New York,United States - June 14, 2022 /PressCable/ —
New York City – During the COVID-19 pandemic, the federal government took action to support business owners who kept their employees on the job, despite bleeding bottom lines. Unfortunately, deterred by bureaucratic red tape and expensive accounting firms, many who could qualify for the Employee Retention Tax Credit did not apply. The good news is that it’s possible to take advantage of the program easily and with no up-front cost.
The ERTC is a refundable tax credit available to businesses and not-for-profits that had a drop in revenue or were affected by government orders. Unlike many of the assistance programs the government put in place, it is not a loan and does not need to be repaid. Businesses may qualify even if they did not lose revenue or if they received Paycheck Protection Program funding or some ERTC credits previously. They can claim up to $5,000 per employee in 2020 and up to $21,000 per employee in 2021. Actual amounts will vary depending on how much the eligible employees were paid in wage and health care benefits.
To qualify, a business must have had a drop in revenue by 50% or more in any quarter of 2020 or by 20% or more in any quarter of 2021. Alternatively, businesses can claim the credit if the government forced them to fully or partially suspend operations. Even reduced hours count.
Early in the pandemic, businesses were forced to choose between the PPP and the ERTC. However, the government changed the rules in late 2020, and now businesses can qualify for both programs.
Some small business owners may also have decided not to pursue the credit because the paperwork is complicated, and there was no guarantee that they would be approved. Forced to choose between spending hours on complicated IRS forms or paying an accountant to do it for them, they chose to leave the money unclaimed.
“If you kept your workers on the job during the pandemic, there’s no reason not to apply for the Employee Retention Tax Credit,” said Michael Blom, a partner at The Lake Law Firm who helps businesses claim the ERTC. “The Lake Law Firm makes the process convenient and easy. It only takes 45 minutes, the firm doesn’t charge unless the client gets the credit, and the firm defends the client if they’re audited by the IRS.”
To learn more about the ERTC visit www.ERTCAdvisors.org call 800-222-9000.
Contact Info:
Name: The Lake Law Firm
Email: Send Email
Organization: The Lake Law Firm
Address: One Rockefeller Plaza 11th Floor, New York, NY 10020, United States
Phone: +1-888-525-3529
Website: https://thelakelawfirm.com
Source: PressCable
Release ID: 89076639
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