The Employee Retention Credit (ERC) is one of the most powerful tax incentive programs available to businesses that we have ever seen (or will likely ever see again). The ERC has provided billions of dollars of much needed relief to thousands of businesses across the country that were impacted by the pandemic. While auto dealerships… [keep reading…]
Tag: Employee Retention Credit
COVID-19 Impact On Single Audits
During the COVID-19 pandemic many organizations received some form of federal relief funding. The CARES Act and the American Rescue Plan provided a wide range of programs to assist governments and organizations with much needed funding. In some instances, the increase in funding has created additional audit requirements. State and local governments and nonprofits who… [keep reading…]
Employee Retention Credit
As we approach the end of the first quarter of 2021, this might be a great time to evaluate whether your business may qualify for the employee retention credit in 2020 and 2021. While companies who had a quarter-over-quarter (2020 vs 2019) reduction in gross receipts of at least 50% qualify for the 2020 credit,… [keep reading…]
Employee Retention Tax Credit
The employee retention tax credit is now available for employers who previously received, or will receive, a Paycheck Protection Program loan. This change in the law provides significant benefits to employers who have been negatively impacted in 2020 and 2021 due to the economic downturn related to Covid-19. We have detailed the specifics below. Feel… [keep reading…]