The end to the Employee Retention Tax Credit may be upon us!
The Latest Update from Congress…
On January 16, House Ways and Means Committee Chair Jason Smith, R-Mo. and Senate Finance Committee Chair Ron Wyden, D-Ore, released the Tax Relief for American Families and Workers Act of 2024 framework. If enacted, the proposed legislation would terminate the Employee Retention Credit (“ERC”) effective January 31, 2024. Read the whole article from Forbes here.
I know your time is valuable, but please take a few minutes to read this and a few more minutes to consider the impact this type of cash injection could have on your business.
Because of the complexity and lack of understanding by traditional CPAs, many business owners have been told they don’t qualify. We’ve helped dozens of other book stores and booksellers apply for and receive their ERC tax credit. References can be provided upon request!
We have partnered with Occams Advisory, a tax compliance firm made up of CPAs and independent tax attorneys. They have filed over 1,700 claims for clients in 49 states covering all types of businesses and most industry groups.
What is the ERC?
This is a unique opportunity that numerous business owners unfortunately overlooked during the years 2020 and 2021. However, Congress has now made it clear that the majority of business owners who employed individuals between March 2020 and September 2021 are eligible to benefit from this opportunity. With over a trillion dollars allocated specifically for this tax credit, it is crucial to note that unlike the PPP, this is not a loan but rather a substantial financial aid available for utilization. Payments of up to $26,000 per employee, with an average of approximately $20,000 per employee, are currently being disbursed. When considering the potential financial impact, the figures quickly accumulate. Learn more about the ERC. Please watch the video on this page.
What should you do now?
- STEP 1: Use the button at the bottom of this page and schedule a 15-minute exploratory call with one of our coordinators.
- STEP 2: Begin gathering the following documents:
- Quarterly payroll tax return 941s, 2020 Q1-Q4 and 2021 Q1-Q3;
- Payroll registers for quarters 2020 Q1-Q4 and 2021 Q1-Q3;
- Quarterly P&Ls for 2019, 2020, and 2021.