The Employee Retention Credit is a refundable tax credit created as part of the Coronavirus Aid, Relief, and Economic Security Act of 2020. It was designed to help employers offset the cost of retaining employees during government COVID shutdown orders. But millions of taxpayers are missing out on this valuable credit, simply because they’re afraid to amend their tax returns.
Like most people, you may feel a little uneasy about claiming the ERC credit on your income tax return. After all, it’s a pretty sizable credit, and it’s not something you’re used to claiming. But there’s no need to worry! It’s not unusual to amend a return. In fact, the IRS sees amended returns all the time, and it doesn’t raise any red flags.
If you’re eligible for the ERC credit, we encourage you to claim it as soon as possible. After all, the credit is worth up to $5,000 per employee for all of 2020 and up to $21,000 per employee for 2021. Also, it is fully refundable, which means you’ll get the money even if you don’t owe any taxes.
The Employee Retention Credit (ERC) has been beneficial for many businesses. Companies of all sizes and across all industries have benefited from it, including hotels, restaurants, non-profits, construction companies, law offices, and more.
Amending your tax return could save your business thousands of dollars. Let Miami CFO help calculate the amount of the credit you’re eligible for and amend your return. We have helped numerous business owners collect millions of dollars, and we’re prepared to do the same for you.
Use this link to schedule a meeting: https://calendly.com/miami-cfo.
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