TUCSON, Ariz., March 16, 2021 /PRNewswire/ — The newly passed 2021 Covid Aid Plan is a great financial relief package for U.S. small businesses – the 2021 CARES Act Employee Retention Tax Credits (ERC).
The 2021 CARES Act ERC provides small businesses, restaurants, hotels and the hospitality industry with payments up to 70% or $28,000 of an employee’s wages for retaining employees in 2021. For example, a small business, with only 5 employees could be available for $140.000 in U.S. government help.
To be eligible for the 2021 Employee Retention Tax Credit, employers have to demonstrate that they incurred at least a 20% decline in gross receipts compared to 2020. Businesses that were forced to shut down or reduce their capacity, such as restaurants, hotels, inns and the travel and hospitality industries are targeted in the new 2021 Covid Aid Plan. Small businesses, non-profit organizations, churches and schools up to 500 employees are also eligible
To assist small businesses navigate through the complex ERC Act, the national accounting firm, Profitopia, LLC, is providing free consultations to small businesses and organizations to help them determine if they are eligible for the program. The calculations for qualifying and determining employee retention credits are complicated and require professional expertise. Profitopia’s accountants are experts in the 2021 CARES act Employee Retention Tax Credits. They are trained in all specifics of this unprecedented legislation. There is no application process unlike the PPP Paycheck Protection Program. Instead, Profitopia files amended tax forms to obtain the credit for the small business applicant.
Kevin Marshall, CPA, President, Profitopia. believes the ERC Act, is the “best financial shot-in-the arm to help small businesses thrive during the economic challenges of the pandemic. The ERC is free money for small businesses – it does not require repayment.”
At no cost or obligation to a small business or organization, Profitopia, will analyze a business’ eligibility and calculate their potential cash refund. If a business or organization elects to retain Profitopia to file their ERC Tax Credit, the accounting fee is not due until the business receives their money from the US government. There is no risk or cost for US small businesses or organizations to get their free consultation.
The 2021 CARES Act ERC can be a lifeline for a small business. “For example, if a small business or organization has 5 employees, they could be eligible to get up to a $140,000 check back from the US government,“ according to Kevin Marshall, CPA.
For a free consultation, Profitopia’s ERC experts can be reached at 888—778-6742 or www.ERCHotline.com Trained experts are available daily, 7am to 11pm, EST.
SOURCE Profitopia, LLC