BusinessesDon'tRealizeTheyAreEligibleforan EmployeeRetentionTaxCredit
Blainexplained,"SincemanycompanieswhoqualifiedforaPPPloangotonewhen theyfirstcameavailable,theyassumetheycouldn'ttakeadvantageoftheEmployee RetentionTaxCreditbecauseoriginallytheycouldonlyrequestoneortheother.
OnMarch1,2021,theIRSupdatedguidanceto allowbusinessestoparticipateinboththePPPand theERC. Butmostbusinessesdon'tknowthis."TheERTCisnot aloan,it'sacashpayoutthatgoesviadirectdepositto thecompany'sbankaccount.
Sinceit'snotaloan,butacreditsimilar towhatindividualsreceivedasastimulus check,itwon'thavetobepaidbackand therearenorestrictionsastohowit's used. TofindoutifthecompanyqualifiesforanERTC, ownerscanfilloutasimpleformwithbasicinformation suchastheircontactinformation,theirnumberofW-2 employeesin2020and2021,andiftheyoperated underafullorpartialshutdownorderintheirstate duringthepandemic.
Onceinput,theirrepresentativeattheCPAfirmwhohandlesthepaperworkto submittheformstotheIRSwhohandlestheERTCwillbeintouchrequesting thefullpaperworkrequiredtofiletheclaim.
Therearenoupfrontfeestolearn ifacompanyisqualifiedtoreceive ataxcredit. wFundedbytheCaresAct,thesecreditseredesignedtorewardbusinessesthatretainedtheiremployeesduringCOVID-19.
Businessescanreceiveupto$26,000eachforupto500full-time employeesandanunlimitednumberofpart-timeemployeesevenif theyreceivedaPPPloanalready.
Blaincontinued,"Arestaurantownership groupinFloridawith224W-2Employees receiveda$1,120,000credit."TheGet CaresActTaxCreditTaxrecoveryexperts serviceissettolaunchonFebruary1,2022. TofindoutmoreaboutCaresAct TaxCreditandtheirservice,visit https://getcaresacttaxcredit.com.
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