The Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act would incentivize startups by giving a tax credit to investors in startups as well as to startup businesses for wages paid to their first employees. The investor credit would be a percentage of what’s invested, subject to a dollar cap. The first employee wage credit would be 25% of qualified wages, not exceeding a dollar cap. For partnerships and S corporations, limitations would be figured at the entity level. If enacted, the credits would begin in 2025. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.