With the dawn of a new era and unprecedented times, understanding the ERTC Reinstatement Act has become more important now than ever. Businesses across the nation are scrambling to figure out what this act means for their bottom line – can it really provide them with extra money? Well, let’s dive in and take an…
It’s no secret that the IRS struggles to keep up with the millions of tax filings, tax reports, and applications. So has anyone received the ERC refund status? A tremendous backlog for Employee Retention Credit refunds contributes to the ongoing delays. Many businesses have not heard back from the IRS despite filing nine to twelve…
ERC childcare centers and other entities assisting children has been very beneficial for the survival of these types of businesses. Many of these facilities have been affected greatly or even forced to shut down. The Employee Retention Credit will bring new life, funding, and a future. Child Care Centers Funding Necessity for Businesses Since they…
The government is introducing various measures to support businesses as the US economy recovers from the COVID-19 pandemic. One of these measures still active is the ERC stimulus 2023, which is set to continue through 2024 and possibly into 2025. In this article, we will discuss the ERC stimulus funds, how it benefits US businesses,…
The ERTC Reinstatement Act is a provision of the CARES Jobs Act passed in 2020 that provides a tax credit for employers that retain employees during the COVID-19 pandemic. The big question is, will the Employee Retention Credit Reinstatement Be Extended? Qualifying small employers are first to receive a CARES Act Employment Retention Tax Credit…
IRS ERC Stimulus Funds Overview Has your business taken advantage of the largest government ERC stimulus program of all time? The ERC stimulus is a form of payment issued by governments to individuals and households to boost economic activity and stimulate spending during a recession or period of economic hardship. The specific details of the…
How long it takes to get an Employee Retention Credit refund status can vary. When the ERTC program first came out the ERC refunds were processed rather quickly, most employers were paid in about 2-4 weeks. But due to the large number of amended filings the Internal Revenue Service has had a very difficult time…
Generally, tax refunds cannot be refunded. The taxpayer will forfeit the credits. Non refundable ERC credits have different attributes than refundable credits due to their non-refundable nature. This tax deduction will decrease your federal income taxes by not requiring you to file returns. Refundable tax credits are helpful to people who want tax relief and…
ERC Revenue Reduction in 2023: Best Tool to Claim Tax Credits When the US Congress initially proposed ERC, there were many concerns about its eligibility. Companies had to demonstrate that the pandemic had severely harmed them to be qualified to file an ERC claim. One of the primary requirements for ERC eligibility criteria was that…
Gross Receipts Impact on ERTC Qualification Many businesses don’t realize there is still time to claim employee retention credit. However, to qualify, employers must fulfill certain conditions. One of the most complex is proving a significant decline in business via gross receipts from 2020 and 2021 against corresponding quarters from 2019. This can be challenging…
ERTC for S Corp Owners Qualified? The past few years have been uncertain times for business owners. The pandemic tested our commerce and financial systems to their limits, encouraging the government to introduce relief acts. Our focus is on Employee Retention Credit S Corp owner. This includes the Employee Retention Tax Credit (ERTC and ERC)….
ERTC Assistance Still Available for Hotels in 2023 ERTC for hotels and other hospitality industries helped employee retention during the 2020-2021 timeline. Many local hotels received tax credits (per employee) quarterly to keep them on the business’s payroll. The Employee Retention Tax Credit ERTC for hotels was a hope of light in the dark months…
The pandemic impacted most businesses dramatically, but the fitness industry was hit harder than most. ERC health fitness centers can help bring money back into your facility. Let’s look at how to take advantage of this amazing government stimulus program. Understanding ERC for Fitness Facilities The Employee Retention Tax Credit (ERTC) program by CARES Act…
ERC Program and How Does it Affect Employees The Employee Retention Credit for employees is a comprehensive program to reward businesses that kept their employees during the global pandemic period. Since the pandemic led to a global lockdown, thousands of businesses worldwide have suffered. Many companies laid off their employees to ensure survival. The CARES…
ERC Construction Impacted Industry The recent pandemic left the entire globe in crisis by negatively impacting economies and businesses in nearly all industries. Among the majorly affected industries was the construction industry since all constructions project came to a halt as entire supply chains were disrupted and employees were forced to stay at home. During…
Why does completing the ERTC application have to be so difficult. Some feel the government wants to offer the program but doesn’t want to make it easy. The truth is there are rules in place to ensure the proper businesses get the money they deserve and there are certain things that need to be determined…
Qualified wages for Employee Retention Credits are all wages and health insurance benefits paid to an employee during the time period in which the employer is considered an eligible employer. They must have been paid during a time or calendar quarter when a business has been affected by the pandemic. Timeline and Regulatory Changes for…
Form 941 x is the main tax form used to file an amended return to claim the Employee Retention Credit. 941 x instructions can be somewhat confusing, so let’s look deeper into the process of getting it done. First Steps to ERTC Tax Credits: Form 941 x During the pandemic, in the years 2020 and…
There is money on the table for new businesses during the pandemic. Its called recovery startup business Employee Retention Credit. If you launched a business just before the pandemic or perhaps while it was going on, we’re sorry for the loss you might have faced. Congratulations on reaching a significant milestone during such a challenging…
Medical facilities were hit hard during the pandemic. There were many additional restrictions placed on these businesses. The government has initiated a program ERTC medical practices. This allows medical facilities to receive Employment Retention Credit and bring money back into their operations. CARES Act and ERTC Medical Practices Revitalized The CARES Act introduced Employee Retention…
Many businesses are applying for the Employee Retention Credit but can the IRS ERC claim be denied? The IRS ERC application might not necessarily be denied, but trying to claim too much could trigger an audit of the amended tax filing. Let’s look a little deeper into this potential situation. Employee Retention Credit Bonus for…
The Employee Retention Credit (also known as ERC and ERTC) is a life saver for so many businesses giving them an opportunity to claim money back from the government. There are concerns about getting an IRS ERC audit. This is always a possibility, but we feel that if done correctly, there is no greater risk…
Many eligible employers are gaining an understanding of the money the Employee Retention Credit brings to them but often leave out ERTC health insurance costs in their qualified wages paid under their group health plan. This is leaving money on the table. Let’s investigate how this forgotten section of the ERTC program can help encourage…
It’s essential to be diligent about trending ERC scams. IRS legislation passed in response to the Employee Retention Credit has drawn many suspicious players eager to get a portion of the tax credit intended for eligible employers and small/medium-sized businesses. The newest are so-called ERTC firms that promise owners massive, backdated tax benefits via tax…
ERTC and R&D credit can be claimed in the same year. There are specific guidelines that need to be addressed to make sure this is done properly.The COVID-19 pandemic has set a formidable economic climate in the business world, affecting enterprises of all shapes and sizes. Like yourself, every small and medium-sized business owner is…
ERC for restaurants is alive and well in 2023 which is a great thing. This potential infusion of money can help these establishments get back on their feet. The best part is most restaurants are eligible. ERC for Restaurants Overview and Qualification The COVID-19 pandemic has been brutal for all of us to get through….
As a direct consequence of the COVID-19 pandemic, many charitable organizations only survived because they complied with government directives asking them to temporarily cease operations or limit services. And while there is a widespread misconception that tax-exempt organizations are ineligible for a fully refundable government tax credit like ERC—this is certainly not true. Here’s a…
Due to the COVID-19 epidemic, some charity organizations only stayed afloat because they agreed with government regulations requiring them to suspend operations or reduce services temporarily. While people may think that tax-exempt organizations are ineligible for a fully refundable government tax credit, such as Employee Retention Credit, this is not true. Employee Retention Credit (ERC)…
The global economy was shaken by the COVID-19 outbreak. Businesses in the United States were fighting for their survival, and the economy was in a state of crisis. Now that things have settled down, life is returning to normal, and companies worldwide are beginning to reopen their doors. Because of the profound impact, the US…
The COVID-19 pandemic wreaked havoc on the world, and we are still reeling from the aftershocks. The economy went down, businesses went bankrupt, and many had to shut their operations to survive. This meant hundreds of unemployed individuals looking for work. To prevent this disaster from becoming worse, the US government introduced the Coronavirus Aid,…
Introduced in 2020, the Employee Retention Tax Credit (ERTC) was part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This credit was introduced to help businesses keep their employees on payroll during the COVID-19 pandemic, which effectively shut down the world. Congress passed the ERTC to prevent the irreparable financial loss and mass…
It is possible to get the Employee Retention Credit and PPP money. There are just some rules you have to follow to adhere to the rules and regulations. Here we will discuss what a business needs to look out for when figuring ERC wages and PPP loans. Understanding ERC and PPP Toward the end of…
The COVID-19 pandemic dramatically altered the corporate world. Many small and medium-sized business workers had to be laid off; as a result, the government launched several programs to help companies survive the current economic storm. One such government initiative is the Employee Retention Tax Credit (ERTC). Even though the ERTC program has several advantages, the…
ERTC and Main Street Tax Credit The impact of the COVID-19 pandemic is still visible. Across the globe, 43% of businesses are temporarily and permanently closed due to the financial crises caused by the COVID-19 pandemic. Employers had to lay off employees to make ends meet or completely shut down their businesses. The government started…
ERTC Tax Credit Overview Before we get into qualifying and applying for ERTC, here is a brief background on how it came into existence. If you wish to skip the background, jump forward to ERTC Tax Credit Eligibility. CARES Act In 2020, the CARES Act created the ERTC tax credit program. This program enabled eligible…
Your time investment will be under 15 minutes – guaranteed.
And could be worth tens of thousands in free money.