So you’ve heard about the Inflation Reduction Act (IRA), but what exactly does it mean for your small business? The answer may surprise you. Below you will find an overview of the provisions and investments in the IRA.

The Governor’s Office of Business and Economic Development launched the California Competes tax credit, a tax deduction program available to small businesses that want to relocate or stay and grow in California. All businesses, regardless of size, industry or location can apply to receive this credit during three application periods each year.

The American Rescue Plan provides assistance in the form of tax credits to small employers who provide paid time off to employees for situations related to COVID-19 vaccination or illness. Small business owners may claim these credits on their quarterly taxes, but the deadline to file is just around the corner.

The federal government created the Employee Retention Credit (ERC) in response to the detrimental effects of the COVID-19 pandemic on small businesses. 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. Below you will find more information about the tax credit and its eligibility requirements.

The deadline to file 2020 tax returns is fast approaching, and we know many small business owners need to learn about what kind of tax benefits they might benefit from during this challenging time. Below you will find some important information about the new Employee Retention Tax Credit and the Work Opportunity Tax Credit.