Hey ,
So, everybody has been talking about the new tax deal and all its benefits in the past week. That’s OK, but as your accountability accountant, I always dig deeper into the finer details, and I already don’t like a few things about it.
- The proposed advanced Child Tax Credit – it’s temporary, and who knows, maybe there won’t be another extension beyond 2025, leaving thousands of families vulnerable again 🤷🏻♀️
- Employee Retention Tax Credit claims – the new tax deal proposes that ERTC claims be stopped after January 31, 2024. Now, this is unfair because the IRS had already put a pause last year on new ERC claims. May small businesses lost out on the opportunity to claim, and now it could be gone forever.
The ERC or ERTC benefited many small businesses that were affected by the pandemic. If it were to be shut down, it would be money that businesses would lose. And, given recent trends, it feels the government is after businesses, seeking to take as much money
from them as possible.
Hence, there is a greater need to make sure that you take measures to protect your business. These include
streamlining your budget and maximizing your sales. You know what they say about making the hay while the sun still shines 😉?
Best
regards,
Folasade, The Accountability Accountant
[email protected]
(202) 618-1295
Watch the full video explaining this new Tax Deal: https://www.youtube.com/watch?v=8MhKQC0xBKY
