Businesses Don't Realize They Are Eligible for an
Employee Retention Tax Credit
Blain explained, "Since many companies who qualified for a PPP loan got one when
they first came available, they assume they couldn't take advantage of the Employee
Retention Tax Credit because originally they could only request one or the other.
On March 1, 2021, the IRS updated guidance to
allow businesses to participate in both the PPP and
the ERC.
But most businesses don't know this." The ERTC is not
a loan, it's a cash payout that goes via direct deposit to
the company's bank account.
Since it's not a loan, but a credit similar
to what individuals received as a stimulus
check, it won't have to be paid back and
there are no restrictions as to how it's
used.
To find out if the company qualifies for an ERTC ,
owners can fill out a simple form with basic information
such as their contact information, their number of W-2
employees in 2020 and 2021, and if they operated
under a full or partial shutdown order in their state
during the pandemic.
Once input, their representative at the CPA firm who handles the paperwork to
submit the forms to the IRS who handles the ERTC will be in touch requesting
the full paperwork required to file the claim.
There are no upfront fees to learn
if a company is qualified to receive
a tax credit.
Funded by the Cares Act, these credits
were designed to reward businesses that
retained their employees during COVID-
19.
Businesses can receive up to $26,000 each for up to 500 full-time
employees and an unlimited number of part-time employees even if
they received a PPP loan already.
Blain continued, "A restaurant ownership
group in Florida with 224 W-2 Employees
received a $1,120,000 credit." The Get
Cares Act Tax Credit Tax recovery experts
service is set to launch on February 1, 2022.
To find out more about Cares Act
Tax Credit and their service, visit
https://getcaresacttaxcredit.com.
Find Out More At
https://getcaresacttaxc
redit.com
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Get Cares Act Tax Credit's specialized CPAs help small and medium sized businesses claim their Employee Retention Tax Credit from the IRS. Plus, the company offers a way to get your refund in a fraction of the time it normally takes. Read more at https://getcaresacttaxcredit.com
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Many Businesses Don't Realize They Are Eligible for an Employee Retention Tax Credit
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