If you are a business in PA, you might consider a contribution to an approved Educational Improvement Organizations. If you are a qualified business, you can received a PA tax credit of 75% of your contribution (90% if same contribution for two years). You need to make sure you meet the requirements (i.e. provide proof
Our friends from PIDC have shared this new program for businesses in Philadelphia and please, if you meet the requirements, start compiling the required document. You can find some of the details below (See links at the bottom): Boost Your Business is a program of the Department of Commerce — in partnership with PIDC, the City’s public-private economic
The NJ SBDC posted our webinar related to the Small business taxes and BOI (Beneficial Ownership Interest) updates. They have an extremely curated website where there are over 100 videos for subjects relevant to any business owner, check it out - NJ Thrives NJ SBDC. Link for the WEBINAR (Around minute 53 educational example to
Today, we have received a communication from PIDC that shared a new grant program that is available to certain businesses in PA. See below more details, like priority businesses and eligibility requirements, and the link to the application at the bottom of this post. "...In partnership with the Pennsylvania Department of Community and Economic Development,
There are several programs currently available with NJEDA - Refer to the information below and the links for further details. Small Business improvement grant The Small Business Improvement Grant provides reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment. Award Size - Reimbursement of up to 50% of total
From January 1st, 2024, any new company (exemptions are listed below) will have 30 days to file their initial Beneficial Ownership information (BOI) report. For the companies already in business before that date, the BOI has to be filed before January 1st, 2025. Also, you should be reporting any changes in the BOI within the
Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).
According to different surveys, it seems that almost two out of five Americans have a side hustle. The pandemic, expansion of remote work, and the increase of living cost (inflation) has increased the number of people working on the side in addition to their regular job. We had numerous conversation with our clients to determine
The Recovery Startup Business shares some similarities with the Employee Retention Credit. Note that there have been numerous updates and clarifications on these refundable tax credits, but if your business meets the requirements, you can obtain up to $100k. Based on the expansion of the definition of Recovery Startup Business (Notice 2021 -49 page 7)
The Employee Retention Credit (ERC) is a fully refundable credit that targets businesses with employees (w2s) in 2020 and 2021. These businesses must have been impacted by the pandemic, mainly either 1) reduction of sales (50% reduction in 2020 quarter versus 2019 quarter or 20% reduction in 2021 quarter versus 2019 quarter) or 2) partial
