Employee Retention Credit
Employee Retention Credit
Covid-19 caused the world to flip upside down. No one knew how to navigate the pandemic because no one had ever been through anything like that before. Some businesses were initially completely shut down in March of 2020. Some, such as auto dealerships and dentists were closed for months. This proved to be an insurmountable challenge for many businesses and organizations. The loss of revenue was devastating, and the result was permanent closures all over the world. There were many assistance programs from the U.S. government put into place to try to save these businesses and the economy as a whole.
The Employee Retention Credit (ERC) benefits companies that fought through the turmoil and survived. Out of the businesses that remained open through the most intense portion of the pandemic, most took a huge hit with massively decreased revenue in 2020. Supply chains were disrupted at unprecedented levels. So even businesses that were trying to stabilize through normal sales revenue still had remarkable challenges caused by lack of inventory, slow shipping, or exorbitant costs to get raw goods and materials.
We will file for the credit
It was incredibly commendable and downright tough on the strongest of businesses that made it through the abyss. And a lot of them lost even more money by honoring payroll structures and by avoiding layoffs. This was vital for those employees to be able to pay their bills and feed their families. In many cases these employees were integral in pushing the company through the darkest periods. In other cases, the companies felt loyal to their longtime or important employees and held onto them despite a negative impact to the bottom line.
Many accountants still don’t understand or want to deal with filing for ERC money. DJJ specializes in filing for and acquiring funds related to the Employee Retention Credit. We have been involved in receiving hundreds of thousands of dollars back for our clients from this program. There are stipulations involved concerning who is eligible for ERC and who isn’t. The chances are if you are a medium to large sized business who took a financial hit in 2020 or 2021, or if you qualified as a recovery startup business, you may meet the requirements for this credit. The filing can be complicated and time consuming, and a lot of accountants will steer clear of this process, but the accountants DJJ will work with are experts at maximizing your ERC.
Make sure you get the ERC you qualify for...
We understand that all your time is taken by running your business. Allow DJJ to manage the process of claiming your Employee Retention Credit. DJJ will first assess whether or not you will qualify, and then have the paperwork filed. It is an intricate process and is not always a quick final recovery of the credit due to governmental and other challenges. So the trick is to get started right away. Additionally, there is a finite time in which you can file for the credit. The program is ending soon. DJJ can navigate the process for you and make sure you get the ERC you qualify for.
