President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.
Across all industries, financial statements provide valuable information about a company. Internally, the statements are a good way to keep track of where issues might arise throughout the year, ideally, catching a problem before it becomes expensive to solve. Externally, accurate financial statement presentation is the proof banks, bonding companies, and any other third party will want to see to determine if they will grant your company the line of credit, loan, or bonding coverage that you’re applying for.
Updated December 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.