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The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. Innovation Refunds — a consulting firm that focuses on the ERC — was one of the most visible advertisers during the tax credit's heyday. How Innovation Refunds worksOn its website, Innovation Refunds makes it clear it is not a tax professional. Innovation Refunds markets to clients, determines if they are viable candidates for the credit and then collects businesses' documentation. Some former employees said this could insulate Innovation Refunds from potential liability if ineligible businesses claimed the credit.

Persons: Danny Werfel, Andrew Kelly, Howard Makler, Ty Burrell, Burrell, Rob Domenico, Werfel, Tom Williams, Makler, Kate Rogers, Domenico, Slack, Jenn McCabe, Armanino Organizations: Companies, ERC, Internal Revenue Service, IRS, ERC —, CNBC, Reuters, CPA, Senate, Washington , D.C, CQ, Inc, Getty, LinkedIn, Justice Locations: New York, Washington ,, Des Moines

The ERC, part of the CARES Act, gives employers affected by COVID-19 a tax credit if they qualify. Depending on when your small business filed and paid taxes, it may still be eligible to receive the credit. In response to the financial hardships of the pandemic, the IRS enacted the Employee Retention Credit. What is the Employee Retention Credit (ERC Credit)? Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: There's, It's, you've Organizations: ERC, IRS, ERC —

It's not too late to apply for the pandemic-era Employee Retention Credit for your small business. The Employee Retention Credit may be one of those tax-break opportunities for qualifying businesses that continued to pay employees while shut down due to COVID-19 or saw declines in revenue. To shed some light on this, accountant Liz Soria has some insights concerning which businesses should apply for the ERC — and just as importantly, which businesses shouldn't. Navigating the ERC tax creditOf course, the most authoritative source for information about the ERC is the IRS. Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: It's, Liz Soria, Soria, it's, There's, That's, David Moadel, David Organizations: ERC, ERC —, U.S . News, Markets Locations: Soria, U.S

If you had to shut your business down due to a government order during the pandemic, your company could get a tax credit. Even if your company already filed taxes for 2020 and 2021, it might not be too late to claim the credit. In many instances, a forced business closure could bring some relief in the form of ERC tax credits, so you might want to consider it if it sounds like your business might qualify. That could be useful as a general guideline if your business is considering applying for the ERC. The question, then, is what qualifies as a "recovery startup business."

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Small businesses may be eligible based on how COVID-19 affected their business in 2020 and 2021. Depending on when your small business filed and paid taxes, it may still be eligible to receive the credit. The ripple effects of the COVID-19 pandemic can still be felt in the economy, and many small businesses are still recovering. Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you. You have either three years from when you filed form 941 or 944, or two years from the date you paid.

Persons: There's, It's, you've Organizations: ERC, IRS, ERC —

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