Employee Retention Credit
Don't Miss Out on This Tax Relief (Palm Coast, & Bunnell FL)
Confused by the Employee Retention Credit (ERC) and all the conflicting information online? At LCI Taxes, we help businesses navigate the complexities of the ERC to see if they qualify for this valuable tax relief.
What is the ERC?
The ERC is a refundable tax credit designed to incentivize businesses to retain employees during the COVID-19 pandemic. While the maximum credit per employee can be significant, eligibility and calculations can be complex.
Qualifying for the ERC
The ERC program had specific requirements and deadlines. While the program is no longer actively enrolling new applicants, some businesses may still qualify for credits from previous quarters in 2020 and 2021.
LCI Taxes Can Help
Our tax professionals at LCI Taxes in Palm Coast, and Bunnell FL, can analyze your business situation to determine ERC eligibility and calculate any potential credits you may be owed. Don't miss out on this valuable tax relief!
Do You Qualify?
The ERC eligibility has changed over time due to COVID-19 relief updates. Here's a quick overview:
CARES Act (March 2020)
Full/partial suspension due to government order OR significant decline in gross receipts (below 50% of 2019).
The maximum credit per employee: is $5,000 (2020 wages).
Note: Wages paid to owners and close relatives typically don't qualify.
Relief Act (2021)
Expanded eligibility for 2021.
Amended decline in gross receipts test (below 80% of 2019 for 2021 quarters).
Introduced alternative quarter election for 2021.
Established rules for new businesses not operating in 2019
Bunnell & Palm Coast Businesses:
Maximize your tax benefits with the Employee Retention Credit (ERC)! LCI Taxes can help you determine if your business qualifies for this valuable credit, worth up to $21,000 per employee in 2021.
Increased Credit & Eligibility
The Relief Act (2021) expanded the ERC and increased the maximum credit to $7,000 per employee, per quarter, for up to 3 quarters of 2021.
This means some businesses may qualify for up to $21,000 per employee for 2021 wages.
The Relief Act also allowed comparisons between 2021 and 2020 for new businesses not operating in 2019, potentially increasing eligibility.
Important Considerations
Not all businesses qualify for the ERC. Eligibility depends on factors like government shutdowns and revenue decline.
The maximum credit of $26,000 (often advertised) combines the potential for 2020 and 2021. You likely won't qualify for the full amount for every employee.
COVID-19 impact must be documented to claim the credit.
Receiving a PPP loan affects how your ERC is calculated.
Get Expert Help from LCI Taxes!
While the ERC can be complex, LCI Taxes in Bunnell and Palm Coast, FL, can assist you. We offer:
Free consultation to assess your ERC eligibility.
Transparent guidance: We only recommend credits you qualify for and can substantiate.
Experienced professionals: We'll analyze your situation, calculate potential credits, and ensure proper documentation.
MORE THAN JUST A TAX PREPARATION SERVICE
Don’t Miss Out on the Employee Retention Credit (ERC)! Time is Running Out!
There's still time to claim the valuable Employee Retention Credit (ERC) for qualifying wages paid in 2020 and 2021.
Get the Refund You Deserve.
Don't settle for an incomplete return. Contact LCI Taxes today for a free consultation. Our tax professionals ensure you receive every deduction you deserve, maximizing your tax refund.
Get the Refund You Deserve!
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