By: Paymaster
September 1, 2023 – Escaping all of the marketing for the Employee Retention Tax Credit is virtually impossible. Letters that appear to be official from the U.S. Government, emails, telemarketer calls, texts and radio and television ads are bombarding us every day. They are certainly suspicious, as they sometimes sound too good to be true, with promises of $26,000 per employee. In some ways, it is too good to be true since it is rare for a company to actually receive $26,000 per employee, but it is certainly real. The caveat to the latter is when the work is performed by a professional company that is not making a frivolous claim for the credit and the business has a legitimate qualifying reason.
There are real qualifications that need to be met and I have seen many companies illegitimately qualify a business. For example, I have yet to find a business that actually meets the IRS’s requirements for a ‘supply chain’ qualification, yet this is a common reason claimed by some of these firms. But, there are many legitimate reasons.
Not every business qualifies, but if you have not had a reputable firm, like PayMaster, review your business, then it may be worthwhile to check out. PayMaster does not charge any fee for a review and the process is simple. Reach out to us at erc@paymaster.net or respond to this email if you have any questions or would like to get started.
Time is running out, as the credit will begin to phase out in April 2024.
