Eric Foster Courtesy of Rende Progress Capital
Rende Progress Capital has granted a loan to a minority and women owned tax advisory service to help reduce inequalities in the tax system.
Eric Foster – co-founder, chairman and managing partner of Rende Progress Capital (RPC) – said Tuesday that his firm, Taxes at Tiffany’s, a tax advisory and accounting service founded by Tiffany Sherman last year, had granted an unspecified loan .
“In this era of economic racial inequality challenges, there are many reports from Bloomberg and books such as ‘The Whiteness of Wealth: How the Tax System Impoverishes Black Americans – and How We Can Fix It’ about our nation’s tax policies and bias,” said Foster . “For example tax results in residential construction. According to the Tax Policy Center, mortgage interest is deductible, but there’s no similar offering for renters who are disproportionately black. In addition, white homeowners typically make substantial profits on resale, which are largely tax-free. Many of their black homeowners lose money on this American Dream investment because homes in different neighborhoods that are shunned by white buyers are typically not worth much.
“For this reason, Rende Progress Capital is pleased to announce a new loan client who will assist clients from all walks of life with key tax preparation services and navigating our tax system.”
Taxes at Tiffany’s is a women-run company that creates taxes and keeps accounting books for individuals and small businesses.
At Tiffany’s, Foster says Taxes is RPC’s first tax client and the first Reduced Interest Schedule for Excellence (RISE) standard credit client. The RISE loan program reduces the annual interest rate for borrowers who make payments on time.
Foster said Taxes at Tiffany’s has seen customer and sales growth since last year, fueling Sherman’s planned move of business to downtown Grand Rapids.
Sherman said she was determined to make sure her company offers an affordable alternative to other accountants. She said she started the business – starting with advertising on a sign in her yard – “to provide tax advisory services to people who cannot hold high-priced accounting firms and distrust large national franchises.”
For more information, see Taxes on Tiffany’s Facebook page.