Are you overlooking the Employee Retention Credit?

Description

Join us at the Virginia Black Chamber of Commerce to explore if your business, nonprofit, church, or private school qualifies for the Employee Retention Credit (ERC). IRS Commissioner Danny Wurfel asserts that the complex ERC rules require understanding by a tax professional, signaling its significance to businesses.

The ERC, comprising nearly 400 pages of legislation and IRS guidance, is more about law than accounting, necessitating expert advice from tax attorneys who specialize in ERC. Asking your accountant or corporate attorney about this complex payroll tax credit might not yield the specific insights you need.

While most payroll companies and traditional accounting firms manage to capture simpler credits of ERC, they often lack the expertise to evaluate more complex credits under partial suspension. This area, though intricate, is where most ERC funds are found.

Partial suspension," as per IRS Notice 2021-20, refers to experiencing more than a "nominal effect" on a significant part of your business due to government orders. If you've faced such impacts due to Covid-19, including social distancing, capacity restrictions, event cancellations, or modified operations, you should seek evaluation from a professional firm.

Unfortunately, specialized firms are rare due to the complexity and time-intensive nature of dealing with ERC. It involves legal knowledge, technology, training, systems - equivalent to starting a new business, but for a limited period of 4 years.

Join us to navigate these complexities and potentially secure the financial support your organization needs.