Attention black business owners: Free accounting services available this tax season!

TLDR:

• Small business owners often face cash-flow problems during tax season.
• Crowe LLP and Intuit Inc. are providing free accounting services to 1,000 qualifying BIPOC U.S. small businesses to help with sustainable growth.

Key Elements:

Tax time can be a challenging period for many small business owners, with 50% of them regularly facing cash-flow problems, according to recent data from the National Federation of Independent Business (NFIB). Federal, state, and local tax payments can exacerbate these challenges, which is why accounting firm Crowe LLP and Intuit Inc. have collaborated to alleviate some of the strain.

The initiative aims to give 1,000 qualifying BIPOC U.S. small businesses access to the QuickBooks financial technology platform and accounting and consulting services from Crowe to foster sustainable growth. Black business owners, in particular, often face financial disparities, with audits at a significantly higher rate than non-Black taxpayers, as per a recent study.

Intuit’s Chief Sales Officer, Barry Pennett, emphasized the mission to power prosperity and provide businesses with tools to make informed decisions. Khary Bridgewater, Crowe consulting principal, highlighted the importance of supporting underrepresented businesses through the Crowe Beacon program.

This initiative comes at a time when many Americans, especially Black business owners, are struggling with rising living costs. By offering free accounting services, Crowe LLP and Intuit Inc. hope to empower small businesses and contribute to their long-term success, particularly those who have traditionally lacked access to such support.

Overall, this collaboration seeks to address the financial challenges faced by Black small business owners during tax season and provide them with the necessary tools and support to thrive in the business world.