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Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or increase their research activities. On the other hand, if you’re engaged in or are planning to engage in research activities without regard to tax consequences, be aware that some tax relief could be in your future.

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your bases to zero.

The Infrastructure Investment and Jobs Act (IIJA), which is currently waiting to be signed by President Biden, would retroactively end the Employee Retention Tax Credit (ERTC) as of September 30, 2021.

The Workforce Training Fund Program helps address business productivity and competitiveness by providing resources to Massachusetts businesses to fund training for current and newly hired employees.

The IRS recently issued Notice 2021-49, which provides updated and additional guidance related to the Employee Retention Tax Credit (ERTC), including guidance on employer eligibility.

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit created as an incentive to employers to hire individuals from certain target groups that have consistently faced significant barriers to employment. The Consolidated Appropriation Act of 2021 extended the WOTC until December 31, 2025, giving employers additional time to make qualifying hires and claim the credit.

The Small Business Administration’s (SBA) Restaurant Revitalization Fund (RRF)—a relief program for restaurants and other food service businesses impacted by the pandemic—went live for applications on May 3, 2021.

The American Rescue Plan Act introduced several new relief programs for small businesses, including the Restaurant Revitalization Fund—designed to provide relief for restaurants and other food and drink establishments that were hit hard in the last year as a result of the ongoing COVID-19 pandemic.

Last week President Biden signed the American Rescue Plan Act, which included many relief provisions for taxpayers, including a third round of economic impact payments. Like the first two rounds, taxpayers will not need to take any action to receive their stimulus payment.

New Hampshire Governor Chris Sununu has authorized the allocation of $100 million from the CARES Act Coronavirus Relief Fund for MSRF 2.0—a second round of funding for the Main Street Relief Fund (MSRF), a program providing economic support to New Hampshire small businesses suffering from business interruptions as a result of COVID-19.