Putting it simply, the Employee Retention Credit (ERC) is exactly what it sounds like—business owners are being rewarded for their efforts to keep employees on payroll during the pandemic. We are working with decision-makers nationwide to help the U.S. economy not only recover from the pandemic but come back stronger than before.
The ERC has gone through significant updates, so even if you or your tax advisor have reviewed this credit before, we encourage you to take another look with one of our specialists. Unfortunately, the program is not yet living up to its full potential because many business owners are prematurely disqualifying themselves due to misinformation and rumors about who does and doesn't qualify.
The overarching theme for businesses to focus on is how the coronavirus pandemic impacted our economy as a whole… so even if your business grew or was deemed an essential business during the pandemic, there are more qualifying factors to look at before you disqualify yourself.
This payroll tax credit is available to essential and non-essential businesses in any industry that endured the effects of the pandemic. Government orders—on federal, state, and local levels—are a major factor that many business owners had to adapt to over the last year and a half. Examples of affected businesses include a restaurant that could not let customers dine indoors or a manufacturer that had to slow their operations due to new health and safety restrictions.
Here are some impacts to consider that help you determine your business’s eligibility for the ERC:
Don't make the same mistake that many companies across the nation are making while overlooking the qualifications of the ERTC Grant. Many accountants only offer filing for ERTC if you meet the revenue thresholds but there's a second way to qualify based on how the business' operations were affected. Reach out and let's schedule a consultation to see what you're qualified for.
