The Employee Retention Credit (ERC) was intended to help ease the burden on businesses during the Covid-19 Pandemic. The credit allows employers to claim a refund on qualified wages paid to their employees. Unfortunately, scammers have used this credit as an opportunity to convince employers that they qualify for the credit, when in reality, they […]
Client Success Story: VSWC Architects
VSWC Architects Inc. is an industry-leading design firm specializing in architecture, master planning and interior design for a variety of public and private sector clients. With a 70-year history, they have successfully created hundreds of client relationships and have maintained an increasingly enviable project portfolio. Their clients include Coney Island, Community First Solutions, Hocking College, […]
Secure 2.0 Act of 2022 Key Takeaways
The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022. The law builds on and expands the SECURE Act of 2019 and it expands coverage, increases retirement savings and simplifies retirement plan rules. Some of the key provisions of the Act include: EFFECTIVE DATE DECEMBER 29, 2022 Optional Treatment of Employer […]
Client Success Story
Rick and Lilah Reichley, owners of Rallar Enterprises, Inc., exemplify entrepreneurs hard work and dedication. They are owners of four Hallmark Gold Crown stores serving the greater Cincinnati / Dayton area, for over 20 years. With locations in Liberty Township, Fairfield, Centerville and Beavercreek, Reichley’s Hallmarks are conveniently located to serve you for any of […]
New Year, New Limits
In October, the IRS issued the maximum benefit and contribution limits for 2022. The good news is that most of the dollar limits increased! 2022 2021 Elective Deferrals – 401(k) and 403(b) Plans $20,500 $19,500 Catch-Up Contributions (over age 50) $6,500 $6,500 Annual Contribution Limit – Defined Contribution Plans $61,000 $58,000 Annual Covered Compensation Limit […]
So, You Qualified for the ERC (employee retention credit) Credit, Great! You Might Be Wondering: What Should I Expect Now?
We have assisted many of our clients with claiming the Employee Retention Credit (“ERC”). The ERC is a government stimulus program designed to help small businesses that were able to retain their employees during the Covid-19 pandemic. Qualifying businesses that experienced the requisite drop in gross receipts are able to claim a refund on qualified […]
Client Success Story: New Housing Ohio, Inc.
At Burke CPAs & Advisors, we pride ourselves on helping our clients thrive not only professionally and financially, but also in their communities. It is incredible to see the passion and arduous work that our clients put into their business each day. With day-to-day activities companies are reliant upon their employees, however, they are also […]