Did you know that you might be eligible for the Employee Retention Credit (ERC)? Are you missing out on money that is available to you?
The Employee Retention Credit (ERC) is something that not many people have studied and understood. Unfortunately, there is a lot of misinformation and bad advice floating around. Determining if you qualify isn’t typical accounting work because you’re taking the tax law and analyzing that based on the facts of each client that you work with to decide whether or not they qualify. There is some gray area, and there is legal work involved.
According to Adam, his firm’s biggest challenge in selling these services to other people, including law firms, is convincing them that this is real because it seems too good to be true. Unlike the PPP and many other programs, you can spend the money however you want. There’s no restriction.
Another reason that people aren’t pursuing the ERC is because it’s a tax program, and the IRS is involved. This leads to concerns about being audited. To help address those concerns, Adam’s firm is issuing opinion letters to each of their clients, including an analysis of their situation and qualifications.
Do you think you might qualify for the ERC? Then, listen to this episode to learn how to get started.
What You Will Learn in This Episode
- How the Employee Retention Credit (ERC) works
- The two ways to qualify for the ERC
- How to get started with the ERC process
- Why your chances of qualifying are better than you think
- What quarters it actually covers