Retroactive Eligibility: Even if a business did not qualify for the ERC in 2020, they may still be eligible for the credit in 2021and beyond. This means that businesses that were previously ineligible may now be able to claim the credit and receive financial support.
Tax Savings: The ERC is a refundable tax credit, which means that businesses can receive a tax refund even if they owe no taxes. This can provide businesses with additional cash flow to help them weather economic challenges and invest in growth opportunities.
Employee Retention: By providing financial support to businesses, the ERC can help them retain employees and avoid layoffs. This can help businesses maintain a stable workforce and avoid the costs associated with recruiting and training new employees when the economy improves.
I mentioned earlier “putting money in bank accounts”. If your company, one you work for, or even someone you know has not investigated this very powerful tool, frankly you should do it now. Even if your CPA or accountant has told you that you don’t qualify you still should have a 3rd party expert review your options. We have a team of Labor, Tax and Employment Attorneys who specialize in this space, and they can help.
So, in summary, the Employee Retention Credit (ERC) can provide eligible businesses with financial support, flexibility, retroactive eligibility, tax savings, and employee retention benefits. These benefits can help businesses survive and thrive during challenging economic times and position themselves for future growth. Giving your business the fifestyle, it deserves.
For more information on ERC, contact 1st Capital Wealth Management. 312-952-8040/Cell * 312-836-3800/Direct Line * [email protected] * www.1stcig.com
Photo Credit Clem Onojeghuo
Photo Credit Olivier Collet