It’s tax season and that has impacts for not only individuals but businesses. Pierre Accounting can help with every size tax need and CPA Eric Pierre is here to tell us more about how they help Austinites with their taxes and finances. Hello Eric.
Pierre accounting is not just about taxes and finance. You are also committed to diversity and inclusion. What was the driving force for you to make this a priority?
I grew up a minority in a predominately white neighborhood in Katy and endured racism starting as a little boy playing in a basketball tournament. Even with the racism and discrimination I endured, I always was taught that in order to succeed, I have to be able to get along and relate with others and that has translated into our commitment to Diversity and Inclusion, which is on our website. Making diversity one of our core values and having my staff reflect that with the diverse backgrounds ethnically, gender, and economically. We are built to serve every color, creed, and socioeconomic status.
What are the specialties of Pierre accounting?
Forensic Accounting and Auditing Services, which includes Litigation and Expert Testimony Tax Compliance Services- Tax Returns for Businesses and Individuals Accounting Services for Small Businesses Advanced Tax Planning for Highly Accomplished Individuals/Families and businesses with large profits of $1M or more or families with $1M or more in income/$5M or more in Net Worth
What is an area that your firm is really focusing on in order to help businesses right now?
We are focused on helping businesses that have payroll get the Employee Retention Credit. This credit is something that was passed down through the CARES ACT a year ago that was restrictive, in which if your business took a PPP loan, you were no longer eligible for the credit. However, last December, Congress changed the law and said that if you did take a PPP loan, you are still eligible for the credit. Then, with the recent passing of the American Rescue Plan by President Biden on March 11, 2021, companies are eligible to get credit all the way from 2020 to all four quarters in 2021. The credit could potentially net a business $33K per employee if they qualify. There has been a lot of misinformation given on qualifications but basically, it’s one of the two:Substantial revenue loss in 2020 or 2021 v 2019 orThe pandemic impacted your business negativelyWe are in a Joint Venture with another firm based out of Dallas that is also a Tax Attorney to help our clients get the proper legal opinion and support as the IRS issued a 102-page guidance recently. We don’t recommend businesses try to get this credit by themselves since the IRS has a five-year statutory period to review once you apply for the credit, which is actually cash coming back to the business. When publicly traded companies like Coca-Cola are hiring outside legal counsel and firms, we believe small businesses should follow suit due to the complexities behind getting this once-in-a-lifetime opportunity to inject cash back into the business.
Are there any other specialties that your firm focuses on that you haven’t mentioned yet?
Yes, we are very good at estate planning and asset protection. With the likelihood of the federal government lowering the Estate Tax Threshold to $3.5M and raising estate taxes potentially, we believe this is very important.We also believe that everyone, whether you are single or have a family, should have some sort of asset protection in case something happens, you are able to be taken care of and/or have something that you can pass along to your family tax-free or tax shielded.
You can learn more about Pierre Accounting by visiting pierreaccounting.com or by calling 512-900-8293.
Sponsored by Pierre Accounting. Opinions expressed by the guest(s) on this program are solely those of the guest(s) and are not endorsed by this television station.