Are you a business owner who saw your revenues plummet during the height of the COVID-19 pandemic due to government restrictions? Then you could be eligible to receive financial assistance from the government in the form of the Employee Retention Credit (ERC). Unfortunately, because of the complicated procedures in place, many business owners end up filing bad claims or worse, not file a claim at all.
Unfortunately for many business owners, the procedure for submission and evaluating whether you qualify for the credit at all is complex, and may involve digging through government announcements for the exact restriction that may have affected you. There is also the process of determining how much credit you qualify for, based on things like the wages your employees earned, and whether you paid them through the Paycheck Protection Program, among others.
The good news is that you may be eligible for up to $5000 per employee that you paid during the whole year of 2020 and $7000 per employee for three quarters during tax year 2021. The bad news is that there are several exemptions and caveats that apply, and they are enough to make anybody’s head spin. But if you have a headcount of more than 10 employees, and feel like government restrictions really impacted on your ability to operate and create revenue, then it’s worth having a tax professional evaluate your case.
In this episode, Catherine Tindall, one of the partners at Dominion Enterprise Services, a specialty CPA firm that specializes in helping businesses maximize their tax credits, gives us information about the ERC and whether you might be leaving a very significant number of dollars off the table by not filing a claim. She also talks about the consequences of filing a bad ERC claim, which can lead to an unapproved claim or worse, a stringent audit by the IRS.
In this episode, we discuss:
Check out these resources we mentioned during the podcast:
Meet the Hosts:
Tersh Blissett is a serial entrepreneur who has created and scaled multiple profitable home service businesses in his small town market. He’s dedicated to giving back to the industry that has provided so much for him and his family. Connect with him on LinkedIn.
Joshua Crouch has been in the home services industry, specifically HVAC, for 8+ years as an Operations Manager, Branch Manager, Territory Sales Manager and Director of Marketing. He’s also the Founder of Relentless Digital, where their focus is dominating your local market online. Connect with him on LinkedIn.
Meet the Guest:
Catherine Tindall is one of the partners at Dominion Enterprise Services, a specialty CPA firm that works with other firms and their clients to maximize their tax credits.
Dominion Enterprise Services has a Proactive Tax Planning & Compliance Strategy that is holistically designed for your business goals to maximize your cash flow/savings and minimize your stress. Unlike typical tax professionals, Dominion Enterprise Services specializes in advanced tax reduction on top of routine tax compliance work.
Visit Dominion Enterprise Service’s Website: https://dominiones.com/
Check Out Catherine’s Ebook on the top 5 ERC mistakes to avoid: https://dominiones.com/for-business-owners/
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