The IRS refuses COVID claims, leaving small businesses in limbo
COVID-19 has hit many small businesses in America hard, and Virginia's 5th District was no exception. During the COVID-19 pandemic, Congress passed the following legislation: Employee Retention Tax Credit (ERTC) It provided tax incentives for businesses to keep employees on payroll while the economy was decimated by unnecessary government-imposed lockdowns. The goal of the ERTC […]
Small businesses urge on tax deductions after GOP wins
Small business owners could face a major tax increase at the end of 2025, and are seeking tax relief from the newly elected Congress and government. As part of the Tax Cuts and Jobs Act (TCJA) of 2017, small business owners were allowed to deduct up to 20% of their income to cover costs. The […]
Businesses Employing Illegal Aliens Brace for Fierce Worksite Enforcement Under Second Trump Administration
Companies with undocumented alien employees prepare for second Trump administration and Immigration and Customs Enforcement, a division of the Department of Homeland Security (DHS) dismantled by President Joe Biden and Vice President Kamala Harris. (ICE) is expected to crack down on workplaces. “While much of the incoming administration's policy agenda for the immigrant workforce remains […]
Fed’s Kashkari warns mass deportations could disrupt labor at some businesses
Former Acting ICE Director Tom Homan and Key Square Capital Management CEO Scott Bessent spoke about President-elect Trump's plans to tackle immigration and the economy. mass deportation Minneapolis Fed President Neel Kashkari said Sunday that an increase in the number of illegal immigrants working in the U.S. could disrupt the labor supply for some companies, […]
AmEx, US Chamber of Commerce Foundation team up on grants for Helene, Milton-hit small businesses
Reese May, SBP's chief strategy and innovation officer, will explain how disaster relief organizations, federal agencies, and volunteers can build a “more resilient future” for Gulf Coast communities. American Express and the U.S. Chamber of Commerce Foundation are partnering to provide funding to small businesses recovering from Hurricanes Helen and Milton. The Small Business Hurricane […]
What a Trump win could mean for Elon Musk's businesses
Elon Musk is wearing multiple hats this election season, raising questions about how his dual role as a tech leader and former President Trump's spokesperson could lead to conflicts of interest. There is. Musk, the owner of Tesla and SpaceX, has government contracts worth billions of dollars with more than a dozen federal agencies. The […]
HSBC divides into four businesses in major overhaul of operations | HSBC
HSBC's new CEO, Georges Erhedery, has split the bank into four businesses and created a new geographic divide that divides operations into east and west, in a bid to cut costs and deal with rising geopolitical tensions. announced a review of banks introducing the system. The bank also announced the promotion of Chief Risk and […]
Death tax reform under Harris could be disastrous for family-owned businesses, experts say
Under former President Donald Trump's Tax Cuts and Jobs Act (TCJA), the federal estate tax, also known as the death tax, applies only to estates passed to heirs that are worth more than $13.61 million. If this exemption standard expires or lapses, as Vice President Kamala Harris has indicated she would grant if she becomes […]
Rachel Reeves will tax businesses to plug £9bn black hole in NHS | Tax and spending
Chancellor Rachel Reeves has made her most significant move in recent days to ask businesses to pay more tax to help rebuild the NHS, amid warnings that a £9bn hole remains in the health service's finances. I plan to use one of my budget. The prime minister is expected to stake his reputation on a […]
Record 633,000 Businesses in Britain on Brink of Collapse: Report
A record number of businesses in the UK are “on the brink of collapse” as the left-wing Labor government in Westminster reportedly plans to impose the biggest tax rise in modern history. Research carried out by business advisory firm Begbies Traynor has found that 632,756 businesses in the UK are facing serious financial difficulties and […]