Are you a business owner who kept people employed during the pandemic? Do you know about the Employee Retention Tax Credit Program?
This program was introduced in March 2020 for business owners who kept people employed during the pandemic. It is a fully refundable tax credit that can be used for any purpose at the discretion of the business owner. This is a very complex program and it has been amended 3 times since it was created.
Since the program launched we have received calls from business owners who have been told by their current CPA or Accounting Firm that they don’t think that they qualify for the Employee Retention Tax Credit Program or that it is not worth pursuing. But what if you do qualify? How will that help your business?
There are some misconceptions about the Employee Retention Tax Credit which has prevented many business owners from applying for this tax credit. A few misconceptions that we have heard are:
- Our business did NOT have a revenue decline
- We did better during the pandemic
- Our business did NOT shut down
- We received PPP funds
These are factors in the process but they don’t automatically disqualify your business from receiving the ERC funds. There’s over a trillion dollars earmarked for businesses like yours and that money is just sitting in the United States treasuries account. Let us help you move those funds out of the treasury’s account and into your business account.
If you have a business that was nominally affected by the pandemic you really should consider going through the process to see if you qualify and we can help walk you through the process and answer any questions you may have. At Lasiter & Lasiter, we are your Trusted Accounting Firm located in Indianapolis, IN. Whether you live local to us (Greenwood, Southport, Bloomington, Franklin, Beech Grove, Bargersville) or in another state, give us a call today and let’s get the process started!