Widespread damage from Hawaii's recent wildfires and Hurricane Idalia in Florida underscores the costly effects of natural disasters on small businesses. The total cost to the state from the Hawaiian disaster has been estimated at $4 billion to $6 billion by Moody's. For business owners, it helps to know options to recover and rebuild exist, including
The processing pause on new ERC claims will be in effect through at least the end of 2023. Normal processing times for existing claims could stretch from the standard goal of 90 days to 180 days or longer. IRS increasingly alarmed by 'unscrupulous actors' "The IRS is increasingly alarmed about honest small business owners being
"Businesses that receive ERC payments improperly face the daunting prospect of paying those back, so we urge the utmost caution," IRS Commissioner Danny Werfel said on Thursday, urging small businesses to review claims with a qualified tax professional. In the meantime, the IRS is working on further guidance on how to withdraw unprocessed ERC claims
A doorbell camera in Chesterfield, Virginia, recently caught a man snatching a box containing a $1,600 new iPad from the arms of a FedEx delivery driver. Barely a day goes by without a similar report. Package theft, often referred to as "porch piracy," is a big crime business. While the price tag of any single stolen
Many Main Street businesses could be playing with fire — literally — by not maintaining appropriate levels of business insurance coverage, especially given the spate of natural disasters affecting multiple areas of the U.S. Skimping on property damage and business interruption coverage is understandable to some extent, given the cost. While the price of a
House Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break. Lawmakers voiced "continued concerns" about the employee retention credit, or ERC, which was enacted to support small businesses during the Covid-19 pandemic. Worth thousands per employee, the credit sparked a flood of amended returns
The case challenges a levy, known as "deemed repatriation," enacted via the Republicans' 2017 tax overhaul. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize"
New York City is months away from introducing the first zone-based tolling program in the U.S. The project, which begins in the spring of 2024, will increase the tolls drivers pay to enter points of Manhattan south of 60th Street. The final price of the toll is not yet determined. People close to the process
"Shark Tank" star Daymond John is looking to give Black business owners a boost for the fourth year running. The FUBU CEO's Black Entrepreneurs Day, billed as a celebration of Black business, will return Nov. 1. The event will feature a lineup of celebrity guests such as Whoopi Goldberg and Shaquille O'Neal and insights from
You may be among the millions of Americans who just purchased an item during the two-day Amazon Prime deals event. Did AI help in the process of convincing you to spend? Amazon said Prime members bought more than 150 million items from third-party sellers. It didn't release much more data on the big retail event
