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
As Amazon and other big businesses ramp up efforts to reduce their carbon footprint, they're putting pressure on their suppliers to do the same, and those who don't may pay a big price. Starting in 2024, Amazon will require suppliers to share their emissions data, set emissions goals, and report on their progress, the e-commerce
McDonald's decision to raise royalty fees for the first time in nearly three decades doesn't mean a wave of franchisees across corporate brands are about to see their cost of doing business go up, but it does underscore the need for business owners to keep up with changes in the franchise business model. The economics
The IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected. The agency paused processing new claims for the employee retention credit, or ERC, in September following a surge of questionable filings. Worth thousands per eligible employee
The Small Business Administration's federal contracting program for socially and economically disadvantaged small businesses wasn't a direct target of the U.S. Supreme Court decision earlier this year to effectively end race-conscious admission programs at colleges and universities. But it helped buoy the legal attacks against the SBA program, and more changes could be on the way
"We urge employee retention credit recipients who think they were misled by promoters to review these special programs, including either the disclosure program or the withdrawal option, depending on their situation," Werfel said. The new program comes roughly two weeks after the IRS announced it's sending more than 20,000 ERC rejection letters to taxpayers as
