Many businesses in Tucson, Phoenix, and across Arizona (AZ) are still dealing with the financial, operational, and human resources issues created by the pandemic. Navigating the ever-changing government regulations, safety mandates, capacity restrictions, and employee vaccination mandates has been difficult. This has forced many companies to explore the COVID-19 relief programs offered by the Small Business Administration (SBA). However, as Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), and other programs dwindle, it has left business owners with few options. The good news is through the end of 2021, eligible businesses can claim the Employee Retention Tax Credit (ERTC).
What is the ERTC?
The ERTC is a 100% refundable, payroll-based tax credit, available to eligible companies on wages paid to employees. Although the credit has been available since last year, recent changes have significantly increased the maximum credit amount to $28,000 per employee, for 2021.
Consider the Savings Potential
This means that an eligible Phoenix business that paid qualified wages to 15 employees can receive a credit for the 1st and 2nd quarters of 2021 equal to $210,000. What’s better is the credit can be claimed retroactively for 2020 as well. Since it is refundable any amounts that exceed quarterly payroll liabilities will be refunded by the IRS.
ERTC Consulting Services
BeachFleischman provides a comprehensive ERTC Review that provides companies with an initial savings analysis for 2021, and a lookback analysis for retroactive opportunities in 2020. Our experienced team members will turnkey the entire process from compiling the necessary documentation to compiling and submitting the application to the IRS. We walk with you from initial analysis through filing and credit approval.
Interested in learning more about the Employee Retention Tax Credit and the potential savings opportunity awaiting you? Complete the form below and a member of our team will follow up promptly.
** Our ERTC Consulting service is best suited for companies with 10 or more employees.