The Employee Retention Tax Credit (ERTC) was instituted as part of the CARES Act to incentivize businesses to keep employees on payroll during the pandemic. As businesses experience a period of economic recovery, U.S. Business Recovery Services has announced the expansion of its ERTC support services to help businesses that are still eligible to receive their credits.
More details can be found at http://USBusinessRecovery.com
The expansion aims to maximize the tax credit available to businesses that experienced revenue reductions in 2020 during pandemic conditions. Initially, businesses that received a PPP (Paycheck Protection Program) loan were ineligible for the ERTC. However, section 206(c) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 makes it possible for qualifying businesses to claim their tax credit.
Surveys show that 43% of businesses temporarily closed within weeks of the onset of the pandemic. Many of them were unprepared for how long closures would last. Long-term impacts of economic hardship persist along with the uncertainty of a full recovery.
To mitigate losses, the government stimulus package has provided these opportunities for tax credits to small businesses that managed to keep employees on payroll during a difficult time.
U.S. Business Recovery Services helps business owners determine their eligibility for an ERTC payout. Their team of CPAs and tax professionals focus exclusively on ERTC applications and does not provide tax preparation, attestation, or financial statement services.
The ERTC refundable tax credit can be claimed and used for 2020 and 2021, with separate sets of qualifications. It is also possible for businesses to retroactively claim ERTC funds for which they were eligible in 2020.
U.S. Business Recovery Services offers a 15-minute refund service and does not require applicants to pay any fees upfront. The firm has successfully helped local and multi-location businesses and nonprofits recover between $21,000 and $2 million in ERTC payouts.
Applicants begin their process by completing a questionnaire and uploading their documentation including their 941 returns, PPP loan documents, and payroll data. U.S. Business Recovery Services calculates the estimated tax credit and helps businesses file their 941-X amended payroll returns. Clients can then expect to receive their payout after the IRS processes their credit.
Meant to reward businesses for helping the economy by retaining employees, another benefit of the ERTC is that in certain cases, funds can be accessed as an advance rather than waiting until processed by the IRS, which is currently experiencing refunding delays.
A spokesperson for the company said: “By answering a few, simple, non-invasive questions our team of ERTC experts can determine if businesses likely qualify for a no-strings-attached tax credit. There are no restrictions for what recipients of the credit must use the funds. There is no cost or obligation to be pre-qualified.”
Interested parties can learn more by visiting http://USBusinessRecovery.com
U.S. Business Recovery Services
U.S. Business Recovery Services
4813 Ridge Rd
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Scotland News journalist was involved in the writing and production of this article.