As the effects of the COVID-19 pandemic continue to impact businesses, many seek ways to keep their operations running and employees on their payroll. The U.S. government introduced the Employee Retention Credit (ERC) to assist employers in doing just that. However, navigating the complexities of this fully refundable tax credit may seem like a daunting task. It is where Walston Advisory Firm comes in.
Understanding the Employee Retention Credit
The ERC, a provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, is designed to encourage businesses to retain their employees during the financial strains of the pandemic. It has expanded under the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021. This credit can be a lifeline for businesses experiencing operational and revenue disruptions.
Employers can qualify for the ERC if their operations are fully or partially suspended due to COVID-19-related government orders or if they experienced a significant decline in gross receipts during a calendar quarter compared to the same quarter in 2019. The specifics of these qualifications have evolved, which is where an expert advisory service can provide much-needed clarity.
Walston Advisory Firm: Your Partner in Navigating the ERC
The process of understanding and applying for the ERC can be complex. Walston Advisory Firm has profound legislation experience and can help you navigate the eligibility criteria, calculation complexities, and overall process.
Our team at Walston Advisory Firm is equipped with up-to-date knowledge of the ERC and the expertise to guide businesses through each step of the process. We offer a comprehensive review of your situation to determine eligibility, assist with calculating the credit, and guide you through the necessary documentation and filing process.
Additionally, we ensure you maximize your benefits without “double-dipping.” It’s crucial to understand that wages used for the ERC cannot be used for other relief programs, such as the Paycheck Protection Program (PPP).
During challenging times, the Employee Retention Credit can be a valuable resource for businesses facing the economic impacts and effects left by the pandemic. At Walston Advisory Firm, we aim to make qualifying and applying for the ERC as smooth and beneficial as possible for our clients. Don’t navigate these turbulent waters alone. Allow us to guide you through the process, ensuring you can focus on what matters most: running your business and supporting your employees.
Let’s explore how we can assist your business in taking full advantage of the Employee Retention Credit.
For more information, contact us today at 801-263-0400 and email us [email protected].