Inflation Reduction Act Provision Updates!

For business owners, there is some good news as the Inflation Reduction Act was passed to benefit the economy by combating inflation. The new provisions give small businesses some breathing room as no new taxes are applied to them. We will also see an increase in the claimable Research Credit from $250,000 to $500,000 that can be applied against payroll taxes. We will be keeping a close eye and researching these provisions so that you can utilize them as a business owner and keep you in good standing with the IRS, and as always feel free to reach out to XQ CPA to make sure you are in the clear! #CPA#Taxes#Economy