The Internal Revenue Service (IRS) has placed a moratorium on new Employee Retention Tax Credit applications through the end of the year. The halt to this program comes amid a surge in fraudulent claims and aggressive marketing practices to ineligible applicants. The agency is expected to put in place more safeguards for small business owners to protect them from unscrupulous entities. As part of the CARES Act, the ERC offers tax credits to encourage more businesses to retain employees during the pandemic, as a temporary measure. Learn more about the tax credit and its eligibility requirements. 

Whether you are a seasoned business owner or a first-time entrepreneur, it’s never too early to consider approaches to building long-term wealth through your small business. Although there are many tactics to achieving financial security and building wealth, here are some key strategies for small business owners to consider.