many S-corporations and LLCs, to start planning for the increased economic…
Employee retention is one of the most important strategic initiatives of any business, and you can start by keeping employees happy. However, creating this kind of climate requires a great deal of attention, including: creating a family-like culture, providing a good working environment, holding leadership accountable and empowering employees. It also requires great employees who…
The employee retention credit is one of the most effective forms of pay and tax planning. All employees should benefit from it. Its benefits apply to all employers, in all industries, at all levels. The Internal Revenue Service requires a three-year test to ensure that a credit has been paid, not just a one-year test…
So now I’m going to talk about the Employee Retention Credit, or ERC for short. The purpose of this section is to highlight some of the difficulties involved in administering this credit, and how the Equifax ERC works in comparison to a few other federal credits. First, I want to briefly talk about two of…
