Key Takeaways:
Employee retention credit is a payroll tax, it’s money that has been collected from nonprofits and businesses. There’s 400 billion dollars available and it’s not going to run out until the last check is written. One of the things the government failed to do is to publicize the availability of the ERC. They also kept changing the guidelines. That’s why there aren’t a lot of people that are informed of its existence. A partial shutdown is considered a reduction of services as it would mean that you were in a reduced capacity to serve your clients. You don’t have to have a total shutdown in order to qualify. When applying for the ERC, there’s no fees, no obligations, nor are there any costs. Hiring ERC specialists and forensic payroll tax experts that will go line by line in your documents is the best way to maximize the credits within the law.
“They’re being rewarded for keeping their employees on payroll. They’ve already paid these taxes, the money is on the table just waiting for businesses and nonprofits to apply.” – Susan Holt
“One thing I do want to stress is this is general operating budget money, there’s no restrictions on what the nonprofit can do with the money.” – Michael Slawin
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