The Employee Retention Credit is on hold thanks to bad actors (This column originally appeared in The Inquirer) The Internal Revenue Service has suspended the processing of a very popular pandemic-era tax credit due to a “surge of questionable claims.” The Employee Retention Credit, created back in 2020 as part of the CARES Act, was and meant to be used as…

Why the IRS has stopped processing claims for this credit Podcast Highlights The IRS recently stopped processing Employee Retention Tax Credit (ERTC) claims. What Is the ERTC? The ERTC was introduced back during COVID. It was a pandemic related tax credit that offered money back or help to employers who continued to retain their employees during the middle of COVID. During certain quarters of 2020 and 2021, small businesses were eligible for this credit if they were partially or fully shut down by a COVID lockdown or restriction.

(This column originally appeared in Forbes) Here are five things in tech that happened this week and how they affect your business. Did you miss them? 1 — Google’s AI assistant can now read your emails, plan trips, and ‘double-check’ answers. Google Bard — Google’s “conversational AI tool” has received…

Summary If you’ve filed a claim for the employee retention tax credit after Sept. 13, 2023, expect a delay. The IRS has placed a pause on reviewing new claims until the new year. Gene Marks says the big picture rules won’t change but this will help the IRS weed out the fraudulent claims. On a good note, 1 in 5 adults have started businesses in the past three years as a report shows entrepreneurship on the rise, much like health care costs for employers. Gene shares his insights on how businesses can approach both topics on this week’s podcast.

Ways to identify your intangible assets Key Highlights What Is an Intangible Asset? It’s something you really can’t touch, like a patent, trademark or intellectual property. How Do You Value Intangible Assets? If you research how to value intangible assets, you’ll find dozens of methods. Instead of doing these, you can simply ask a potential buyer of your business to calculate what they think your intangible assets are worth.

What you need to know if you’re thinking about buying a business Summary If you’re considering buying a business, this is one episode you shouldn’t miss. Take a listen as Gene Marks, host of Paychex THRIVE, a Business Podcast, talks with the President of BizBuySell, Bob House, about the current state of the market, employee ownership plans, tax incentives, and more. Listen here: https://www.paychex.com/worx/podcasts/business/bob-house-buying-and-selling-businesses

Small and mid-sized businesses are faced with a number of challenges (This column originally appeared in The Hill) They say inflation is down to just 3.7 percent, which is a lot better than the levels we saw a year or so ago. But it’s little consolation to my clients who are running small and mid-sized businesses. …

(This column originally appeared in The Inquirer) How black business owners can take advantage of available resources Black residents make up approximately 43% of Philadelphia’s population yet own only about 6% of the city’s businesses and contribute just 2% of overall business revenues locally, according to the latest figures available from both the U.S. …

How the restaurant industry is stabilizing after a rough three-plus years Few industries have sustained as many losses during the pandemic as the food service industry. And now, due to labor shortages and rising inflation rates, restaurant owners must brace themselves to face a new set of challenges as they attempt to reopen their doors. Fortunately, recent developments in technology are making the recovery process a little easier. In this episode, Gene Marks and Sam Zats, co-founder and CEO of Craftable, discuss how new hospitality platforms are helping restaurant owners regain their momentum despite the difficult economy.