Get paid for keeping employees with the Employee Retention Credit
 

Did you know that in 2021 there were tax incentives for small businesses affected by COVID-related shutdowns and disruptions? Credits are available that can hit your bottom-line cash flow with an amended payroll tax return for various quarters in those years. Companies can amend payroll tax returns to take advantage of tax strategies that they were unaware of at the time of filing.
 
Come learn from Richard Ehrich of Robillard Tax Services how your business may qualify for an amended payroll tax return.

 
More about the ERC (Employee Retention Credit)
 

The ERC, which was part of the March 2021 legislation of the American Rescue Plan Act that revised the original ERC Program included in the CARES Act of May 2020, where an employer had to choose between Paycheck Protection Program (PPP) and ERC. The 2021 legislation expanded, extended and enlarged the ERC program and also allows eligible employers to benefit from both or either of PPP and ERC. Most people do not realize that they can use both PPP and ERC. 
  
ERC has been very lucrative to many businesses: 

• Companies don't have to prove loss of revenue; operational impacts due to a COVID-19-related federal, state or local governmental order qualify as well. 

• Companies that received PPP still qualify for ERC     

• Up to $26k per employee on payroll (depending on actual paid wages and healthcare)  

• Retro back for 2020 at $5k per employee  

• The IRS will issue refunds for the past quarters back to 2020 Q2 including to the beginning of 2021 

 
Some examples of eligibility include: 

• Partial or full suspension of your operations  

• Shutdowns of vendors  

• Inability to attend trade shows  

• Reduction in services offered  

• Required quarantine(s)  

• Reduction in workforce or change in employee workloads  

• A disruption in your business (work from home or closures)  

• Additional spacing requirements for employees and customers due to social distancing  

• Change in job roles/functions

• Lack of travel  

• Lack of group meetings 

• Change in business hours  

 
There are more eligible criteria than included in this list but if you answered yes to any of the above, there is certainly eligibility.  Below is a small sample of filings our team has facilitated:
 

• Data Analytics, 93 employees, $1.2 million refund.

• Title Company, 32 employees, $540,000 refund.

• Cannabis, 26 employees, $326,000 refund.

• Laundromat Chain, 14 employees, $160,000 refund

• Metal fabrication, 87 employees, $887,000 refund.

 
Attached is a Department of Treasury summary and below are articles with background on the program:    

• Forbes article   
• Infrastructure Bill article   
• IRS Website  

 
About Richard Ehrich
Rich is an accomplished executive specializing in tax consulting, finance, accounting, strategy, and operations. With a strong track record in generating value and closing transactions, Rich has led teams on nearly a dozen IPOs and over three dozen mergers, acquisitions, and divestitures totalling nearly nearly $5.0 billion in transaction value. With prior experience at Arthur Andersen and KPMG, Rich brings a wealth of financial expertise and strategic planning skills to his roles as Chief Financial Officer and Director of Operations at the public and private multinational companies he's served. He has successfully implemented strategic initiatives, optimized supply chain management, and fostered investor relationships. Known for his exceptional team development and leadership skills, Rich is a results-driven executive with a proven ability to deliver successful outcomes. Rich enjoys spending his spare time outdoors with his family and on his farm.