Tax Credits Available for New Businesses
Tax Credits Available for New Businesses
Are you an entrepreneur looking for capital to grow your startup business? The Recovery Start-up Business Program, part of the Employee Retention Tax Credit, offers a lifeline of financial relief for new businesses. Designed to support businesses during challenging times, the Recovery Start-up Business Program has simplified eligibility criteria for start-ups and can be navigated with expert assistance.
Understanding the Opportunity
The ERTC Recovery Start-up Business Program was introduced as part of the COVID-19 relief measures, but many Recovery Start-ups may be unaware of their eligibility. Eligible employers can receive up to $7,000 per quarter, per employee, for Quarter 3 and Quarter 4 of 2021, up to a maximum tax credit of $50,000 per quarter, for each quarter, refunded in cash.
Eligibility for Recovery Start-up Businesses
A business that qualifies as a Recovery Start-up has a start date after February 15, 2020, and less than $1 million in sales per year. These businesses have a simplified path to the ERTC. Compared to regular provisions, these businesses face fewer restrictions, making it easier to qualify and benefit from the tax credit. The statute of limitations for claiming the ERTC has been extended to four years, providing ample opportunity to rectify any missed opportunities.
Expert Assistance
The Reese CPA Firm specializes in helping businesses navigate the requirements and qualifications of this credit. We identify eligible organizations, ensure compliance, and maximize the benefits of the ERTC.
Benefits of Using a CPA Firm
Working with an ERTC tax consulting firm provides numerous benefits. We guide businesses through the application process, identify eligible employees, calculate the maximum credit amount, and assist with documentation.
Seizing the Opportunity
Recovery startups that overlooked the ERTC can still seize this valuable opportunity. By exploring eligibility and working with an ERTC tax consulting expert, businesses can access financial relief and optimize cash flow.
For more information visit the Reese CPA Firm website at www.ReeseCPAFirm.com, or to arrange a complimentary consultation contact Mark Reese, CPA at MarkReese@ReeseCPAFirm.com.
Employee Retention Tax Credit Article
Did You Receive the Employee Retention Tax Credit? – It’s Not Too Late!
As a business owner or nonprofit organization, maximizing available tax credits is crucial for financial success. One such credit that many may be eligible for is the Employee Retention Tax Credit (ERTC). Whether you missed out on claiming it previously, or are unaware of its existence, I’d like to shed light on the potential benefits of the ERTC and inform you that it’s not too late to take advantage of this valuable tax credit.
Understanding the ERTC:
The Employee Retention Tax Credit was introduced as part of the COVID-19 relief measures to support businesses and organizations during these challenging times. Initially, many may have been unaware of their eligibility for the credit or encountered hurdles in navigating the complex guidelines. However, it’s important to note that the Statute of Limitations for claiming the ERTC has been extended to four years, allowing ample time to rectify any missed opportunities.
Expert Assistance for ERTC Tax Filing:
Navigating the intricate requirements and qualifications for the ERTC can be daunting. The Reese CPA Firm specializes in helping businesses and non-profits to understand the Employee Retention Tax Credit and to identify eligible organizations for this tax credit.
Churches are Eligible:
While the ERTC is applicable to both businesses and nonprofits, Churches often fall into a unique category that may make them eligible for this tax credit. Many Churches have faced financial challenges due to the pandemic, including declining donations and reduced attendance. If you are a Church that has not received the ERTC, you should consider exploring the possibility of claiming the ERTC. The Reese CPA Firm specializes in ERTC consulting and understands the unique circumstances surrounding Churches and Non-Profit organizations.
Extended Statute of Limitations:
One of the most significant updates regarding the ERTC is the extension of the Statute of Limitations. Previously limited to three years, businesses and non-profit organizations now have four years to review their records and identify any missed opportunities for claiming the ERTC. This extension offers a valuable opportunity for businesses and nonprofits to rectify any oversights and potentially receive substantial tax credits that can significantly benefit their financial standing.
The Employee Retention Tax Credit presents a valuable opportunity for businesses and non-profits alike to receive financial relief during these challenging times. If you haven’t explored the possibilities of claiming the ERTC, or missed out on previous opportunities, it’s not too late! Seek assistance that can guide you through the process. The Reese CPA Firm will ensure that you understand the law and whether you potentially qualify for this tax credit.