As 2023 shapes up, what Sagemont Tax projects or milestones are you looking forward to?
All of our Managing Directors resoundingly shared excitement to hit the milestone of uncovering $1 billion in credits for our valued clients. At $700 million as of March 2023, we’re close!
They are also looking forward to the company expanding into other verticals within the tax credit space (energy, R&D, property tax) as the Employee Retention Credit begins to sunset in 2024.
Now that we are in tax season, do you have any expert advice for business owners and managers?
Taxes are all about organization. Maxwell Burns, CPA states: “Start early and stay organized. Make sure to save copies of all filed forms and source data as a preemptive measure. Keep in mind that you are one of many clients for your tax accountant and therefore, the sooner you can start, the more time they will be able to spend on your filings.”
And an important reminder from JJ Budzik, JD: “If you have not already, make sure to discuss the income tax implications of taking the Employee Retention Credit with your income tax preparer.”
Employee retention remains as critical as ever for employers. Do you have any tips for keeping team members engaged and motivated?
Employee appreciation is always paramount, as is open communication, to keep a positive, happy atmosphere at work. JJ Budzik, JD emphasizes, “make the work fun and reward people for their efforts – everyone should feel appreciated and part of the team.”
What is one major quality that you think is essential for any high-performing business leader?
All of Sagemont Tax’s Managing Directors agree that delegating efficiently and trusting team members to get the job done are crucial to success. Kyle Morabito suggests, “high-performing business leaders should make their team members feel empowered to make their own business decisions and make it known to their team members that their contributions are noticed and valued.”
Is there anything new that you’ve learned that you’d like to share with Sagemont Tax’s current, past, and future clients, and colleagues?
Maxwell Burns, CPA advises that “your business may very well be eligible for the ERC, even if you don’t think it is.” He goes on to explain, “this is where consulting with qualified professionals such as ourselves is important. With an April, 2024 deadline looming for larger businesses, now is the time to check your status and not let your eligibility go to waste!”
