Are you running a business, and your business has experienced a major setback during the pandemic as it had to pay all the W2 employees? Then this article will prove to be a good omen for you as it will help you file for ERC. The ERC has its roots in the CARES Act; the former is a full refundable payroll tax. The government creates these credits so businesses can cope with the loss. Click here to learn more.
Being an employer, if you have suffered losses during the pandemic due to government guidelines of keeping their workspace closed, be assured it is not just you. but the good news is you will be eligible for ERC from the IRS. The time frame considered to give you ERC is Q4 2020 to Q3 2021. If your business was closed down, there was a decline in revenue, or you were suspended from operating a project, you will receive tax incentives. If you want to file the ERC, tax lawyers will help you in the filing as the whole process is complicated, and doing it alone can be overwhelming.
If filing taxes were easy, all the years spent doing maths during the school days would be regarded as beneficial. But alas! Taxes are not a bit easier than rocket science. Filing taxes need proper training and understanding of the matter. The Tax lawyers have skills and experience that they will use to fling your ERC.
The filing of ERC or any taxes comes with a truckload of paperwork. You can not afford to spend so much time filling out the paperwork. The tax lawyer makes sure that all the paperwork is done minutely with details. The tax lawyers know all the eligibility criteria that are required for ERC. Keeping that in mind, they will present your case so that your business profile matches all the set of rules that will make you eligible to get the ERC.
It is not too late if you have not yet filed for ERC. You can recover all the losses you have faced due to the pandemic. If you think you will not qualify for the program, then be assured that the number of employers who have received benefits from ERC will surprise you. Schedule a brief call with a tax attorney today and tell them to take away your tension.