Fractional CFOs help businesses who need the financial guidance, but don’t have the funds or the need to hire someone full-time. This is where the fractions come in. Instead, you contract a set amount of their time monthly at an agreed upon rate, usually adding up to a certain number of days or hours each month. On other days, they work for other clients. 

On September 14, the Internal Revenue Service announced that it was pausing applications for the Employee Retention Credit, a tax credit that businesses that had employees and were also affected by the pandemic, after it cost the government billions of dollars in fraudulent payments. The agency is concerned that many small businesses were targeted by scams from “tax mills” that encouraged businesses to apply for the credit although they were not eligible.