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Hi, Esther. Over the past 7 days, we've shared emails with you about the ERC. To summarize, as promised: - Many companies are still unaware of the Employee Retention Credit (ERC) allocation that was provided as part of the Cares Act when passed by Congress in March of 2020. This federal program was created to help assist companies (to include churches and non-profits) in recovering from the financial impact of the pandemic for keeping W2 employees on their payroll during 2020 and 2021. It affords an opportunity to claim a portion of their payroll to be refunded back to them in the form of a check from the IRS; up to $26k per W2 employee.
- It is separate from the Paycheck Protection Program (PPP) and is a refundable tax credit paid by the IRS. It is not a loan and does not need to be paid back. Originally, a company had to choose one or the other, but recent legislation allows for a company to receive the PPP and the ERC.
- The ERC is quite complex, and even overwhelming to non-profits, schools, business owners, and tax professionals alike. The guidelines are over 200 pages long and have changed many times. In fact, if you checked your eligibility status in the past and were told you do not qualify, you may now be eligible. There are over 14,000 mandates nationwide.
- Simply put, you want to work with a firm who specializes in ERC, understands the rules and not some fly-by-night company. We have assisted both profit and non-profit organizations claim their ERC.
- While many companies believe they don’t qualify, this could be a very costly mistake. Most business companies have suffered a more than nominal impact to their operations. More than nominal is defined as 10% or more. This could apply to a specific segment of your operations, a lack of supplies, adjustments, etc.
- Declining revenue is not a sole factor in eligibility.
To learn more about the ERC program before it ends and determine if Greenberg Traurig, Llp is owed a refund, CLICK HERE to schedule an appointment and discuss the full details, including eligibility and questions you may have about the program. We urge you to visit the site and see for yourself the full details, Esther, and book an appointment to discuss one-on-one. To Your Success, The HD Group (602) 878-7696
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