USA Tax Scam Unmasked: Leader Jeffries' Powerful Denouncement During Floor Debate

In a moment that resonated throughout the halls of Congress, House Minority Leader Hakeem Jeffries delivered a powerful denunciation of the GOP tax proposal during a recent floor debate. His impassioned remarks highlighted the flaws in this controversial plan and galvanized his colleagues and citizens alike to scrutinize its implications for American families.

The Stage is Set: Understanding the GOP Tax Proposal

The GOP tax proposal has long been a topic of heated discussion. Proponents tout it as a means to stimulate economic growth. However, critics argue that it primarily benefits large corporations and wealthy individuals at the expense of working Americans. At its core, this proposal seeks to reshape the tax landscape, promising lower rates for some while simultaneously suggesting cuts to vital social programs. As debates unfold, many are left questioning who truly stands to gain from these changes.

Leader Jeffries Takes the Floor: A Call to Action

With palpable intensity, Leader Jeffries took the floor, ready to challenge what he deemed an unfair system cloaked in deceptive promises. His voice rang out with clarity and conviction as he urged both lawmakers and constituents to recognize the reality behind the numbers being presented. “We must not allow ourselves to be misled by smoke and mirrors,” he declared passionately. This was more than just political rhetoric; it was a clarion call for solidarity among those who would bear the brunt of these tax changes.

Main Arguments: Why Jeffries Labels It a Tax Scam

Jeffries articulated several key arguments that underpinned his fierce opposition to the GOP's initiative. First and foremost, he asserted that this tax scheme disproportionately favors billionaires while neglecting middle-class families who desperately need relief. He emphasized how essential services like education, healthcare, and public safety could face cuts as funding is siphoned towards corporate interests.

Moreover, he spotlighted historical precedents where similar policies had failed to deliver on their promises of broad-based economic prosperity. The data revealed troubling patterns—growth concentrated within elite circles rather than trickling down to boost local economies or wage growth for everyday Americans. “This isn’t just about dollars and cents,” Jeffries asserted, “it’s about dignity.” The emotional weight behind his words underscored how much was at stake.

The Impact Ahead: What This Means for American Families

So what does all this mean for American families? If passed in its current form, many experts predict dire consequences: increased financial strain on households already grappling with inflationary pressures and stagnant wages. As working people continue struggling with rising costs—from groceries to rent—this proposed tax overhaul could exacerbate existing inequalities rather than alleviate them.

Jeffries’ passionate address serves as a reminder that vigilance is necessary in times like these when powerful interests attempt sweeping reforms under ambiguous banners of progress. As citizens reflect upon his message, it becomes clear that now more than ever, we must hold our leaders accountable and demand transparency in policy-making decisions affecting our lives.

In summary, Leader Jeffries’s denunciation during this vital debate not only peeled back layers of misinformation surrounding the GOP tax proposal but also ignited an urgent conversation about fairness and equity in America’s economic future—a conversation no one can afford to ignore.

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Constructing a Solid Financial Foundation: The Benefits of a Tax Advisor for Construction Companies

Tax planning is a crucial aspect of financial management for construction companies. As the industry continues to evolve, staying on top of tax regulations and maximizing deductions and credits can significantly impact the bottom line. This is where a knowledgeable tax advisor can make all the difference.

In the construction industry, maximizing deductions and credits is essential for maintaining profitability. With various expenses such as materials, equipment, labor costs, and overhead, identifying eligible deductions can result in substantial tax savings. A skilled tax advisor can help construction companies navigate these complexities and ensure that every available deduction is utilized.

Navigating complex tax regulations in the construction industry requires expertise and attention to detail. Tax advisors specializing in this field understand the nuances of construction-specific tax laws and regulations, allowing them to provide tailored guidance to their clients. From compliance issues to strategic planning, a tax advisor can help construction companies stay ahead of changing tax laws.

Minimizing tax liability in construction projects involves strategic planning and proactive decision-making. By structuring transactions effectively and leveraging available incentives, construction companies can reduce their overall tax burden. A tax advisor with experience in the construction industry can develop customized strategies to minimize taxes while maximizing profits.

Financial forecasting is an integral part of running a successful construction business. A tax advisor plays a vital role in this process by providing insights into how different financial decisions may impact tax liabilities. By incorporating tax considerations into financial forecasting, construction companies can make informed decisions that align with their long-term goals.

Real-life case studies demonstrate the tangible benefits of working with a tax advisor in the construction industry. For example, a mid-sized construction company was able to save thousands of dollars in taxes by implementing a cost segregation study recommended by their tax advisor. By reclassifying certain assets for accelerated depreciation, the company saw immediate cash flow improvements and increased profitability.

In conclusion, partnering with a knowledgeable tax advisor is essential for constructing a solid financial foundation in the construction industry. From maximizing deductions and credits to navigating complex regulations and minimizing tax liability, a skilled advisor can provide valuable insights and strategies to help construction companies thrive financially. By incorporating tax planning into financial forecasting and learning from real-life case studies, construction businesses can achieve long-term success while staying compliant with ever-changing tax laws.

#ConstructionSavings #TaxStrategies #BuildBigger #SmartInvestments #ConstructionLeaders

Uncovering The Benefits of ERTC Tax Credits: What You Need To Know

In the realm of business finances, navigating the intricate landscape of tax credits can be a daunting task. One such credit that has gained significant attention in recent times is the Employee Retention Tax Credit (ERTC). Understanding this tax credit and its potential benefits can prove to be invaluable for businesses looking to optimize their financial strategy.

The Employee Retention Tax Credit, introduced as part of the CARES Act in 2020 and later extended and expanded by subsequent legislation, aims to provide financial relief to businesses that retained employees during the COVID-19 pandemic. The credit is designed to incentivize businesses to keep employees on their payroll, even during challenging economic times.

To determine if your business is eligible for ERTC tax credits, certain criteria must be met. Eligibility is primarily based on whether your business experienced either a partial or full suspension of operations due to government orders related to COVID-19 or a significant decline in gross receipts compared to a corresponding quarter in 2019.

Calculating and claiming ERTC tax credits can be a complex process. The credit amount is calculated based on qualified wages paid to employees during the eligible period, with different maximums depending on whether the business had more than 500 employees in 2019 or not. Claiming the credit involves thorough documentation and reporting on quarterly employment tax returns.

Staying informed about key deadlines and updates related to ERTC tax credits is crucial for maximizing your benefits. As legislation evolves and new guidance is issued by relevant authorities, it's essential to stay compliant and take advantage of any changes that could benefit your business.

Maximizing ERTC tax credits for your business involves strategic planning and proactive decision-making. By understanding the intricacies of the credit, optimizing your employee retention strategies, and leveraging available resources, you can potentially increase the financial support your business receives through this program.

While ERTC tax credits offer significant benefits, there are common pitfalls that businesses should avoid when applying for them. These may include miscalculating eligible wages, misinterpreting eligibility criteria, or failing to meet documentation requirements. By being diligent and seeking professional guidance when needed, you can navigate these challenges successfully.

In conclusion, uncovering the benefits of ERTC tax credits requires a comprehensive understanding of the program's intricacies. By meeting eligibility criteria, calculating credits accurately, staying updated on deadlines and changes, maximizing opportunities for your business, and avoiding common pitfalls, you can harness the full potential of this valuable financial resource.

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Damon Paull's financial blog - Financial Advisor in Houston, Texas.

Hello and welcome! My name is Damon Paull, and I’m delighted to have you here on my business and finance blog. As a proud Marine Corps veteran who has traveled to over 20 countries and worked in multiple regions across the world, I am eager to share my wealth of experiences with you. From captivating financial adventures to practical tips that will help you meet your objectives - I love helping business owners and veterans!

We’ll explore an array of topics such as employee benefit packages, various retirement savings options like 401(k) plans, SEP-IRAs, Solo IRAs, Traditional IRAs, and Roth IRAs. Additionally, I’ll be sharing valuable insights from my knowledgeable CPA tax team to keep you informed about current tax strategies.  Stay tuned for inventive investment portfolio ideas that can set you on the path towards financial freedom. We will also discuss timely stock market updates and essential estate planning concepts. To round it off, we’ll delve into pertinent insurance information to ensure your financial well-being remains safeguarded.

Check back frequently for new posts that are sure to enlighten and inspire. If there’s a burning financial question keeping you awake at night or if you’d simply like some guidance on specific matters, please feel free to reach out – My team and I are here to help!

Wishing you and your family much success!

Damon Paull

Wealth Management Advisor

703.362.5747

DPaull@totuswm.com

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*Please remember, this blog is solely for educational purposes and should not be viewed as personalized financial, legal, or tax advice. If you require assistance in achieving your objectives, feel free to reach out to me directly. My dedicated team and I are always eager to support you on your journey!

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ERTC - Employee Retention Tax Credit

Hi, again and to espouse the advantages that are out there for a number of thebusinesses that have been impacted by the pandemic. What we're noticing is that tax professionals are missing out on these credits for their clients they're not able to determine that the clients are eligible because they believe that if they have not lost cash during the pandemic then they aren't eligible for the credit and that's just merely not the case and the creditis as much as thirty 3 thousand 000 per employee and that's a refundable credit that's cash in your pocket that's something to search for.

So we wish to make certain that everybody is looking out for it and if it's possible to assist you get the credits.

How It Works

The first misconception that professionals have is that if you were qualified for a ppp loan and you got forgiveness on that loan you are not eligible for the employee retention credit this is incorrect.

if you got ppp funds you are stillable to get the staff member retention credit for ppp you aren't able to double dip wages with erc however that doesn't suggest that you can't use both programs to make the most of both credits. For example if someone makes twenty thousand dollars per quarter or eighty thousand dollars a year for that quarter you can utilize ten thousand dollars of salaries towards the erc credit and 10 thousand dollars towards ppp forgiveness this is going to maximize both credits and offer you the most dollars inthe bank you can not double dip with ppp anderc funds implying that you can not utilize funds that are utilized to claim the staff member retention credit to use towards ppp loan forgiveness this is why it's important to discover an expert tohelp you compute the optimum possible credit while is still accomplishing ppp loan forgiveness. another typical mistaken belief that we discover that people are understanding about ertc tax credit is that if your income went up or has actually not significantly decreased you are not eligible for the ertc so there is a profits part where you can be qualified if your income went down 50in 2020 or 20 per quarter quarter over quarter in 2021 you are qualified for ertc tax credit but that's not the only method.

Another chance for erc is whether or not your organization was considerably impacted by a government shutdown so what does that mean if your business is broken up into multiple elements for example a dining establishment you have indoor dining you have takeout if indoor dining represents more than 10 of your earnings historically and indoor dining was affected by a government shut down or government orders requiring you to socially distance and limiting the capacity of your dining room by 50 you're now eligible for the employee retention credit despite the truth that say your takeout sales skyrocketed and you've actually done pretty well during the pandemic.This is a chance that experts are missing and not browsing thoroughly.

I can you give us another example sure let's use a producer as an example a manufacturer can qualify for the employee retention credit because of a disruption in its supply chain, let's state a lorry maker has a provider of carburetors that was closed down completely due to a government order since of that the vehicle manufacturer's supply chain was interfered with, and they might not complete their vehicles for production and sale.

Let's do one more example let's take a look at alaw firm that mainly concentrates on lawsuits, well the courts were closed for an excellent part of2020 and 2021 so how does that effect the lawfirm more than 10 percent of its profits typically derived from litigation expenses straight going tocourt was impacted and for that reason they're now eligible for the credit.

If your income went up or didn't significantly decrease that you're qualified for these credits, a lot of professionals are missing these types of eligibility criteria because they're not recognizing that.

ACQUIRE PROFESSIONAL HELP

{The best way is to work with a no-risk, contingency-based expense financial savings company. That will certainly bargain on behalf of their customers to obtain the most effective rates feasible for their existing clients. They will examine old billings for errors getting their clients refunds and tax credits. They can enhance the earnings and also total evaluation of their customers organizations.|That will negotiate on part of their customers to get the best prices feasible for their existing customers. They will audit old invoices for mistakes obtaining their customers reimbursements as well as credits.

Ready To Start? Its Simple.

1. Whichever business you pick  to work with will establish whether your company certifies and gets approvel for the ERTC.

2. They will certainly analyze your claim and compute the optimum amount you can obtain.

3. Their team guides you through the claiming procedure, from starting to end, including proper documents.

THE EMPLOYEE RETENTION CREDIT

The Employee Retention Credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during this challenging time. Due to the extremely complex tax code and qualifications, it is severely underutilized. 

ERC QUALIFICATIONS

While the general qualifications for the ERC program seem simple, the interpretation of each qualification is very complex. Our significant experience allows us to ensure we maximize any qualifications that may be available to your company.

THERE'S STILL TIME!

Your business has up to three years to amend previously filed payroll taxes for 2020 & 2021 and claim your ERC refund from the IRS. We will help you maximize your credit and discover how much you are qualified to receive.

Qualifications:
✅ Must have at least 10 to 500 Full-Time W2 Employees
✅ Been in business since February 15th 2020
✅ Business must be USA based
✅ Available to Profit and Non-Profit Businesses
✅ Qualify with Decreased Revenue or business disrupt during COVID Event

ERC Funding

Apply for employee retention credit ERTC: Easy Online Rebate Calculator

The employee retention credit (ERC) helps employers retain their employees and offset the cost of providing health care benefits during these difficult economic times. The ERC is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid from March 13, 2020 through December 31, 2020. Qualified wages are limited to $10,000 for each employee for all calendar quarters.

Eligible employers can claim the ERC on Form 941 when filing their quarterly employment tax returns. Employers must have experienced either:

 

• A full or partial suspension of operations due to an order from an appropriate governmental authority limiting commerce, travel or group meetings due to COVID-19; or

• A significant decline in gross receipts compared to the same quarter in the prior year.

To be eligible for the ERC, employers must claim an employer portion of Social Security tax on wages paid after March 12, 2020 and before January 1, 2021. The credit is available for both for-profit organizations and certain non-profit organizations.

To apply for the ERC benefit, employers should consult a qualified tax advisor or CPA. Employers can also visit the ERTC Wizard website for more information on how to qualify and apply for this important tax benefit.  With the ERC providing much needed support to businesses that have been affected by COVID-19, employers should take full advantage of this valuable credit when filing their employment taxes. 

Taking advantage of the employee retention credit is a great way for employers to ensure that workers remain with their company during these difficult times. It can also help employers offset some of the costs associated with providing health care benefits to employees and keep them safe and healthy. Employers should speak to a qualified tax advisor or CPA if they are unsure about how to go about applying for this important tax benefit.

employee retention credit 2022

Pay less taxes

A very popular search in the first quarter of the year is tax accountant, but this is not the only part of the year when accountants are looked for, specially if you are serious about protecting your money. So for everybody who needs to learn how to find an affordable accountant we highly recommend watching this video. Professional accountants say that in order to ´reduce your taxes|pay less taxes} you have to plan ahead. So the the first quarter of the year is the starting point to make sure you pay less at tax time. Whether it is personal income tax or business taxes, good planning is the best tax lowering strategy to execute.

So if paying less taxes is your goal, you may want to know how to plan ahead and get professional tips to lower what you must pay to the government. 

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We Can Write-Off Work-From-Home Deductions on Our 2020 Tax Forms, Right? Right??

Early on, working from home was a matter of adjusting on the fly. Your new desk? The kitchen table will do, thank you. No quiet place for conference calls? The front seat of the car is now your Zoom chamber. But as COVID-19 wears on and telecommuting becomes a long-term reality, however, a lot of workers have purchased items to transform their home into a functional office space. Folks have spent money on everything from increased Internet speeds and hi-def Zoom cameras to printers and more comfortable desk chairs. But this begs the question: How will this effect 2020 tax deductions? Can we write off work from home expenses accrued during the COVID pandemic when we file our taxes? What kind of work from home office tax deductions or tax write-offs can we expect? Or, dun dun dunnn, are we on the hook for the items we purchased to do our jobs better? 

Well, here’s the thing: if you’re working remotely because of the pandemic,  you can’t write off those work from home expenses. No, you probably don’t want to hear this. But if you’re planning on buying a fancy new ergonomic desk chair to write off as a work from home deduction, well, it’s good to keep in mind.

Tax Deductions 2020: Why You Can’t Write Off Work-From-Home Expenses

Once upon a time, work from home expenses that weren’t reimbursed by your employer could at least be written off on your tax return. But that ended with the Tax Cuts and Jobs Act of 2017, or TCJA, which ended miscellaneous itemized expenses. Through 2025, you can no longer take a deduction for new computer equipment or furniture for your home office, not to mention other job-oriented outlays like fees to professional associations and union dues. 

Do you plan on sending your kids back to school this fall?

Yes. I trust that our schools are taking precautions.

No. We don't feel that proper precautions are in place.

I'm not sure yet. It depends on how things progress.

Thanks for the feedback!

The exception are self-employed individuals, including independent contractors, who can still deduct work expenditures on Schedule C of their tax return. That includes direct expenses like a new work computer and the painting of a home office that you use exclusively for your job, says Dan Gibson, a partner with the accounting firm EisnerAmper. 

If you’re running your own business, you can also write off the cost of the home office itself, as long as it’s used exclusively for work purposes. Gibson says self-employed folks have two options when it comes to deducting the office. The simplified method allows you to take a $5 per-square-foot deduction, which is capped at $1,500. You also have the option of calculating the actual costs for the office, including mortgage and insurance payments, as a percentage of the overall house.

Now, claiming a home office deduction, Gibson acknowledges, may increase the odds of an IRS audit, so it’s something you want to think through.

“A lot of tax practitioners don’t like to do that because they say it raises a red flag,” he says. “But if you’re using the room exclusively as an office and you’re not using it as the kids’ playroom, there’s a legitimate reason for that deduction.”  

So, as far as writing off that new desk and Wi-Fi range extender you bought to get the job done at home, we’re all out of luck.

There’s Another Option For Remote Work Expenses

Don’t stress too much if you’re not eligible for a deduction, though. Given the demands COVID-19 put on employees, a lot of companies are simply reimbursing them for work-oriented costs like increased data plans and broadband service, says Amy Bess, a Washington, DC-based employment attorney with the law firm Vedder Price. If you can get your employer to help out with those bills, the lack of a tax write-off becomes irrelevant. 

In most cases, Bess says businesses aren’t actually required by law to take care of those expenses for you, but there are exceptions. Non-exempt employees — that is, workers who are eligible for overtime — may be eligible to have things like Internet and phone data costs recouped under the Fair Labor Standards Act, or FLSA. 

There are also a handful of states, including Illinois, California, Montana and New Hampshire, that have their own regulations concerning employment outlays. California law, for example, requires employers to reimburse for “necessary expenditures or losses incurred by the employee in direct consequence or discharge of his or her duties.” 

Most everyone else is subject to the goodwill of their employer. Fortunately, the majority of companies have been proactive when it comes to look at reimbursement issues, according to Bess. 

“They want to support their work-from-home employees so they can continue to be productive and feel connected with the employer,” she says.  

For businesses that are behind the curve, Bess says there are ways to apply pressure short of threatening a big lawsuit if they don’t pony up. She recommends talking to other employees and seeing if they’re experiencing similar issues. When multiple workers are asking for assistance, employers are more likely to take notice, she says. 

Needless to say, sending in receipts for your office’s new wood paneling probably won’t get the job done. But for expenses that you can’t avoid, like a new printer, it’s certainly worth a shot. And organizations are often willing to pitch in for a beefed-up Internet or mobile data plan, especially if you’re only asking for a pro-rated amount based on your business usage. 

“I just think it’s important for employees to start the dialogue,” says Bess. “I don’t think it should be that big of a controversy.”  

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