Figure Financial, Author at Figure Financial

Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC)

Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC) In the aftermath of unprecedented challenges, restaurants and retail shops are looking for ways to stabilize and grow. One critical lifeline not to be overlooked is the Employee Retention Credit (ERC). Here’s why your business should consider applying if you haven’t… Continue reading Why Restaurants and Retail Shops Should Still Apply for the Employee Retention Credit (ERC)

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November 8, 2023

ERC Substantiation: What is it, and what is required?

By Ashlee Hall, Esq., Director of Legal Services for Figure Financial, Inc. Substantiation noun evidence sufficient to establish a thing as true, valid, or real; proof. Black’s Law Dictionary defines “substantiation” as “support of a claim or assentation by objective data or other proof of evidence.” In other words, substantiation equals documentation. In short, PROOF. In… Continue reading ERC Substantiation: What is it, and what is required?

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November 1, 2023

Ensuring Compliance in ERC Claims: The Critical Need for Substantiation

In the realm of Employee Retention Credit (ERC) claims, compliance is not just a legal obligation; it’s a cornerstone of ethical business practice. With the rise in ERC filings, there’s a growing need for businesses to understand the importance of substantiating their claims, especially when suspicions of fraud arise. Understanding ERC Compliance The ERC, designed… Continue reading Ensuring Compliance in ERC Claims: The Critical Need for Substantiation

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October 25, 2023

IRS Announces Withdrawal Process for Erroneous ERC Claims

Last week the IRS announced a new option for taxpayers to withdraw pending Employee Retention Credit (ERC) claims. This option is limited to businesses with pending ERC filings with the IRS, or for any refund check that has not been cashed yet. While this new process will likely not apply to any of our clients… Continue reading IRS Announces Withdrawal Process for Erroneous ERC Claims

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October 18, 2023

Investing in Your Employees: Exploring Tax Incentives for Employee Training and Development

Employees are often referred to as a company’s most valuable asset. Investing in their training and development not only enhances productivity but also fosters loyalty and improves retention. Did you know that there might be tax incentives available for businesses that invest in employee growth? Let’s explore this exciting opportunity. 1. The Importance of Employee… Continue reading Investing in Your Employees: Exploring Tax Incentives for Employee Training and Development

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October 11, 2023

The Importance of Financial Health Checkups: Assessing Your Business’s Fiscal Fitness

Just as we require regular medical checkups to assess our physical well-being, a business requires regular financial health checkups to maintain its fiscal fitness. Understanding the financial condition of your business helps to identify strengths, weaknesses, opportunities, and potential risks. Let’s explore the importance of financial health checkups and how to go about them. 1.… Continue reading The Importance of Financial Health Checkups: Assessing Your Business’s Fiscal Fitness

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September 27, 2023

Family Business Finances: Unique Strategies and Considerations for Family-Owned Entities

Family businesses are the backbone of many economies, often bringing together multiple generations under a shared vision and values. However, their very strength, the familial connection, can lead to unique financial challenges and opportunities. Let’s explore some key strategies and considerations specifically tailored for family-owned entities. 1. Balancing Business and Family Needs Family businesses must… Continue reading Family Business Finances: Unique Strategies and Considerations for Family-Owned Entities

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September 22, 2023

From Start-Up to Success: Financial Strategies for Growing Businesses

Starting a business is an exciting endeavor, but growing that business into a successful enterprise requires careful planning and execution. Financial strategies are at the heart of this growth, guiding a start-up through various stages of development. Let’s explore some key financial strategies that can help turn a fledgling start-up into a flourishing success. Understanding… Continue reading From Start-Up to Success: Financial Strategies for Growing Businesses

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September 20, 2023

IRS Updates: IRS Pauses the Processing of New ERC Claims

The IRS released updated guidance on the Employee Retention Credit program on September 14, 2023. The news release below explains that the IRS has placed an immediate moratorium through the end of the year on the processing of new ERC claims in effort to curb fraudulent applications by bad actors. While a moratorium may sound alarming,… Continue reading IRS Updates: IRS Pauses the Processing of New ERC Claims

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September 13, 2023

The Importance of Financial Health Checkups: Assessing Your Business’s Fiscal Fitness

Just as we require regular medical checkups to assess our physical well-being, a business requires regular financial health checkups to maintain its fiscal fitness. Understanding the financial condition of your business helps to identify strengths, weaknesses, opportunities, and potential risks. Let’s explore the importance of financial health checkups and how to go about them. What… Continue reading The Importance of Financial Health Checkups: Assessing Your Business’s Fiscal Fitness

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