Tax time bring on new stressors for small business owners – especially this year, following the COVID-19 pandemic and subsequent CARES Act changes. Things can become even more complicated for gig workers navigating the shifting economy.
In a recent New York Times article, BPM Partner and Specialized Tax Services practice co-leader Andre Shevchuck discussed new tax credits aimed at supporting small businesses during the pandemic.
“There’s just tons of nuance in the credit,” said he said. “We have instructed a lot of clients to first check in with their payroll provider to see how the rubber meets the road, and it may also make sense for businesses to talk to a CPA or a lawyer.”
Read the full article on the New York Times website.
About Andre Shevchuck
With more than 15 years of public accounting experience, Andre assists clients in a wide range of industries, including winemaking, food processing, manufacturing and life sciences. He leads BPM’s Research and Development (R&D) Tax Credit Consulting practice, helping clients identify, document, and defend their R&D tax credit claims.
About BPM’s Specialized Tax Services
BPM’s Specialized Tax Services team helps businesses navigate specific tax issues, mainly R&D tax credits. Created in 1981, the Research and Development Tax Credit was proposed to foster innovation within companies and induce economic growth at both the state and national levels. Many companies have not taken advantage of the R&D Tax Credit because of insufficient time and expertise to fully understand the requirement. However, this credit can be very beneficial, as it is designed to mitigate research and development costs for companies that create or improve products or processes. Learn more on the BPM website.