How to determine whether a diocese and parish(es) must be aggregated for the purposes of the Employee Retention Tax Credit (ERTC)

INTRODUCTION  Determining whether a diocese and parish must be aggregated for the ERTC is a simple process. If you are tasked with figuring this out, start with these two questions: In the prior tax year did the diocese provide 80% (or more) of the funding for the parish? Does the diocese provide daily management over […]
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BREAKING ERTC NEWS: Same as the Old News

On Monday, July 24th 2023, the IRS released "new" final regulations related to the Employee Retention Tax Credit (ERTC). There is nothing surprising (or even of real substance) in the new regulations. In short, the regulations authorize the IRS to collect amounts from employers that should not have gotten them in the first place, and to apply the standard penalties that apply to payroll tax underpayments.
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Business Owners Should Explore Their Eligibility for Rent Expense Tax Deductions

In an effort to incentivize and encourage the growth of entrepreneurship and innovation in the United States, a multitude of various tax credits and deduction have been made available to business owners. One of the available tax deductions for small businesses is the ability to deduct rent expenses for properties used by the owner for […]
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