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This is all available below, and while Jobs are out there… maybe you just found your path to financial, and time, and emotional freedoms with solutions made possible through the Internet itself.
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We want to share with the Self Employed/Business owners about the ERC Tax Credit—-
Evolution of the ERC Tax Credit
JANUARY 19, 2022
COVID-19 has been a challenge for all of us. As the world shut down the economy came to a halt, leaving the future of many businesses in a precarious position. As we begin to find normalcy again, businesses now have to focus on recovering and fortunately, several government programs are easing this process.
Confused about the Employee Retention Credit (ERC)? You’re not alone. The IRS has made a series of changes to ERC since the beginning. The complexity of those changes, combined with little guidance from the agency itself, has got small businesses across the country scratching their heads.
Do you qualify?
What is the process? What documents do you need? Help! You may be feeling all of that and more. At ERC Specialists, we’re here to help you navigate the CARES Act ERC process and make it easy to claim the tax credits you deserve. Our team of dedicated tax experts is the key to enabling you to get the funding you need quickly.
ERC UPDATES JULY 24, 2022
When the Employee Retention Credit was initially announced, many people believed they couldn’t qualify. Businesses that received PPP assistance were not eligible to claim ERC credits. This is no longer the case.
Please find more information on IRS website
The first way is Revenue Reduction. For 2020 you must have experienced a 50% reduction of gross sales for the 2020 quarter. to the same quarter in 2019. If the revenue reduction in 2020 gets back to 80% of the 2019 level, the qualification ends. You can be eligible for 2021 if your gross sales for the 2021 quarter were 20 % lower than they were for the same quarter in 2019.
The second method is Supply chain disruption. It’s a common qualification for businesses that rely on vendors and suppliers for their business to function properly. This requirement must have been the result of a government order suspending your supplier’s ability to deliver essential items.
The third is a partial or full shutdown. This qualification relies on a “suspension test” and operations were stopped in whole or in part as a result of a Covid-19 with Governmental order. ERC Specialist
Did the ERC Credit End in September 2021?
Though the program has been around for a while now, its complexity did not change. And for business owners, every new iteration of rules, guidance, and announcements brings more questions and confusion. Check with an ERC Specialist! They are here to help you unravel and interpret it all!
UP TO $26,000 PER EMPLOYEE
AVAILABLE FOR 2020 & Q1 – Q3 2021
QUALIFY WITH DECREASED REVENUE OR COVID EVENT
NO LIMIT ON FUNDING (ERC IS NOT A LOAN)
ERC IS A REFUNDABLE TAX CREDIT
Examples of Small Businesses Elegible for ERC:
- Gyms and Fitness Centers
- Hotels and Resorts
- Construction Companies
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