Navigating Employee Retention Credit

by digitalartscreative_tymx4y September 25, 2023 No Comment

Navigating Employee Retention Credit: Avoiding Pitfalls for Your Business The IRS has announced “an immediate moratorium through at least the end of the year on processing new claims…to add more safeguards to prevent future abuse and protect businesses from predatory tactics.” While this moratorium is in place, companies that qualify for the Employee Retention Credit can still get ready to apply once the IRS lifts the moratorium. Now is a great time to do research and prepare. As businesses are still striving to recover from the economic impact of the COVID-19 pandemic, government initiatives such as the Employee Retention Credit

ERTC (Employee Retention Tax Credit) Benefits for Home Healthcare Companies

by digitalartscreative_tymx4y August 8, 2023 No Comment

ERTC (Employee Retention Tax Credit) Benefits for Home Healthcare Companies! If you’re the owner of a home health care company, you may be wondering if you qualify for the Employee Retention Tax Credit. First of all, this is a specific question to your business and you shouldn’t assume your qualification based on other companies similar to yours. Scenarios that prove qualifying to one business may not apply to your business, even if you work within the same industry. Qualification rules can be extremely specific and can differ based on your geography, clients, and office set up. It’s true that Home

small business covid relief act of 2022

by digitalartscreative_tymx4y May 24, 2022 No Comment

Small Business COVID Relief Act of 2022 legislation The following is a letter regarding the Small Business COVID Relief Act of 2022 legislation May 19, 2022 On Tuesday, Senate Majority Leader Chuck Schumer scheduled a vote on S. 4008, the “Small Business COVID Relief Act of 2022,” adding $40 billion to the Restaurant Revitalization Fund and $8 billion for several small business groups in financial stress. Nearly fifty Democrats will vote for the bill but sixty votes are required. Thus, our lobbying is aimed at persuading fifteen or so Republican senators to support the measure. Under Senator Ben Cardin’s (D-MD)

Employee Retention Credit 2022: Essential Qualifications

by digitalartscreative_tymx4y February 11, 2022 No Comment

Employee Retention Credit 2022: Essential Qualifications The Employee Retention Credit (ERC) helped businesses stay open when the pandemic started. In 2020, the White House implemented the CARES Act. Since then, business owners have been taking advantage of this new legislation to keep the workforce in their jobs. If you’re one of the business owners who have not collected this refund, keep reading to learn more. Thousands of business owners collected Payroll Protection Program Loans (PPP Loans) at the start of the pandemic. This forgivable loan helped struggling businesses keep their employees on the payroll. It was a necessary and very

Employee Retention Tax Credit Case Study

by digitalartscreative_tymx4y January 6, 2022 No Comment

Employee Retention Tax Credit Case Study The Employee Retention Tax Credit can be a very useful rebuilding tool for many of the hotels and restaurants in the US. What follows is a typical case study of how the credit works. The Bread Basket is a family style restaurant that has two locations. Each location is roughly the same size, and has family style seating able to accommodate 250 guests. The staff of each restaurant consists of a mix of cooks, wait staff, hosts, and managers, totaling about 14 people per day. They serve a wide variety of home-style food in

Employee Retention Tax Credit Eligibility Category

by digitalartscreative_tymx4y December 30, 2021 No Comment

Employee Retention Tax Credit Eligibility Category Recovery Startup Businesses are eligible for the ERC for 3rd and 4th quarter 2021 The American Rescue Plan Act of 2021 passed by Congress in March of 2021 expanded the Employee Retention tax Credit by introducing a new eligible category of employer – The Recovery Startup Business. A Recovery Startup Business is defined as a business that started operating after February 20, 2020 and has “average annualized receipts” of less than $1,000,000. Recovery Startup Businesses are automatically eligible for the Employee Retention Credit in the third and fourth quarters of 2021. The American Rescue

The Employee Retention Tax Credit

by digitalartscreative_tymx4y December 6, 2021 No Comment

The Employee Retention Tax Credit Were you required to limit your business due to Covid-19? If your business was affected during 2020 or 2021, you may be entitled to apply for the Employee Retention Tax Credit. This is a large refundable tax credit provided by the federal government to give relief to fully or partially locked down businesses that kept employees on the payroll. There are eligibility rules limiting the number of businesses that can participate in these programs, including if your business was forced to close, fully or partially, by order of a government mandate. Did the state

ERCs Are Being Cancelled

by digitalartscreative_tymx4y September 7, 2021 No Comment

Employee Retention Credits Are Being Cancelled Finally, after the tragic year that 2020 was, things were starting to look up again. Businesses were reopening and hiring people. The economy had finally started to show signs of recovery and strength after a year of stagnation and recession. The summer of 2021 was the start of making up for that lost year. The Roaring 20s were beginning at last. One of the programs that Congress passed to help with the recovery was the Employee Retention Credit. A valuable, albeit confusing, tool we could use to rebuild our businesses. EmployerIncentives has helped businesses

You could be entitled to tax credits

by admin March 2, 2021 No Comment

You could be entitled to tax credits The CARES Act and Consolidated Appropriations Act, 2021 allows eligible businesses to claim an Employee Retention Credit (ERC) to encourage businesses to keep employees on their payroll. Subsequent legislation, like the Taxpayer Certainty and Disaster Tax Relief Act of 2020, amends and extends the benefits of the ERC (along with the availability of advance payments), has provided more opportunity for businesses to capitalize on the relief funding being provided. The original CARES Act was written to reimburse 50% of the first $10k in employee wages and qualified health plan expenses that were earned

COVID-19 relief bill extends WOTC benefits

by admin January 18, 2021 No Comment

COVID-19 relief bill extends WOTC benefits The Work Opportunity Tax Credit Program (“WOTC”) and the Empowerment Zone Program (“EZ”) will continue to pay hiring tax credits through 2025. The Indian Employment Tax Credit (“IETC”) was extended only through the end of 2021. If you’re taking advantage of these programs, great. If not, now’s a good time to get started. On average 15% of the people you’ll hire next year will qualify for WOTC and the average credit is around $1,500 (these are our company’s averages after 20 years of helping companies administer this labor-intensive program). Here’s the math: number of