Profitopia Helps Businesses Impacted by the Covid-19 Shutdowns Secure Thousands of Dollars with the New 2021 Employee Retention Credit
Great cash infusion for restaurants, hotels, gyms, salons and schools
The Internal Revenue Service is implementing the 8,000 page 2021 Covid-19 CARES Act that was rushed out by Congress on December 21, 2021. Buried in the bill is a great financial relief package for U.S. small businesses hit by the Covid-19 shutdown – the 2021 CARES Act Employee Retention Tax Credits (ERC).
The 2021 CARES Act ERC provides small businesses including restaurants, hotels, gyms and salons with payments up to 70% or $14,000 of an employee’s wages for retaining employees through June 30, 2021. 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. Small businesses, non-profit organizations, churches and schools up to 500 employees are eligible.
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To assist small businesses navigate through the complex ERC Act, the national accounting firm, Profitopia, is providing free consultations to small businesses including restaurants, hotels, gyms and salons to help them determine if they are eligible for the program. The calculations for qualifying and determining employee retention credits are complicated. Profitopia’s accountants are experts in the 2021 CARES act Employee Retention Tax Credits. They are trained in all specifics of this unprecedented legislation.
Kevin Marshall, CPA, President, Profitopia. believes the ERC Act, is the “best financial shot-in-the arm to help small businesses such as restaurants, hotels, gyms and salons thrive during the economic challenges of the pandemic. The ERC is free money from the U.S. government – it does not require repayment.”
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At no cost or obligation to a small business or non-profit 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 non-profit 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, non-profit organization or church has 5 employees, they could be eligible to get up to a $70,000 check back from the US government, according to Kevin Marshall, CPA.
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