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Who We Have Helped With ERC Tax Credits

Childcare & Behavioral Centers

If you operate a childcare or behavioral center, were impacted by Covid restrictions, and have W2 employees--you are likely eligible to receive ERC.

Art Galleries

If your art gallery or art business was affected by a mandated suspension of operations or other restrictions, then you may qualify for the ERC.

Portfolio Companies

If you own a portfolio company, were impacted by Covid restrictions, and have W2 employees--you may be eligible to receive ERC.

Gyms & Fitness

Was your gym, fitness center, or health-related business impacted during the COVID-19 pandemic, and do you have W2 employees? you are likely eligible to receive ERC.

Chambers

Chambers that paid their employees W-2 wages during the pandemic, and were impacted by the COVID pandemic in 2020 and/or 2021, are likely eligible to receive the ERC

Breweries, Distilleries & Wineries

If your brewery was affected by a mandated full or partial suspension of operations then you most likely qualify for the ERC.

Leisure, Hospitality & Tourism

If you own a business in the leisure and hospitality industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Construction Companies

If you own a Construction company, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Private & Parochial Schools

If you operate a business in the education industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Bowling Alleys, Arcades & Pool Halls

Arcades, bowling alleys, pool halls, or other "Fun Halls" impacted by the COVID-19 pandemic are likely eligible to receive the ERC.

Non Profit Organizations

Nonprofits impacted by COVID-19 restrictions that have W-2 employees are most likely eligible to receive the Employee Retention Credit (ERC).

Cannabis Industry

If you operate a business in the Cannabis Industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC due to mandatory closures of businesses.

Vending Machine Industry

If you own or distribute vending machines, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Law Firms

Potentially eligible if they experienced partial suspension in operations resulting from an order closing the courts and restricting operations.

Doctors & Medical Industry

Prosthodontists, chiropractors, plastic surgeons, and others are often eligible if a suspension of operations prevented you from performing elective procedures.

Spas, Salons & Beauty Schools

If you own a cosmetology business, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Entertainment

Generally eligible based on shutdowns and other capacity restrictions for doing business. Frequently eligible because of decline in receipts.

Startup Businesses

Any business that started after February 15, 2020, with less than $1 million in gross receipts, may be eligible as a Recovery Startup Business for the ERC.

Restaurants & Bars

If you operate a restaurant or bar, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.

Retail Stores

Retail shops impacted by COVID-19 restrictions that have W-2 employees may be eligible to receive the Employee Retention Credit (ERC).

Art Galleries

The COVID-19 pandemic has posed unprecedented challenges for the art industry, disrupting exhibitions and sales. The measures put in place to reduce the spread of the virus, such as lockdowns and social distancing have had a significant impact on artists, galleries, museums, and other art businesses. 

However, the Employee Retention Credit (ERC) serves as a valuable lifeline to businesses that retained their employees during 2020 and 2021. With this tax credit, this initiative aims to alleviate the financial burden. The ERC could provide up to $26,000 per employee to eligible art galleries and other art businesses that satisfy specific criteria established by the government.

At Strategic Tax Planning, our team of Certified Public Accountants (CPA) is well-versed in the ever-changing regulations surrounding the ERC. We help businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Art Gallery Qualify for ERC?

There are various factors beyond financial hardship that could allow your art gallery to qualify for the ERC. Seeking guidance from tax professionals and CPAs will help you gain a comprehensive understanding of the requirements surrounding your eligibility for claiming the credit.

If your art gallery experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Reduced occupancy
  • Spacing Limitations
  • Reduction in hours to comply with hygiene/sanitation requirements

Your art gallery, museum, or other art-related business may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans, but this does not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Art Gallery Had Increased Revenue in 2020 and 2021?

The eligibility is not solely determined by revenue figures but also considers the effects of governmental directives on the business. If your art gallery can provide evidence that it faced restrictions or limitations due to government-imposed orders, it may still qualify for ERC.

The ERC aims to support businesses and organizations affected by the pandemic, even if their revenues increased between 2020 and 2021. By highlighting the adverse impact of government orders on their operations, your art gallery can potentially access this valuable financial relief. Speak with a Certified Public Accountant to help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Discover a CPA Firm You Can Trust

Art galleries can find relief by claiming the Employee Retention Credit, which offers a tax credit to assist in covering pandemic-related wage expenses. However, it is crucial to emphasize that careful attention must be given to eligibility requirements and accurate reporting when claiming this credit. The IRS closely examines claims for legitimacy, and submitting an inaccurate claim can result in audits and other complications.

To ensure that your art gallery avoids these issues and receives the deserved relief, seeking professional assistance is essential. At Strategic Tax Planning, our team of experienced CPAs works closely with you to ensure compliance with all qualifications and accurate representation of facts. This guidance can help you navigate the intricate ERC rules and prevent costly errors. 

If you own an art gallery and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Bowling Alleys, Arcades & Pool Halls

During the COVID-19 pandemic, entertainment venues – or “Fun Halls” – such as bowling alleys, arcades, and pool halls went through stressful times. With government mandates of hourly or capacity limits, and some even experiencing full shutdowns, many of these beloved businesses struggled to stay afloat. 

Fortunately, for owners of bowling alleys, arcades, or pool halls, you may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per W-2 employee for already paid wages.

If you own a “Fun Hall” and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning. You can call us today at (202) 455-6010 or fill out this contact form, and we will reach out to you. 

Is My Bowling Alley or Arcade Eligible for ERC?

Many owners of bowling alleys – plus arcades, pool halls, or other “Fun Hall” venues – wonder how their business may be considered eligible for ERC. Typically, your business must have at least one full-time W-2 employee, and fall into at least one of the two following categories:

  • Your business experienced decreased revenue from quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business was impacted by government-mandated restrictions

COVID-19 mandates that your business may have experienced include full and/or partial shutdowns, inability to maximally work with your vendors, reduction in services or goods offered to your customers, capacity restrictions, or altered hours resulting from increased sanitation procedures, among others. Consulting with a licensed Certified Public Accountant (CPA) about your business's experiences can help you to understand your eligibility better. 

If your fun hall received the Paycheck Protection Program (PPP) loans 1 and/or 2, you can still be eligible for ERC, assuming you met the conditions listed above. 

When Can I Expect To Receive The ERC Refund?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust To Handle Your ERC Claims

For owners of bowling alleys, arcades, and pool halls, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claims that are submitted with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a bowling alley, arcade, or pool hall and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Breweries, Distilleries & Wineries

Breweries, distilleries, and wineries have all become popular destinations for beverage connoisseurs, but unfortunately, the brewing industry was one of the many industries negatively affected by the COVID-19 pandemic. Government mandates of capacity and distance restrictions, along with partial or full shutdowns, made it difficult to keep these businesses afloat in 2020 and 2021. Fortunately, you may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages. 

If you believe your business may be eligible for the ERC or would like to speak with an experienced Certified Public Accountant (CPA) to learn more about your business’s eligibility, reach out to Strategic Tax Planning. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you. 

What Makes a Brewery, Distillery or Winery Eligible for the ERC?

Speaking with a team of tax professionals and CPAs will help you to understand if your brewery, winery, or distillery may be eligible for the Employee Retention Credit. If your business was affected by a mandated full or partial shutdown, then you most likely qualify for the ERC tax credit. Below you can find a more detailed list of shutdown examples.

Some business owners of breweries, distilleries, and wineries also wonder about their ERC eligibility if they have already received Paycheck Protection Program (PPP) loans 1 and/or 2. Regardless of whether your business received PPP, you will have the opportunity to apply for ERC. 

If your brewery, distillery, or winery experienced any of the following disruptions, reach out to Strategic Tax Planning today to learn if you are eligible for the ERC:

  • Drop in gross receipts
  • Full and/or partial shutdowns
  • Capacity and distancing restrictions
  • Restricted access to the workplace
  • Inability to work maximally with your vendors
  • Reduction in services or goods offered to your customers
  • Altered hours resulting from increased sanitation procedures

What If My Brewery, Distillery, or Winery Increased Sales in 2020 and 2021?

While most businesses experienced a drop in sales due to COVID-19 restrictions and mandates, there is still potential that takeout orders or other means of business led to increased sales. Breweries, distilleries, and wineries with W-2 employees, who increased sales, may still be eligible for the ERC if the business suffered from any number of government-mandated restrictions. Speaking with a tax professional can help you to understand if your business may fall into this category.

How Long is the ERC Refund Processing Timeline?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust to Handle Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many businesses, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with falsified information can lead to compliance risk such as ERC audits in the future, setting up potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a brewery, distillery, or winery and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Cannabis Industry

As the COVID-19 pandemic hit the United States, one of the biggest industries it affected was the cannabis industry. Businesses in many other industries were given the chance to apply for the Payment Protection Plan (PPP) in 2020 and 2021, but due to federal cannabis legalization regulations, the cannabis industry could not take part in this loan. While operating in this stressful financial period, many cannabis business owners had to deal with government-mandated restrictions that led to less sales and business. 

Today, cannabis business owners may have the chance to find financial relief through the Employee Retention Credit (ERC), part of the 2020 CARES Act which can provide up to $26,000 per employee for already paid wages. 

Contact Strategic Tax Planning to speak with an experienced Certified Public Accountant (CPA) to learn more about your business’s eligibility. Call us today at (202) 455-6010 or fill out this contact form, and we will reach out to you. 

What Makes a Cannabis Business Eligible for the ERC?

Ultimately, each business in the cannabis industry will be unique, so it is important to consult with a qualified CPA or team of tax professionals to review your eligibility. If you have full-time W-2 employees, then you may qualify if your business falls into at least one of the two following categories:

  • Your business experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business suffered from government-mandated restrictions

While some cannabis businesses were deemed essential and permitted to continue curbside or delivery operations during the COVID-19 pandemic, there were still many mandates that affected these businesses. Government-mandated restrictions may include, but aren't limited to:

  • Full or partial closures
  • Hourly or capacity restrictions
  • Operations suspensions, such as dispensaries not being permitted to sell “deli-style”
  • Supply chain disruptions
  • Sanitation requirements

What If My Cannabis Business Had Increased Sales in 2020 and 2021?

Many business owners in the cannabis industry assume they are not eligible for ERC if they experienced an increase in sales in 2020 and 2021 during the COVID-19 pandemic. This is not necessarily true. If your cannabis business was affected by government-mandated restrictions, such as any of the factors listed above, then you may be eligible for ERC. Speak with an experienced CPA to review your business and its eligibility. 

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for the ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Rely On for Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many business owners in the cannabis industry, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your cannabis business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a cannabis business owner and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Chambers

Chambers of Commerce can offer many important benefits to its members such as publicity, networking, or even marketing and advertising opportunities. Unfortunately, like many other industries, chambers were heavily affected by the COVID-19 pandemic mandates and restrictions. Whether it was from the cancellation of big events or having to transition to remote work, many of these Chambers of Commerce saw decreased revenue which created stressful times. Luckily, for those chambers that pay W-2 employees, there is still time to claim the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for wages that have been paid. 

If you manage a Chamber of Commerce and believe it may qualify or wish to discuss your chamber's eligibility, reach out to Strategic Tax Planning. You can speak with a Certified Public Accountant (CPA) for a free consultation by calling (202) 455-6010 or you may fill out this contact form, and we will reach out to you.

How Can A Chamber of Commerce Receive the ERC?

There are countless Chambers of Commerce throughout the country, all serving different groups of people and businesses. Typically, if your chamber consists of W-2 employees, then it may fall into at least one of the following two categories to qualify for ERC:

  • Your chamber(s) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019 
  • Your chamber(s) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include things like full or partial shutdowns limiting services offered to members, capacity limitations, cancellations of pre-planned events, restrictions on public gatherings, state or local orders requiring employees to work remotely, or overall altered hours of operation, among many others.

On top of this, chamber members may wonder how previously receiving the Paycheck Protection Program (PPP) loan in 2020 or 2021 may affect their ERC eligibility. Regardless of if you received PPP loans 1 and/or 2, you may still be eligible for ERC. Speak with a trusted CPA to discuss your Chamber’s eligibility. 

What If a Chamber of Commerce Is a Nonprofit?

If you are part of a Chamber of Commerce that is a nonprofit organization, then you still may be eligible to receive ERC, assuming you have W-2 employees and have been affected by COVID mandates. Nonprofit chamber organizations experienced the same government-mandated restrictions as for-profits, therefore they may seek ERC if they qualify. 

Benefits of Chambers of Commerce Exploring The ERC

Aside from ERC directly benefiting the chamber by helping its financial situation, Strategic Tax Planning can further assist your chamber. We have partnered with numerous chambers in the United States, including Washington state, Maryland, Virginia, and New York to not only help them claim ERC individually but also provide services to their members’ businesses when applicable. 

We have helped several businesses from chambers including restaurants, retail stores, fun centers, art galleries, theaters, medical/dental offices, cosmetics/beauty shops, and even recovery start-up businesses that were opened after February 15, 2020. Strategic Tax Planning appreciates any opportunity to assist business owners with determining their ERC eligibility. 

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

For Chambers of Commerce, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your chamber, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are part of a chamber and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Childcare & Behavioral Centers

Nearly all industries were affected by the COVID-19 pandemic. Shutdowns, capacity limitations, remote work, and many other factors made it difficult, if not impossible, to comfortably maintain a business. Childcare centers and behavioral centers were no exception to these restrictions. In fact, together, the childcare and behavioral center industry lost billions of dollars in revenue during the pandemic. Fortunately for these businesses, the Employee Retention Credit (ERC) is still available to be claimed. ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages.

If you own or manage a childcare center or behavioral center and wonder about your business’s ERC eligibility, get in touch with Strategic Tax Planning. You can get a free consultation with a Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this contact form, and we will reach out to you.

How Do I Know If My Childcare Center Or Behavioral Center Is Eligible for The ERC?

To be eligible for Employee Retention Credit, a childcare or behavioral center typically must have W-2 employees, and fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions have the potential to include a wide range of things. Examples may include reduced operating hours, capacity limitations, mandated virtual or hybrid work, or required sanitation procedures, among others. 

Moreover, business owners may be wondering how their childcare or behavioral center’s ERC eligibility is affected if they received the Paycheck Protection Program (PPP) loans in 2020 or 2021. Regardless of whether your business received PPP 1 and/or 2, you may be eligible for ERC. Speaking with an experienced CPA can help you to understand your eligibility. 

How Long Will It Take To Receive The ERC After Claiming?

If you have already submitted a claim for the Employee Retention Credit for your business, you may be wondering how long you should expect to wait until receiving the tax credit. Ultimately, each case is unique and is going to have a different timeline. Due to so many businesses being affected by the pandemic, the IRS is dealing with a high volume of applications. Your ERC refund may be processed in about 8 months, although there is potential for it to take longer. 

If you wish to see the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust to Handle Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many private equity portfolio companies, but it is important to make sure you and your tax planners are thorough and diligent when examining your eligibility. It is crucial to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with untrue information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a private equity portfolio company and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Construction Companies

Though many construction companies may have been labeled as essential during the COVID-19 pandemic, they faced many restrictions and mandates that created stressful financial times. Capacity limits in crew size or distancing restrictions made it difficult for these companies to continue their construction and keep the business afloat. 

Fortunately for owners of construction companies, you may still be eligible for the Employee Retention Credit (ERC), which is part of the 2020 CARES Act and can provide up to $26,000 per employee for already paid wages. 

If you own a construction company and wonder about your ERC eligibility, reach out to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you

.

How Can a Construction Company Be Eligible For The ERC?

Many owners of construction companies wonder what makes a construction business eligible for ERC. Generally, if you have W-2 employees, then your business must meet at least one of the following two conditions:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandates during the COVID-19 pandemic may include things like an inability to access equipment and job site restrictions, capacity limitations/reduction in crew size, limitations upon the permit/inspection process (and corresponding backlogs), among other things. 

On top of this, many business owners wonder if they are eligible if they have already received the Paycheck Protection Program (PPP) loan. Regardless of if you received PPP 1 and/or 2, you may still be eligible to receive ERC. Consult with a trusted Certified Public Accountant (CPA) to get a better understanding of your construction company’s eligibility for ERC.

What If My Construction Company Was Profitable During The Pandemic?

It is possible that you may have found your construction company has grown during the pandemic, even among all of the tough circumstances. If this is the case, you may still be eligible for the Employee Retention Credit, assuming you faced government-mandated restrictions that affected your work, such as any listed above. 

Even if your company was listed as an essential business, you may have faced restrictions that limited your workability. Speaking with an experienced CPA at Strategic Tax Planning can help to give you a better idea of your company's eligibility. 

How Long Will It Take To Receive The ERC After Claiming?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust For ERC

For owners of construction companies, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claims that are submitted with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your construction business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a construction company and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you.

Doctors & Medical Industry

During the entire COVID-19 pandemic, the medical industry was arguably the most heavily affected industry. General practitioners, pediatricians, dentists, veterinarians, and all other types of doctors and medical businesses had to deal with waiting room capacity limitations, virtual visits or even had to shut down certain elective procedures, among many other things. Thankfully for these medical establishments and businesses, many may still be eligible to receive the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per employee for already paid wages, providing some financial relief after the stressful times your business experienced.

If you have a medical business and wish to speak with a licensed Certified Public Accountant (CPA) about your ERC eligibility, reach out to Strategic Tax Planning. You can call us today for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you.

How Can a Medical Establishment Qualify For The ERC?

In most cases, a medical establishment or business may be eligible for ERC if they have full-time W-2 employees, and the business must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 and 1-3 of 2020 and 2021, respectively, compared to 2019
  • Your business(es) were impacted by government-mandated restrictions

Government mandated restrictions can include a wide array of things. Examples might include but aren’t limited to, partial or full shutdowns, cleaning procedures that reduced procedural/operating time, capacity limitations for waiting rooms, or having to restructure certain appointments, such as a veterinary practice seeing animals curbside. 

Many medical establishments and businesses may have also taken part in the PPP loan(s), or Paycheck Protection Program, in 2020 or 2021 and wonder if that affects their ERC eligibility. Regardless of whether you received PPP loans 1 and/or 2, you may still qualify for ERC. Speaking with an experienced CPA about your medical business will help to give you a better understanding of your ERC eligibility. 

How Long Is The Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust To Handle Your ERC Claims

For many doctors and businesses in the medical industry, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claiming ERC based on false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a business owner within the medical industry and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Entertainment

Businesses in the entertainment industry were some of the most affected by the COVID-19 pandemic and all the government-mandated restrictions that came with it. Social distancing requirements, capped ticket sales, and most obviously, partial or full shutdowns, made it difficult for theatres, performing art centers, and other entertainment businesses to survive. 

Fortunately, many of these entertainment businesses can still qualify for the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act and can provide some financial relief of up to $26,000 per employee for paid wages.

If you are the owner of an entertainment business that was affected by COVID mandates and wonder about your ERC eligibility, consult with a licensed Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out our contact form, and we will reach out to you.

Is My Entertainment Business Eligible For The ERC?

Speaking with a trusted CPA will help to give you the best understanding of whether your entertainment business is eligible for ERC. Although every entertainment business is unique and went through different experiences, many faced mandated restrictions, or at least saw a decline in ticket sales. 

If your business has W-2 employees, it typically needs to fall into at least one of the following two categories in order to be eligible to receive ERC:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from government-mandated restrictions

Government mandates may include a variety of restrictions, such as partial or full shutdowns, social distancing requirements, capped ticket sales, or requirements of remote work, among many other things. 

Additionally, some of these entertainment venues or businesses may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that may affect their ERC eligibility. Regardless of whether your business received PPP 1 and/or 2, you may still be eligible for ERC. 

What Businesses Are Considered Entertainment?

Many business owners wonder whether their business is considered entertainment and eligible for the Employee Retention Credit. Assuming you meet the eligibility requirements listed above, nearly any kind of business may be eligible. Common examples of businesses in the entertainment industry include:

  • Theaters, including films or movies, plays, musicals, operas, or other performing arts
  • Musical arenas
  • Sports stadiums
  • Traveling exhibitions
  • And many more

How Long Will It Take To Receive The ERC After Claiming?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Consult With a CPA Firm You Can Trust

For many businesses and venues in the entertainment industry, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting false ERC claims can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your entertainment business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a business owner and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Gyms & Fitness

Gyms, fitness centers, and other health-related businesses were one of the biggest industries to be affected by the COVID-19 pandemic. With partial or full shutdowns, capacity limits, and the need to intensify sanitation procedures, many of these businesses found it difficult to stay afloat. Fortunately, many of these businesses may qualify for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages.

If you are the owner of a gym or fitness establishment and wish to discuss your ERC eligibility with an experienced Certified Public Accountant, reach out to Strategic Tax Planning. You can call us today for a free consultation at (202) 455-6010 or fill out our contact form, and we will reach out to you.

Is My Gym Eligible For The ERC?

Many owners of fitness establishments and gyms wonder if their own businesses may be eligible for ERC. Generally, if you have W-2 employees, then your business must fall into at least one of the following two categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 and 1-3 in 2020 and 2021, respectively, compared to 2019
  • Your business(es) suffered from government-mandated restrictions

Government-mandated restrictions may include things like partial or full shutdowns, social distancing requirements, restrictions in services provided (e.g., tanning bed, sauna, jacuzzi, or pool closures), and increased sanitization procedures, among many others.

On top of this, a lot of gyms and fitness centers may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that affects their ERC eligibility. Regardless of whether you received PPP 1 and/or 2, you may be eligible for ERC. Speaking with an experienced certified public accountant can help you to better understand your own business’ eligibility.

How Long is the ERC Refund Processing Timeline?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust With The ERC

For many gyms and fitness centers, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. ERC claims with inaccurate information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a fitness center or gym and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Law Firms

The COVID-19 pandemic has caused significant challenges to the legal industry. With courtrooms and government buildings closed, many law firms found it difficult to provide their services to clients. 

Fortunately, the Employee Retention Credit has been introduced to provide relief to businesses that have suffered due to the pandemic. This valuable tax credit can be a lifeline for retaining employees during 2020 and 2021. This credit could provide up to $26,000 per employee to law firms that meet certain criteria.

Our team of Certified Public Accountants (CPA) helps businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Law Firm Qualify for ERC?

In addition to financial hardship, there are many factors that could allow your law firm to be eligible for the ERC. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

If your law firm experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Shuttered courts
  • Limitations on jury trials
  • Prohibited in-person depositions
  • Prohibited in-person meetings with incarcerated clients
  • Reduction in services offered to your clients

Your law firm may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans, but this does not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Law Firm Had Increased Revenue in 2020 and 2021?

The eligibility is not solely determined by revenue figures but also considers the effects of governmental directives on the business. If your law firm can demonstrate that it faced restrictions or limitations due to government-imposed orders, it may still qualify for ERC.

The ERC aims to support businesses and organizations affected by the pandemic, even if their revenues increased between 2020 and 2021. By highlighting the adverse impact of government orders on their operations, your law firm can potentially access this valuable financial relief. Speak with a Certified Public Accountant to help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer.

 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Law firms can find relief by claiming the Employee Retention Credit, which offers a tax credit to assist in covering pandemic-related wage expenses. However, it is crucial to emphasize that careful attention must be given to eligibility requirements and accurate reporting when claiming this credit. The IRS closely examines claims for legitimacy, and submitting an inaccurate claim can result in audits and other complications.

To ensure that your law firm avoids these issues and receives the deserved relief, seeking professional assistance is essential. At Strategic Tax Planning, our team of experienced CPAs works closely with you to ensure compliance with all qualifications and accurate representation of facts. This guidance can help you navigate the intricate ERC rules and prevent costly errors. 

If you own a law firm and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Leisure, Hospitality & Tourism

Businesses in the leisure and hospitality industry were heavily restricted during the COVID-19 pandemic. Government mandates to keep limits on capacity, social distancing, or even full-on shutdowns made it difficult for these businesses to stay afloat and operate comfortably. Thankfully, many of these leisure and hospitality businesses may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages.

If you are the owner of a leisure or hospitality business, speak with an experienced certified public accountant at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach back out to you.

How Do I Know If My Business Is Eligible for ERC?

Many business owners in the leisure and hospitality industry wonder if their business may be eligible for ERC. Typically, if you have W-2 employees, your business must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandated restrictions may include things like partial or full shutdowns only to reopen with reduced operating hours, restrictions on public gatherings (e.g., wedding receptions, concerts, festivals), capacity limitations, various dining restrictions on table spacing and /or buffet services for example, and an adjustment of hours to maintain sanitation requirements, among other things. 

On top of this, many business owners may think receiving the Paycheck Protection Program (PPP) loan in 2020 and 2021 disqualifies them from ERC. This is not the case. Regardless of if you received PPP 1 and/or 2, you may be eligible for ERC.

If you wonder about your leisure or hospitality business’ ERC eligibility, consult with an experienced certified public accountant (CPA). Speaking with a tax professional can help you to get a better understanding of ERC and your eligibility.

What Kind Of Leisure & Hospitality Businesses Qualify?

With the leisure and hospitality industry being so large, you may wonder if your business is included. Businesses in this industry that may have experienced profit loss or mandated restrictions include, but are not limited to:

  • Accommodation, including hotels and motels
  • Amusement, gambling, and recreation industries
  • Food services and drinking places
  • Museums, historical sites, and similar institutions
  • Performing arts, spectator sports, and related industries
  • Tourism businesses

When Can I Expect To Receive The Employee Retention Credit Refund?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Rely On For Your ERC Claims

For owners of leisure, tourism, and hospitality businesses, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your leisure or hospitality business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a leisure or hospitality business and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Non Profit Organizations

Nonprofit organizations – from churches to museums, and everything in between – experienced stressful times during the COVID-19 pandemic. Government mandates, such as partial or complete shutdowns, made it very difficult for these nonprofits to continue their work. 

Many people assume that tax-exempt non-profit organizations are ineligible for financial relief in the form of a refundable tax credit, but this is not true with ERC. If you have a nonprofit that has W-2 employees and have been affected by COVID-19 restrictions, then you are most likely eligible to receive the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages. 

If you believe your nonprofit may be eligible, or wish to talk with an experienced Certified Public Accountant (CPA) about your eligibility, reach out to Strategic Tax Planning. You can call us today at (202) 455-6010 or fill out our contact form, and we will reach out to you.

How Can Nonprofits Be Eligible For ERC?

Typically, a nonprofit with W-2 employees must fall into at least one of the two following categories in order to be eligible for ERC:

  • The non profit experienced decreased revenue from quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • The non profits were impacted by government-mandated restrictions

Government mandated restrictions may include things like capacity or hourly restrictions, restrictions on public gatherings, remote work, or other restrictions that limit services. If your nonprofit experienced any of these, consult with a professional to determine your eligibility. 

Nonprofits who received the Paycheck Protection Program loan (PPP 1 and/or 2) can still be eligible for ERC, assuming they experienced decreased revenue or were affected by COVID restrictions. 

What Kinds of Nonprofit Qualify for the ERC?

Speaking with a CPA and team of professionals can help you to better understand if your nonprofit may be eligible. In general, any sort of nonprofit organization may be eligible, including but not limited to:

  • Schools
  • Hospitals
  • Museums
  • Performing arts centers
  • Churches

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have claimed the ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Rely On For Your ERC Claims

Claiming the Employee Retention Credit can be a needed relief for many nonprofit organizations, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with false information can lead to compliance risk such as ERC audits in the future, setting up potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your nonprofit, ensuring all of your Employee Retention Credit qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you run a nonprofit and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Portfolio Companies

When the COVID pandemic struck our country, businesses of many different industries were affected by government mandates that aimed to protect our health. Forced shutdowns, remote work, and many other restrictions resulted in stressful times for businesses, small or large. Private equity portfolio companies were no exception to these mandates. Fortunately, for portfolio companies, the Employee Retention Credit (ERC) is still available to be claimed if your business is eligible. ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages.

If you manage a portfolio company and would like to discuss your business’ ERC eligibility, reach out to Strategic Tax Planning for a free consultation. You can speak with a licensed Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this brief contact form, and we will reach out to you.

Portfolio Companies & ERC Eligibility

To be eligible for the Employee Retention Credit, a portfolio company must have full-time, W2 employees, and generally must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include a wide range of things that your business experienced. Examples can include but are not limited to, full or partial shutdowns, social distancing or capacity limitations, and the requirement of remote work, among others.

On top of this, business owners of portfolio companies may wonder if they are still eligible for ERC after receiving the Paycheck Protection Program (PPP) loans in 2020 or 2021. Regardless of whether you received PPP 1 and/or 2, you may have eligibility for ERC. Speaking with an experienced CPA about your portfolio company’s situation and experiences can help you to understand if your business may be eligible for ERC.

What If My Portfolio Company Increased Revenue in 2020 and 2021?

While many businesses, unfortunately, saw a decrease in their revenue during the pandemic, it is possible that your business managed to increase revenue. If you had an increase in revenue, you may still be eligible for ERC, assuming you were affected by government-mandated restrictions. If your portfolio company had an increase in revenue, consult with a trusted CPA to determine your ERC eligibility. 

How Long Does It Take To Receive The ERC After Claiming?

If you have already submitted a claim for the Employee Retention Credit for your business, you are probably wondering how long you should expect to wait until receiving the tax credit. Ultimately, each case is unique and is going to have a different timeline. Due to so many businesses being affected by the pandemic, the IRS is currently dealing with a high volume of applications. Your ERC refund may be processed in about 8 months, although there is potential for it to take longer. 

If you wish to see the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or call the IRS.

Consult With a CPA Firm You Can Trust For The ERC

Claiming the Employee Retention Credit can be a needed relief for many private equity portfolio companies, but it is important to make sure you and your tax planners are thorough and diligent when examining your eligibility. It is crucial to note that the IRS will carefully examine your claim for this credit. ERC claims with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a private equity portfolio company and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Private & Parochial Schools

The COVID-19 pandemic had a significant impact on businesses and organizations of all kinds. Schools were no exception. The education sector faced numerous challenges, including school closures, a decrease in attendance rate, and an increase in expenses for technology and safety measures. 

To help alleviate some of the financial burdens on businesses affected by the pandemic, the government introduced the Employee Retention Credit (ERC). This tax credit could provide up to $26,000 per employee kept on the payroll to private and parochial schools that meet certain criteria.

If you might be eligible for ERC, speak to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning to understand the details about your eligibility and gain the maximum credit available to you. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Is Your School Eligible for ERC?

There are many factors that might allow your private or parochial school to qualify for the Employee Retention Credit. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

While your school may have received Paycheck Protection Program (PPP) loans in the past, you will still have the opportunity to apply for ERC. 

If your private or parochial school experienced any of the following, you may be eligible for ERC:

  • Full or partial campus shutdowns
  • Limitations on the school’s ability to charge for extracurricular activities
  • Mandated closures of daycare services
  • Drop in revenue

What If Your School Gained Increased Funding in 2020 and 2021?

While many private and parochial schools experienced a drop in funding due to government mandates and safety measures taken during the pandemic, it is still possible that your revenue increased during this time. 

Fortunately, schools that received an increase in revenue may still be eligible for ERC if the school was affected by a number of government-mandated restrictions. Speaking with a Certified Public Accountant will help you understand if your school falls into this category.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Claiming the Employee Retention Credit can be a relief to many schools after facing so many twists and turns during the pandemic. However, it is important to note that the IRS will scrutinize your eligibility claim. Submitting an erroneous claim can lead to audits and other concerns down the line, which is why it is important to reach out for professional assistance.

Strategic Tax Planning has experienced CPAs who will work closely with you to ensure that all qualifications are met and all facts are accurate. Obtain the relief you deserve from persevering through difficult times.

If you run a private or parochial school and are uncertain about your ERC eligibility, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Restaurants & Bars

As a restaurant or bar owner, you know that managing your finances is an important part of keeping your business running. However, the COVID-19 pandemic has made that much more difficult, causing significant challenges for the food industry, such as restrictions on capacity and social distancing.

However, with the Employee Retention Credit, businesses like your own can receive significant relief for retaining employees during 2020 and 2021. This valuable tax credit could help to offset some of your business expenses as it could provide up to $26,000 per employee to restaurants and bars that meet certain criteria.

If you might be eligible for ERC, speak to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning to understand the details about your eligibility and gain the maximum credit available to you. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Restaurant or Bar Qualify for ERC?

As a common place for people to gather, restaurants and bars faced many restrictions due to the variety of government orders during the pandemic. Because of this, there are just as many ways to qualify for the Employee Retention Credit. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

If your restaurant or bar experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Interrupted operations
  • Supply chain interruptions
  • Limited capacity to operate
  • Capacity limitations
  • Difficulty working with vendors
  • Reduced services or goods offered to guests
  • Decrease in hours of operation
  • Shifting hours to increase sanitation of the facility
  • Decrease in sales

While your restaurant or bar may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans or RRF (Restaurant Revitalization Fund) grants, these do not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Restaurant or Bar Had Increased Sales in 2020 and 2021?

With all the government mandates restricting operations and interrupting supply chains, many restaurants and bars made less money in 2020 and 2021 than usual. However, it may still be possible that your business experienced an increase in revenue during this time. 

Fortunately, restaurants and bars that received an increase in revenue may still be eligible for ERC if the business was affected by a number of government-mandated restrictions. Speaking with a Certified Public Accountant will help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have previously submitted their claims for the Employee Retention Credit are likely curious about the anticipated timeline for receiving the tax credit. Given the significant impact of the pandemic on numerous businesses, the IRS faces a substantial workload in processing these applications.

The timeline for each case varies. While it is possible to get your refund processed within 8 months, it could potentially take longer. 

If you wish to check the status of your refund, you may call the IRS or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Claiming the Employee Retention Credit can be a relief for restaurants and bars as it provides a tax credit to help cover wages paid during the pandemic. However, it is important to note that claiming this credit requires careful attention to the eligibility requirements and accurate reporting. The IRS scrutinizes eligibility claims to ensure they are legitimate, and submitting an erroneous claim can lead to audits and other issues.

To avoid these problems and ensure that your business receives the relief you deserve, it is essential to seek professional assistance. Strategic Tax Planning has experienced CPAs who will work closely with you to ensure that all qualifications are met and all facts are accurate. This can help businesses navigate the complex rules surrounding the ERC and avoid costly mistakes.

If you own a restaurant or bar and are uncertain about your ERC eligibility, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Retail Stores

Retail stores and retail shopping is one of the biggest staples in American culture. From giant retail supermarkets to small “Mom & Pop” convenience shops, you can find these stores at nearly any corner of any town. During the COVID-19 pandemic, these retail stores were unfortunately some of the most affected businesses. Mandates and restrictions that limited store capacity or hours, or even required full shutdowns, caused business owners of retail stores to experience tough and stressful times. 

Thankfully, many of these retail stores with W-2 employees may still be eligible to receive the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per employee for already paid wages, giving some relief for facing hard financial times.

If you own a retail shop and wonder about your store’s eligibility, reach out to Strategic Tax Planning for a free consultation. You can speak with a licensed Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this brief contact form, and we will reach out to you. 

Which Type of Retail Stores Does The ERC Include?

Many business owners wonder if their shop falls under the category of retail. While retail is a large industry and can include many different types of stores, some common examples include, but aren’t limited to:

  • Grocery stores and supermarkets
  • Convenience stores
  • Big box stores
  • Specialty stores, such as a gardening center or bookstore
  • Department stores
  • Discount stores
  • Warehouse retailers

How Do I Know If My Retail Business Is Eligible For ERC?

To be eligible for ERC, a retail store typically must have W-2 employees, and fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include a wide variety of things. Examples might include full or partial shutdowns, interrupted operations anywhere throughout the supply chain, inability to maximally work with your vendors, reduction in goods or services offered to your customers, or altered hours due to sanitation requirements, among many others. 

Additionally, some retail stores may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that may affect their ERC eligibility. Regardless of if your retail store received PPP 1 and/or 2, you may be eligible for ERC. Speak with an experienced CPA to get a better understanding of your situation.

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Uncover a CPA Firm You Can Rely On For Your ERC Claims

For retail stores, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. ERC claims with inaccurate information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a retail store and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Spas, Salons & Beauty Schools

When the COVID-19 pandemic started causing businesses to temporarily shut down or adhere to strict restrictions, nearly every industry was affected. One of the most affected industries included cosmetology businesses, such as spas, salons, barbershops, and beauty schools. With many of these businesses requiring close contact, a large portion of these businesses found it difficult to continue operating comfortably with these restrictions.

Thankfully for owners of spas, salons, barbershops, beauty or cosmetology schools, or similar businesses, you may still be eligible for the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act and can provide up to $26,000 per employee for wages already paid to W2 workers. 

If you own one of these businesses and wonder about its ERC eligibility, speak with a trusted Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you.

What Makes My Business Eligible For ERC?

If your business has W-2 employees, then it typically must fall into one of the two following categories in order to be eligible for ERC:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandates may include a wide range of possibilities. Some examples might include things like partial or full shutdowns, increased sanitation procedures, spacing limitations, storefront closures while continuing online sales or business, or reduced occupancy, among many others. 

Many of these businesses may have also received the Paycheck Protection Program (PPP) loans in 2020 or 2021, and business owners wonder how that affects their eligibility for ERC. Regardless of whether your business received PPP 1 and/or 2, you may still be eligible for ERC.

Consult with an experienced CPA about your business and its experiences to get a better understanding of your eligibility. 

What Kinds of Cosmetology Businesses May Be Eligible for The ERC?

With cosmetology being such a large industry, business owners may wonder if their business qualifies for the Employee Retention Credit. If your cosmetology business was affected by a government-issued COVID mandate or falls into the decreased revenue terms listed above, then you may qualify. Some examples of cosmetology businesses may include:

  • Nail salons
  • Hair salons and barbershops
  • Spas and massage businesses
  • Esthetics businesses
  • Beauty and cosmetology schools 

Talking with a tax professional or CPA can help you to understand better if your business may qualify.

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust

For many spas, salons, and cosmetology or beauty schools, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting false ERC claims can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a spa, salon, barbershop, or beauty school and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Startup Businesses

Did you start a business after February 15, 2020? 

Newer businesses faced distinctive challenges during the economic impact of the COVID-19 pandemic. Thankfully, these businesses can find relief through the Employee Retention Credit (ERC). 

This valuable program offers a tax credit to help cover wages and supports the efforts of eligible start-ups that have struggled due to the pandemic. For recovery businesses that may not qualify for relief under other circumstances, this unique application of ERC can still allow those businesses to claim up to $100,000 if they meet certain criteria.

Our team of Certified Public Accountants (CPA) helps businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Start-Up Business Qualify for ERC?

Besides financial hardship, there are many other factors that could allow your start-up business to be eligible for ERC. 

Any business that began operations after February 15, 2020 is classified as a recovery start-up business. For businesses like these, there is a possibility to claim up to $50,000 per quarter for the third and fourth quarters of 2021. 

The credit available is calculated as 70% of up to $10,000 of qualified wages per employee, capped at $50,000. In other words, with 8 employees that make at least $40,000 a year, you may obtain the full credit for both quarters of 2021.

If your recovery start-up business meets these requirements, you may qualify for this kind of relief through the Employee Retention Credit:

  • You began operations after February 15, 2020
  • The average annual gross receipts for the business is less than $1 million
  • You have one or more employees that are not majority owners
  • Your business is not otherwise eligible for other ERC relief due to a full or partial suspension of operations or a decline in gross receipts

How Long is the ERC Refund Processing Timeline?

Business owners who have previously submitted their claims for the Employee Retention Credit are likely curious about the anticipated timeline for receiving the tax credit. Given the significant impact of the pandemic on numerous businesses, the IRS faces a substantial workload in processing these applications.

The timeline for each case varies. While it is possible to get your refund processed within 8 months, it could potentially take longer. 

If you wish to check the status of your refund, you may call the IRS or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Recovery startup businesses can utilize the Employee Retention Credit to cover pandemic-related wage expenses. However, it is vital to give careful attention to eligibility requirements and accurate reporting when claiming this credit. The IRS closely scrutinizes the claims for legitimacy, and submitting any errors can result in audits and other complications.

To safeguard your startup’s interests and ensure you receive the relief you deserve, it is crucial to seek professional assistance. Strategic Tax Planning is comprised of a team of experienced CPAs that are dedicated to working closely with you. We can use our knowledge to ensure compliance with all qualifications and accurate representation of facts, enabling you to navigate the intricacies of ERC and prevent costly errors. 

If you own a recovery startup business and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Vending Machine Industry

Often forgotten among the Employee Retention Credit (ERC), the vending machine industry was heavily impacted by the COVID-19 pandemic. With capacity mandates and other government-imposed operations restrictions, many vending machines saw a decrease in sales due to less foot traffic. Some machines may have even been located in areas that had no access permitted. Thankfully, vending machine owners may qualify for the ERC, part of the 2020 CARES Act, which can provide relief of up to $26,000 per employee for already paid wages. 

If you are the owner of a vending machine business and have at least one full-time W-2 employee, then you may be eligible for ERC. Speak with a qualified Certified Public Accountant (CPA) at Strategic Tax Planning today to learn more about ERC and if your vending machine business may be eligible. Call us for a free consultation at (202) 455-6010 or fill out our brief contact form, and we will reach out to you. 

How Do I Know If My Vending Machine Business Qualifies For the ERC?

Every vending machine business is unique and experienced different circumstances during the COVID-19 pandemic, so it is important to consult with an experienced CPA or tax professional about your business’s eligibility. If you own or distribute vending machines, have W-2 employees, and were impacted by a COVID restriction, then you most likely qualify for the ERC program.

To be eligible for the ERC, your business typically has to fall into at least one of the two following categories:

  • Your business experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business suffered from government-mandated restrictions

Examples of government mandates affecting your business may include, but are not limited to:

  • Supply chain disruptions
  • Sanitation requirements
  • Limited access to locations in order to restock machines

What If My Vending Machine Business Had Increased Sales in 2020 and 2021?

With many supermarkets, convenience stores, or other food and beverage retailers experiencing their own restrictions and odd hours, it is possible that your vending machine business had an increase in sales during the COVID-19 pandemic. Despite increased revenue, many of these vending machine businesses still experienced the hardships of the pandemic. Vending machines located in facilities (e.g. hospitals, schools, malls, etc.) that were affected by hourly or capacity restrictions may still be eligible for ERC due to these mandates.

If your vending machine business saw an increase in sales but was affected by a government mandate, reach out to a qualified CPA to learn more about your ERC eligibility.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust With Your ERC Claims

Claiming the Employee Retention Credit can be a needed relief for many vending machine owners and distributors, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a vending machine owner or distributor and wonder if you may be eligible for the ERC, reach out to our team at Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Who We Have Helped with ERC Tax Credits

Art Galleries

The COVID-19 pandemic has posed unprecedented challenges for the art industry, disrupting exhibitions and sales. The measures put in place to reduce the spread of the virus, such as lockdowns and social distancing have had a significant impact on artists, galleries, museums, and other art businesses. 

However, the Employee Retention Credit (ERC) serves as a valuable lifeline to businesses that retained their employees during 2020 and 2021. With this tax credit, this initiative aims to alleviate the financial burden. The ERC could provide up to $26,000 per employee to eligible art galleries and other art businesses that satisfy specific criteria established by the government.

At Strategic Tax Planning, our team of Certified Public Accountants (CPA) is well-versed in the ever-changing regulations surrounding the ERC. We help businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Art Gallery Qualify for ERC?

There are various factors beyond financial hardship that could allow your art gallery to qualify for the ERC. Seeking guidance from tax professionals and CPAs will help you gain a comprehensive understanding of the requirements surrounding your eligibility for claiming the credit.

If your art gallery experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Reduced occupancy
  • Spacing Limitations
  • Reduction in hours to comply with hygiene/sanitation requirements

Your art gallery, museum, or other art-related business may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans, but this does not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Art Gallery Had Increased Revenue in 2020 and 2021?

The eligibility is not solely determined by revenue figures but also considers the effects of governmental directives on the business. If your art gallery can provide evidence that it faced restrictions or limitations due to government-imposed orders, it may still qualify for ERC.

The ERC aims to support businesses and organizations affected by the pandemic, even if their revenues increased between 2020 and 2021. By highlighting the adverse impact of government orders on their operations, your art gallery can potentially access this valuable financial relief. Speak with a Certified Public Accountant to help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Discover a CPA Firm You Can Trust

Art galleries can find relief by claiming the Employee Retention Credit, which offers a tax credit to assist in covering pandemic-related wage expenses. However, it is crucial to emphasize that careful attention must be given to eligibility requirements and accurate reporting when claiming this credit. The IRS closely examines claims for legitimacy, and submitting an inaccurate claim can result in audits and other complications.

To ensure that your art gallery avoids these issues and receives the deserved relief, seeking professional assistance is essential. At Strategic Tax Planning, our team of experienced CPAs works closely with you to ensure compliance with all qualifications and accurate representation of facts. This guidance can help you navigate the intricate ERC rules and prevent costly errors. 

If you own an art gallery and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Bowling Alleys, Arcades & Pool Halls

During the COVID-19 pandemic, entertainment venues – or “Fun Halls” – such as bowling alleys, arcades, and pool halls went through stressful times. With government mandates of hourly or capacity limits, and some even experiencing full shutdowns, many of these beloved businesses struggled to stay afloat. 

Fortunately, for owners of bowling alleys, arcades, or pool halls, you may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per W-2 employee for already paid wages.

If you own a “Fun Hall” and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning. You can call us today at (202) 455-6010 or fill out this contact form, and we will reach out to you. 

Is My Bowling Alley or Arcade Eligible for ERC?

Many owners of bowling alleys – plus arcades, pool halls, or other “Fun Hall” venues – wonder how their business may be considered eligible for ERC. Typically, your business must have at least one full-time W-2 employee, and fall into at least one of the two following categories:

  • Your business experienced decreased revenue from quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business was impacted by government-mandated restrictions

COVID-19 mandates that your business may have experienced include full and/or partial shutdowns, inability to maximally work with your vendors, reduction in services or goods offered to your customers, capacity restrictions, or altered hours resulting from increased sanitation procedures, among others. Consulting with a licensed Certified Public Accountant (CPA) about your business's experiences can help you to understand your eligibility better. 

If your fun hall received the Paycheck Protection Program (PPP) loans 1 and/or 2, you can still be eligible for ERC, assuming you met the conditions listed above. 

When Can I Expect To Receive The ERC Refund?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust To Handle Your ERC Claims

For owners of bowling alleys, arcades, and pool halls, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claims that are submitted with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a bowling alley, arcade, or pool hall and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Breweries, Distilleries & Wineries

Breweries, distilleries, and wineries have all become popular destinations for beverage connoisseurs, but unfortunately, the brewing industry was one of the many industries negatively affected by the COVID-19 pandemic. Government mandates of capacity and distance restrictions, along with partial or full shutdowns, made it difficult to keep these businesses afloat in 2020 and 2021. Fortunately, you may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages. 

If you believe your business may be eligible for the ERC or would like to speak with an experienced Certified Public Accountant (CPA) to learn more about your business’s eligibility, reach out to Strategic Tax Planning. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you. 

What Makes a Brewery, Distillery or Winery Eligible for the ERC?

Speaking with a team of tax professionals and CPAs will help you to understand if your brewery, winery, or distillery may be eligible for the Employee Retention Credit. If your business was affected by a mandated full or partial shutdown, then you most likely qualify for the ERC tax credit. Below you can find a more detailed list of shutdown examples.

Some business owners of breweries, distilleries, and wineries also wonder about their ERC eligibility if they have already received Paycheck Protection Program (PPP) loans 1 and/or 2. Regardless of whether your business received PPP, you will have the opportunity to apply for ERC. 

If your brewery, distillery, or winery experienced any of the following disruptions, reach out to Strategic Tax Planning today to learn if you are eligible for the ERC:

  • Drop in gross receipts
  • Full and/or partial shutdowns
  • Capacity and distancing restrictions
  • Restricted access to the workplace
  • Inability to work maximally with your vendors
  • Reduction in services or goods offered to your customers
  • Altered hours resulting from increased sanitation procedures

What If My Brewery, Distillery, or Winery Increased Sales in 2020 and 2021?

While most businesses experienced a drop in sales due to COVID-19 restrictions and mandates, there is still potential that takeout orders or other means of business led to increased sales. Breweries, distilleries, and wineries with W-2 employees, who increased sales, may still be eligible for the ERC if the business suffered from any number of government-mandated restrictions. Speaking with a tax professional can help you to understand if your business may fall into this category.

How Long is the ERC Refund Processing Timeline?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust to Handle Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many businesses, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with falsified information can lead to compliance risk such as ERC audits in the future, setting up potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a brewery, distillery, or winery and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Cannabis Industry

As the COVID-19 pandemic hit the United States, one of the biggest industries it affected was the cannabis industry. Businesses in many other industries were given the chance to apply for the Payment Protection Plan (PPP) in 2020 and 2021, but due to federal cannabis legalization regulations, the cannabis industry could not take part in this loan. While operating in this stressful financial period, many cannabis business owners had to deal with government-mandated restrictions that led to less sales and business. 

Today, cannabis business owners may have the chance to find financial relief through the Employee Retention Credit (ERC), part of the 2020 CARES Act which can provide up to $26,000 per employee for already paid wages. 

Contact Strategic Tax Planning to speak with an experienced Certified Public Accountant (CPA) to learn more about your business’s eligibility. Call us today at (202) 455-6010 or fill out this contact form, and we will reach out to you. 

What Makes a Cannabis Business Eligible for the ERC?

Ultimately, each business in the cannabis industry will be unique, so it is important to consult with a qualified CPA or team of tax professionals to review your eligibility. If you have full-time W-2 employees, then you may qualify if your business falls into at least one of the two following categories:

  • Your business experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business suffered from government-mandated restrictions

While some cannabis businesses were deemed essential and permitted to continue curbside or delivery operations during the COVID-19 pandemic, there were still many mandates that affected these businesses. Government-mandated restrictions may include, but aren't limited to:

  • Full or partial closures
  • Hourly or capacity restrictions
  • Operations suspensions, such as dispensaries not being permitted to sell “deli-style”
  • Supply chain disruptions
  • Sanitation requirements

What If My Cannabis Business Had Increased Sales in 2020 and 2021?

Many business owners in the cannabis industry assume they are not eligible for ERC if they experienced an increase in sales in 2020 and 2021 during the COVID-19 pandemic. This is not necessarily true. If your cannabis business was affected by government-mandated restrictions, such as any of the factors listed above, then you may be eligible for ERC. Speak with an experienced CPA to review your business and its eligibility. 

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for the ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Rely On for Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many business owners in the cannabis industry, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your cannabis business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a cannabis business owner and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Chambers

Chambers of Commerce can offer many important benefits to its members such as publicity, networking, or even marketing and advertising opportunities. Unfortunately, like many other industries, chambers were heavily affected by the COVID-19 pandemic mandates and restrictions. Whether it was from the cancellation of big events or having to transition to remote work, many of these Chambers of Commerce saw decreased revenue which created stressful times. Luckily, for those chambers that pay W-2 employees, there is still time to claim the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for wages that have been paid. 

If you manage a Chamber of Commerce and believe it may qualify or wish to discuss your chamber's eligibility, reach out to Strategic Tax Planning. You can speak with a Certified Public Accountant (CPA) for a free consultation by calling (202) 455-6010 or you may fill out this contact form, and we will reach out to you.

How Can A Chamber of Commerce Receive the ERC?

There are countless Chambers of Commerce throughout the country, all serving different groups of people and businesses. Typically, if your chamber consists of W-2 employees, then it may fall into at least one of the following two categories to qualify for ERC:

  • Your chamber(s) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019 
  • Your chamber(s) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include things like full or partial shutdowns limiting services offered to members, capacity limitations, cancellations of pre-planned events, restrictions on public gatherings, state or local orders requiring employees to work remotely, or overall altered hours of operation, among many others.

On top of this, chamber members may wonder how previously receiving the Paycheck Protection Program (PPP) loan in 2020 or 2021 may affect their ERC eligibility. Regardless of if you received PPP loans 1 and/or 2, you may still be eligible for ERC. Speak with a trusted CPA to discuss your Chamber’s eligibility. 

What If a Chamber of Commerce Is a Nonprofit?

If you are part of a Chamber of Commerce that is a nonprofit organization, then you still may be eligible to receive ERC, assuming you have W-2 employees and have been affected by COVID mandates. Nonprofit chamber organizations experienced the same government-mandated restrictions as for-profits, therefore they may seek ERC if they qualify. 

Benefits of Chambers of Commerce Exploring The ERC

Aside from ERC directly benefiting the chamber by helping its financial situation, Strategic Tax Planning can further assist your chamber. We have partnered with numerous chambers in the United States, including Washington state, Maryland, Virginia, and New York to not only help them claim ERC individually but also provide services to their members’ businesses when applicable. 

We have helped several businesses from chambers including restaurants, retail stores, fun centers, art galleries, theaters, medical/dental offices, cosmetics/beauty shops, and even recovery start-up businesses that were opened after February 15, 2020. Strategic Tax Planning appreciates any opportunity to assist business owners with determining their ERC eligibility. 

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

For Chambers of Commerce, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your chamber, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are part of a chamber and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Childcare & Behavioral Centers

Nearly all industries were affected by the COVID-19 pandemic. Shutdowns, capacity limitations, remote work, and many other factors made it difficult, if not impossible, to comfortably maintain a business. Childcare centers and behavioral centers were no exception to these restrictions. In fact, together, the childcare and behavioral center industry lost billions of dollars in revenue during the pandemic. Fortunately for these businesses, the Employee Retention Credit (ERC) is still available to be claimed. ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages.

If you own or manage a childcare center or behavioral center and wonder about your business’s ERC eligibility, get in touch with Strategic Tax Planning. You can get a free consultation with a Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this contact form, and we will reach out to you.

How Do I Know If My Childcare Center Or Behavioral Center Is Eligible for The ERC?

To be eligible for Employee Retention Credit, a childcare or behavioral center typically must have W-2 employees, and fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions have the potential to include a wide range of things. Examples may include reduced operating hours, capacity limitations, mandated virtual or hybrid work, or required sanitation procedures, among others. 

Moreover, business owners may be wondering how their childcare or behavioral center’s ERC eligibility is affected if they received the Paycheck Protection Program (PPP) loans in 2020 or 2021. Regardless of whether your business received PPP 1 and/or 2, you may be eligible for ERC. Speaking with an experienced CPA can help you to understand your eligibility. 

How Long Will It Take To Receive The ERC After Claiming?

If you have already submitted a claim for the Employee Retention Credit for your business, you may be wondering how long you should expect to wait until receiving the tax credit. Ultimately, each case is unique and is going to have a different timeline. Due to so many businesses being affected by the pandemic, the IRS is dealing with a high volume of applications. Your ERC refund may be processed in about 8 months, although there is potential for it to take longer. 

If you wish to see the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust to Handle Your ERC Claim

Claiming the Employee Retention Credit can be a needed relief for many private equity portfolio companies, but it is important to make sure you and your tax planners are thorough and diligent when examining your eligibility. It is crucial to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with untrue information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a private equity portfolio company and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Construction Companies

Though many construction companies may have been labeled as essential during the COVID-19 pandemic, they faced many restrictions and mandates that created stressful financial times. Capacity limits in crew size or distancing restrictions made it difficult for these companies to continue their construction and keep the business afloat. 

Fortunately for owners of construction companies, you may still be eligible for the Employee Retention Credit (ERC), which is part of the 2020 CARES Act and can provide up to $26,000 per employee for already paid wages. 

If you own a construction company and wonder about your ERC eligibility, reach out to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you

.

How Can a Construction Company Be Eligible For The ERC?

Many owners of construction companies wonder what makes a construction business eligible for ERC. Generally, if you have W-2 employees, then your business must meet at least one of the following two conditions:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandates during the COVID-19 pandemic may include things like an inability to access equipment and job site restrictions, capacity limitations/reduction in crew size, limitations upon the permit/inspection process (and corresponding backlogs), among other things. 

On top of this, many business owners wonder if they are eligible if they have already received the Paycheck Protection Program (PPP) loan. Regardless of if you received PPP 1 and/or 2, you may still be eligible to receive ERC. Consult with a trusted Certified Public Accountant (CPA) to get a better understanding of your construction company’s eligibility for ERC.

What If My Construction Company Was Profitable During The Pandemic?

It is possible that you may have found your construction company has grown during the pandemic, even among all of the tough circumstances. If this is the case, you may still be eligible for the Employee Retention Credit, assuming you faced government-mandated restrictions that affected your work, such as any listed above. 

Even if your company was listed as an essential business, you may have faced restrictions that limited your workability. Speaking with an experienced CPA at Strategic Tax Planning can help to give you a better idea of your company's eligibility. 

How Long Will It Take To Receive The ERC After Claiming?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust For ERC

For owners of construction companies, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claims that are submitted with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your construction business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a construction company and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you.

Doctors & Medical Industry

During the entire COVID-19 pandemic, the medical industry was arguably the most heavily affected industry. General practitioners, pediatricians, dentists, veterinarians, and all other types of doctors and medical businesses had to deal with waiting room capacity limitations, virtual visits or even had to shut down certain elective procedures, among many other things. Thankfully for these medical establishments and businesses, many may still be eligible to receive the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per employee for already paid wages, providing some financial relief after the stressful times your business experienced.

If you have a medical business and wish to speak with a licensed Certified Public Accountant (CPA) about your ERC eligibility, reach out to Strategic Tax Planning. You can call us today for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you.

How Can a Medical Establishment Qualify For The ERC?

In most cases, a medical establishment or business may be eligible for ERC if they have full-time W-2 employees, and the business must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 and 1-3 of 2020 and 2021, respectively, compared to 2019
  • Your business(es) were impacted by government-mandated restrictions

Government mandated restrictions can include a wide array of things. Examples might include but aren’t limited to, partial or full shutdowns, cleaning procedures that reduced procedural/operating time, capacity limitations for waiting rooms, or having to restructure certain appointments, such as a veterinary practice seeing animals curbside. 

Many medical establishments and businesses may have also taken part in the PPP loan(s), or Paycheck Protection Program, in 2020 or 2021 and wonder if that affects their ERC eligibility. Regardless of whether you received PPP loans 1 and/or 2, you may still qualify for ERC. Speaking with an experienced CPA about your medical business will help to give you a better understanding of your ERC eligibility. 

How Long Is The Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust To Handle Your ERC Claims

For many doctors and businesses in the medical industry, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claiming ERC based on false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a business owner within the medical industry and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Entertainment

Businesses in the entertainment industry were some of the most affected by the COVID-19 pandemic and all the government-mandated restrictions that came with it. Social distancing requirements, capped ticket sales, and most obviously, partial or full shutdowns, made it difficult for theatres, performing art centers, and other entertainment businesses to survive. 

Fortunately, many of these entertainment businesses can still qualify for the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act and can provide some financial relief of up to $26,000 per employee for paid wages.

If you are the owner of an entertainment business that was affected by COVID mandates and wonder about your ERC eligibility, consult with a licensed Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out our contact form, and we will reach out to you.

Is My Entertainment Business Eligible For The ERC?

Speaking with a trusted CPA will help to give you the best understanding of whether your entertainment business is eligible for ERC. Although every entertainment business is unique and went through different experiences, many faced mandated restrictions, or at least saw a decline in ticket sales. 

If your business has W-2 employees, it typically needs to fall into at least one of the following two categories in order to be eligible to receive ERC:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from government-mandated restrictions

Government mandates may include a variety of restrictions, such as partial or full shutdowns, social distancing requirements, capped ticket sales, or requirements of remote work, among many other things. 

Additionally, some of these entertainment venues or businesses may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that may affect their ERC eligibility. Regardless of whether your business received PPP 1 and/or 2, you may still be eligible for ERC. 

What Businesses Are Considered Entertainment?

Many business owners wonder whether their business is considered entertainment and eligible for the Employee Retention Credit. Assuming you meet the eligibility requirements listed above, nearly any kind of business may be eligible. Common examples of businesses in the entertainment industry include:

  • Theaters, including films or movies, plays, musicals, operas, or other performing arts
  • Musical arenas
  • Sports stadiums
  • Traveling exhibitions
  • And many more

How Long Will It Take To Receive The ERC After Claiming?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Consult With a CPA Firm You Can Trust

For many businesses and venues in the entertainment industry, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting false ERC claims can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your entertainment business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a business owner and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Gyms & Fitness

Gyms, fitness centers, and other health-related businesses were one of the biggest industries to be affected by the COVID-19 pandemic. With partial or full shutdowns, capacity limits, and the need to intensify sanitation procedures, many of these businesses found it difficult to stay afloat. Fortunately, many of these businesses may qualify for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages.

If you are the owner of a gym or fitness establishment and wish to discuss your ERC eligibility with an experienced Certified Public Accountant, reach out to Strategic Tax Planning. You can call us today for a free consultation at (202) 455-6010 or fill out our contact form, and we will reach out to you.

Is My Gym Eligible For The ERC?

Many owners of fitness establishments and gyms wonder if their own businesses may be eligible for ERC. Generally, if you have W-2 employees, then your business must fall into at least one of the following two categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 and 1-3 in 2020 and 2021, respectively, compared to 2019
  • Your business(es) suffered from government-mandated restrictions

Government-mandated restrictions may include things like partial or full shutdowns, social distancing requirements, restrictions in services provided (e.g., tanning bed, sauna, jacuzzi, or pool closures), and increased sanitization procedures, among many others.

On top of this, a lot of gyms and fitness centers may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that affects their ERC eligibility. Regardless of whether you received PPP 1 and/or 2, you may be eligible for ERC. Speaking with an experienced certified public accountant can help you to better understand your own business’ eligibility.

How Long is the ERC Refund Processing Timeline?

Business owners who have claimed the Employee Retention Credit may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website.

Find a CPA Firm You Can Trust With The ERC

For many gyms and fitness centers, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. ERC claims with inaccurate information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a fitness center or gym and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Law Firms

The COVID-19 pandemic has caused significant challenges to the legal industry. With courtrooms and government buildings closed, many law firms found it difficult to provide their services to clients. 

Fortunately, the Employee Retention Credit has been introduced to provide relief to businesses that have suffered due to the pandemic. This valuable tax credit can be a lifeline for retaining employees during 2020 and 2021. This credit could provide up to $26,000 per employee to law firms that meet certain criteria.

Our team of Certified Public Accountants (CPA) helps businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Law Firm Qualify for ERC?

In addition to financial hardship, there are many factors that could allow your law firm to be eligible for the ERC. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

If your law firm experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Shuttered courts
  • Limitations on jury trials
  • Prohibited in-person depositions
  • Prohibited in-person meetings with incarcerated clients
  • Reduction in services offered to your clients

Your law firm may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans, but this does not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Law Firm Had Increased Revenue in 2020 and 2021?

The eligibility is not solely determined by revenue figures but also considers the effects of governmental directives on the business. If your law firm can demonstrate that it faced restrictions or limitations due to government-imposed orders, it may still qualify for ERC.

The ERC aims to support businesses and organizations affected by the pandemic, even if their revenues increased between 2020 and 2021. By highlighting the adverse impact of government orders on their operations, your law firm can potentially access this valuable financial relief. Speak with a Certified Public Accountant to help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer.

 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Law firms can find relief by claiming the Employee Retention Credit, which offers a tax credit to assist in covering pandemic-related wage expenses. However, it is crucial to emphasize that careful attention must be given to eligibility requirements and accurate reporting when claiming this credit. The IRS closely examines claims for legitimacy, and submitting an inaccurate claim can result in audits and other complications.

To ensure that your law firm avoids these issues and receives the deserved relief, seeking professional assistance is essential. At Strategic Tax Planning, our team of experienced CPAs works closely with you to ensure compliance with all qualifications and accurate representation of facts. This guidance can help you navigate the intricate ERC rules and prevent costly errors. 

If you own a law firm and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Leisure, Hospitality & Tourism

Businesses in the leisure and hospitality industry were heavily restricted during the COVID-19 pandemic. Government mandates to keep limits on capacity, social distancing, or even full-on shutdowns made it difficult for these businesses to stay afloat and operate comfortably. Thankfully, many of these leisure and hospitality businesses may be eligible for the Employee Retention Credit (ERC), part of the 2020 CARES Act, which can provide up to $26,000 per employee for already paid wages.

If you are the owner of a leisure or hospitality business, speak with an experienced certified public accountant at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach back out to you.

How Do I Know If My Business Is Eligible for ERC?

Many business owners in the leisure and hospitality industry wonder if their business may be eligible for ERC. Typically, if you have W-2 employees, your business must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandated restrictions may include things like partial or full shutdowns only to reopen with reduced operating hours, restrictions on public gatherings (e.g., wedding receptions, concerts, festivals), capacity limitations, various dining restrictions on table spacing and /or buffet services for example, and an adjustment of hours to maintain sanitation requirements, among other things. 

On top of this, many business owners may think receiving the Paycheck Protection Program (PPP) loan in 2020 and 2021 disqualifies them from ERC. This is not the case. Regardless of if you received PPP 1 and/or 2, you may be eligible for ERC.

If you wonder about your leisure or hospitality business’ ERC eligibility, consult with an experienced certified public accountant (CPA). Speaking with a tax professional can help you to get a better understanding of ERC and your eligibility.

What Kind Of Leisure & Hospitality Businesses Qualify?

With the leisure and hospitality industry being so large, you may wonder if your business is included. Businesses in this industry that may have experienced profit loss or mandated restrictions include, but are not limited to:

  • Accommodation, including hotels and motels
  • Amusement, gambling, and recreation industries
  • Food services and drinking places
  • Museums, historical sites, and similar institutions
  • Performing arts, spectator sports, and related industries
  • Tourism businesses

When Can I Expect To Receive The Employee Retention Credit Refund?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Rely On For Your ERC Claims

For owners of leisure, tourism, and hospitality businesses, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting an ERC claim with false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your leisure or hospitality business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a leisure or hospitality business and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Non Profit Organizations

Nonprofit organizations – from churches to museums, and everything in between – experienced stressful times during the COVID-19 pandemic. Government mandates, such as partial or complete shutdowns, made it very difficult for these nonprofits to continue their work. 

Many people assume that tax-exempt non-profit organizations are ineligible for financial relief in the form of a refundable tax credit, but this is not true with ERC. If you have a nonprofit that has W-2 employees and have been affected by COVID-19 restrictions, then you are most likely eligible to receive the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages. 

If you believe your nonprofit may be eligible, or wish to talk with an experienced Certified Public Accountant (CPA) about your eligibility, reach out to Strategic Tax Planning. You can call us today at (202) 455-6010 or fill out our contact form, and we will reach out to you.

How Can Nonprofits Be Eligible For ERC?

Typically, a nonprofit with W-2 employees must fall into at least one of the two following categories in order to be eligible for ERC:

  • The non profit experienced decreased revenue from quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • The non profits were impacted by government-mandated restrictions

Government mandated restrictions may include things like capacity or hourly restrictions, restrictions on public gatherings, remote work, or other restrictions that limit services. If your nonprofit experienced any of these, consult with a professional to determine your eligibility. 

Nonprofits who received the Paycheck Protection Program loan (PPP 1 and/or 2) can still be eligible for ERC, assuming they experienced decreased revenue or were affected by COVID restrictions. 

What Kinds of Nonprofit Qualify for the ERC?

Speaking with a CPA and team of professionals can help you to better understand if your nonprofit may be eligible. In general, any sort of nonprofit organization may be eligible, including but not limited to:

  • Schools
  • Hospitals
  • Museums
  • Performing arts centers
  • Churches

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have claimed the ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Rely On For Your ERC Claims

Claiming the Employee Retention Credit can be a needed relief for many nonprofit organizations, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with false information can lead to compliance risk such as ERC audits in the future, setting up potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your nonprofit, ensuring all of your Employee Retention Credit qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you run a nonprofit and wonder if you may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Portfolio Companies

When the COVID pandemic struck our country, businesses of many different industries were affected by government mandates that aimed to protect our health. Forced shutdowns, remote work, and many other restrictions resulted in stressful times for businesses, small or large. Private equity portfolio companies were no exception to these mandates. Fortunately, for portfolio companies, the Employee Retention Credit (ERC) is still available to be claimed if your business is eligible. ERC is part of the 2020 CARES Act, and it can provide up to $26,000 per employee for already paid wages.

If you manage a portfolio company and would like to discuss your business’ ERC eligibility, reach out to Strategic Tax Planning for a free consultation. You can speak with a licensed Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this brief contact form, and we will reach out to you.

Portfolio Companies & ERC Eligibility

To be eligible for the Employee Retention Credit, a portfolio company must have full-time, W2 employees, and generally must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include a wide range of things that your business experienced. Examples can include but are not limited to, full or partial shutdowns, social distancing or capacity limitations, and the requirement of remote work, among others.

On top of this, business owners of portfolio companies may wonder if they are still eligible for ERC after receiving the Paycheck Protection Program (PPP) loans in 2020 or 2021. Regardless of whether you received PPP 1 and/or 2, you may have eligibility for ERC. Speaking with an experienced CPA about your portfolio company’s situation and experiences can help you to understand if your business may be eligible for ERC.

What If My Portfolio Company Increased Revenue in 2020 and 2021?

While many businesses, unfortunately, saw a decrease in their revenue during the pandemic, it is possible that your business managed to increase revenue. If you had an increase in revenue, you may still be eligible for ERC, assuming you were affected by government-mandated restrictions. If your portfolio company had an increase in revenue, consult with a trusted CPA to determine your ERC eligibility. 

How Long Does It Take To Receive The ERC After Claiming?

If you have already submitted a claim for the Employee Retention Credit for your business, you are probably wondering how long you should expect to wait until receiving the tax credit. Ultimately, each case is unique and is going to have a different timeline. Due to so many businesses being affected by the pandemic, the IRS is currently dealing with a high volume of applications. Your ERC refund may be processed in about 8 months, although there is potential for it to take longer. 

If you wish to see the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or call the IRS.

Consult With a CPA Firm You Can Trust For The ERC

Claiming the Employee Retention Credit can be a needed relief for many private equity portfolio companies, but it is important to make sure you and your tax planners are thorough and diligent when examining your eligibility. It is crucial to note that the IRS will carefully examine your claim for this credit. ERC claims with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced CPAs and tax professionals will work closely with you and your business, ensuring all ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a private equity portfolio company and wonder if you may be eligible for the ERC, reach out to Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Private & Parochial Schools

The COVID-19 pandemic had a significant impact on businesses and organizations of all kinds. Schools were no exception. The education sector faced numerous challenges, including school closures, a decrease in attendance rate, and an increase in expenses for technology and safety measures. 

To help alleviate some of the financial burdens on businesses affected by the pandemic, the government introduced the Employee Retention Credit (ERC). This tax credit could provide up to $26,000 per employee kept on the payroll to private and parochial schools that meet certain criteria.

If you might be eligible for ERC, speak to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning to understand the details about your eligibility and gain the maximum credit available to you. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Is Your School Eligible for ERC?

There are many factors that might allow your private or parochial school to qualify for the Employee Retention Credit. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

While your school may have received Paycheck Protection Program (PPP) loans in the past, you will still have the opportunity to apply for ERC. 

If your private or parochial school experienced any of the following, you may be eligible for ERC:

  • Full or partial campus shutdowns
  • Limitations on the school’s ability to charge for extracurricular activities
  • Mandated closures of daycare services
  • Drop in revenue

What If Your School Gained Increased Funding in 2020 and 2021?

While many private and parochial schools experienced a drop in funding due to government mandates and safety measures taken during the pandemic, it is still possible that your revenue increased during this time. 

Fortunately, schools that received an increase in revenue may still be eligible for ERC if the school was affected by a number of government-mandated restrictions. Speaking with a Certified Public Accountant will help you understand if your school falls into this category.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Claiming the Employee Retention Credit can be a relief to many schools after facing so many twists and turns during the pandemic. However, it is important to note that the IRS will scrutinize your eligibility claim. Submitting an erroneous claim can lead to audits and other concerns down the line, which is why it is important to reach out for professional assistance.

Strategic Tax Planning has experienced CPAs who will work closely with you to ensure that all qualifications are met and all facts are accurate. Obtain the relief you deserve from persevering through difficult times.

If you run a private or parochial school and are uncertain about your ERC eligibility, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Restaurants & Bars

As a restaurant or bar owner, you know that managing your finances is an important part of keeping your business running. However, the COVID-19 pandemic has made that much more difficult, causing significant challenges for the food industry, such as restrictions on capacity and social distancing.

However, with the Employee Retention Credit, businesses like your own can receive significant relief for retaining employees during 2020 and 2021. This valuable tax credit could help to offset some of your business expenses as it could provide up to $26,000 per employee to restaurants and bars that meet certain criteria.

If you might be eligible for ERC, speak to an experienced Certified Public Accountant (CPA) at Strategic Tax Planning to understand the details about your eligibility and gain the maximum credit available to you. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Restaurant or Bar Qualify for ERC?

As a common place for people to gather, restaurants and bars faced many restrictions due to the variety of government orders during the pandemic. Because of this, there are just as many ways to qualify for the Employee Retention Credit. That is why it is important to speak with tax professionals and CPAs to understand your eligibility. 

If your restaurant or bar experienced any of the following, you may be eligible for ERC:

  • Full or partial shutdown
  • Interrupted operations
  • Supply chain interruptions
  • Limited capacity to operate
  • Capacity limitations
  • Difficulty working with vendors
  • Reduced services or goods offered to guests
  • Decrease in hours of operation
  • Shifting hours to increase sanitation of the facility
  • Decrease in sales

While your restaurant or bar may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans or RRF (Restaurant Revitalization Fund) grants, these do not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

What If Your Restaurant or Bar Had Increased Sales in 2020 and 2021?

With all the government mandates restricting operations and interrupting supply chains, many restaurants and bars made less money in 2020 and 2021 than usual. However, it may still be possible that your business experienced an increase in revenue during this time. 

Fortunately, restaurants and bars that received an increase in revenue may still be eligible for ERC if the business was affected by a number of government-mandated restrictions. Speaking with a Certified Public Accountant will help you understand if this kind of qualification applies to you.

How Long is the ERC Refund Processing Timeline?

Business owners who have previously submitted their claims for the Employee Retention Credit are likely curious about the anticipated timeline for receiving the tax credit. Given the significant impact of the pandemic on numerous businesses, the IRS faces a substantial workload in processing these applications.

The timeline for each case varies. While it is possible to get your refund processed within 8 months, it could potentially take longer. 

If you wish to check the status of your refund, you may call the IRS or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Claiming the Employee Retention Credit can be a relief for restaurants and bars as it provides a tax credit to help cover wages paid during the pandemic. However, it is important to note that claiming this credit requires careful attention to the eligibility requirements and accurate reporting. The IRS scrutinizes eligibility claims to ensure they are legitimate, and submitting an erroneous claim can lead to audits and other issues.

To avoid these problems and ensure that your business receives the relief you deserve, it is essential to seek professional assistance. Strategic Tax Planning has experienced CPAs who will work closely with you to ensure that all qualifications are met and all facts are accurate. This can help businesses navigate the complex rules surrounding the ERC and avoid costly mistakes.

If you own a restaurant or bar and are uncertain about your ERC eligibility, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you. 

Retail Stores

Retail stores and retail shopping is one of the biggest staples in American culture. From giant retail supermarkets to small “Mom & Pop” convenience shops, you can find these stores at nearly any corner of any town. During the COVID-19 pandemic, these retail stores were unfortunately some of the most affected businesses. Mandates and restrictions that limited store capacity or hours, or even required full shutdowns, caused business owners of retail stores to experience tough and stressful times. 

Thankfully, many of these retail stores with W-2 employees may still be eligible to receive the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per employee for already paid wages, giving some relief for facing hard financial times.

If you own a retail shop and wonder about your store’s eligibility, reach out to Strategic Tax Planning for a free consultation. You can speak with a licensed Certified Public Accountant (CPA) by calling (202) 455-6010 or by filling out this brief contact form, and we will reach out to you. 

Which Type of Retail Stores Does The ERC Include?

Many business owners wonder if their shop falls under the category of retail. While retail is a large industry and can include many different types of stores, some common examples include, but aren’t limited to:

  • Grocery stores and supermarkets
  • Convenience stores
  • Big box stores
  • Specialty stores, such as a gardening center or bookstore
  • Department stores
  • Discount stores
  • Warehouse retailers

How Do I Know If My Retail Business Is Eligible For ERC?

To be eligible for ERC, a retail store typically must have W-2 employees, and fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government-mandated restrictions may include a wide variety of things. Examples might include full or partial shutdowns, interrupted operations anywhere throughout the supply chain, inability to maximally work with your vendors, reduction in goods or services offered to your customers, or altered hours due to sanitation requirements, among many others. 

Additionally, some retail stores may have received the Paycheck Protection Program (PPP) loans in 2020 or 2021 and wonder how that may affect their ERC eligibility. Regardless of if your retail store received PPP 1 and/or 2, you may be eligible for ERC. Speak with an experienced CPA to get a better understanding of your situation.

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Uncover a CPA Firm You Can Rely On For Your ERC Claims

For retail stores, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. ERC claims with inaccurate information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you own a retail store and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Spas, Salons & Beauty Schools

When the COVID-19 pandemic started causing businesses to temporarily shut down or adhere to strict restrictions, nearly every industry was affected. One of the most affected industries included cosmetology businesses, such as spas, salons, barbershops, and beauty schools. With many of these businesses requiring close contact, a large portion of these businesses found it difficult to continue operating comfortably with these restrictions.

Thankfully for owners of spas, salons, barbershops, beauty or cosmetology schools, or similar businesses, you may still be eligible for the Employee Retention Credit (ERC). ERC is part of the 2020 CARES Act and can provide up to $26,000 per employee for wages already paid to W2 workers. 

If you own one of these businesses and wonder about its ERC eligibility, speak with a trusted Certified Public Accountant (CPA) at Strategic Tax Planning. You can call us for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you.

What Makes My Business Eligible For ERC?

If your business has W-2 employees, then it typically must fall into one of the two following categories in order to be eligible for ERC:

  • Your business(es) experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business(es) suffered from any number of government-mandated restrictions

Government mandates may include a wide range of possibilities. Some examples might include things like partial or full shutdowns, increased sanitation procedures, spacing limitations, storefront closures while continuing online sales or business, or reduced occupancy, among many others. 

Many of these businesses may have also received the Paycheck Protection Program (PPP) loans in 2020 or 2021, and business owners wonder how that affects their eligibility for ERC. Regardless of whether your business received PPP 1 and/or 2, you may still be eligible for ERC.

Consult with an experienced CPA about your business and its experiences to get a better understanding of your eligibility. 

What Kinds of Cosmetology Businesses May Be Eligible for The ERC?

With cosmetology being such a large industry, business owners may wonder if their business qualifies for the Employee Retention Credit. If your cosmetology business was affected by a government-issued COVID mandate or falls into the decreased revenue terms listed above, then you may qualify. Some examples of cosmetology businesses may include:

  • Nail salons
  • Hair salons and barbershops
  • Spas and massage businesses
  • Esthetics businesses
  • Beauty and cosmetology schools 

Talking with a tax professional or CPA can help you to understand better if your business may qualify.

How Long is the Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust

For many spas, salons, and cosmetology or beauty schools, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting false ERC claims can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are the owner of a spa, salon, barbershop, or beauty school and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in our contact form, and we will call you. 

Startup Businesses

Did you start a business after February 15, 2020? 

Newer businesses faced distinctive challenges during the economic impact of the COVID-19 pandemic. Thankfully, these businesses can find relief through the Employee Retention Credit (ERC). 

This valuable program offers a tax credit to help cover wages and supports the efforts of eligible start-ups that have struggled due to the pandemic. For recovery businesses that may not qualify for relief under other circumstances, this unique application of ERC can still allow those businesses to claim up to $100,000 if they meet certain criteria.

Our team of Certified Public Accountants (CPA) helps businesses understand their eligibility for the ERC and maximize the credit available to them. We can guide you through the process, ensuring you meet all the requirements and claim the credit correctly. Call us for a free eligibility analysis at (202) 455-6010 or submit your information in our contact form, and we will reach out to you.

Does Your Start-Up Business Qualify for ERC?

Besides financial hardship, there are many other factors that could allow your start-up business to be eligible for ERC. 

Any business that began operations after February 15, 2020 is classified as a recovery start-up business. For businesses like these, there is a possibility to claim up to $50,000 per quarter for the third and fourth quarters of 2021. 

The credit available is calculated as 70% of up to $10,000 of qualified wages per employee, capped at $50,000. In other words, with 8 employees that make at least $40,000 a year, you may obtain the full credit for both quarters of 2021.

If your recovery start-up business meets these requirements, you may qualify for this kind of relief through the Employee Retention Credit:

  • You began operations after February 15, 2020
  • The average annual gross receipts for the business is less than $1 million
  • You have one or more employees that are not majority owners
  • Your business is not otherwise eligible for other ERC relief due to a full or partial suspension of operations or a decline in gross receipts

How Long is the ERC Refund Processing Timeline?

Business owners who have previously submitted their claims for the Employee Retention Credit are likely curious about the anticipated timeline for receiving the tax credit. Given the significant impact of the pandemic on numerous businesses, the IRS faces a substantial workload in processing these applications.

The timeline for each case varies. While it is possible to get your refund processed within 8 months, it could potentially take longer. 

If you wish to check the status of your refund, you may call the IRS or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust

Recovery startup businesses can utilize the Employee Retention Credit to cover pandemic-related wage expenses. However, it is vital to give careful attention to eligibility requirements and accurate reporting when claiming this credit. The IRS closely scrutinizes the claims for legitimacy, and submitting any errors can result in audits and other complications.

To safeguard your startup’s interests and ensure you receive the relief you deserve, it is crucial to seek professional assistance. Strategic Tax Planning is comprised of a team of experienced CPAs that are dedicated to working closely with you. We can use our knowledge to ensure compliance with all qualifications and accurate representation of facts, enabling you to navigate the intricacies of ERC and prevent costly errors. 

If you own a recovery startup business and are uncertain about your eligibility for the Employee Retention Credit, reach out to Strategic Tax Planning for a free assessment. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

Vending Machine Industry

Often forgotten among the Employee Retention Credit (ERC), the vending machine industry was heavily impacted by the COVID-19 pandemic. With capacity mandates and other government-imposed operations restrictions, many vending machines saw a decrease in sales due to less foot traffic. Some machines may have even been located in areas that had no access permitted. Thankfully, vending machine owners may qualify for the ERC, part of the 2020 CARES Act, which can provide relief of up to $26,000 per employee for already paid wages. 

If you are the owner of a vending machine business and have at least one full-time W-2 employee, then you may be eligible for ERC. Speak with a qualified Certified Public Accountant (CPA) at Strategic Tax Planning today to learn more about ERC and if your vending machine business may be eligible. Call us for a free consultation at (202) 455-6010 or fill out our brief contact form, and we will reach out to you. 

How Do I Know If My Vending Machine Business Qualifies For the ERC?

Every vending machine business is unique and experienced different circumstances during the COVID-19 pandemic, so it is important to consult with an experienced CPA or tax professional about your business’s eligibility. If you own or distribute vending machines, have W-2 employees, and were impacted by a COVID restriction, then you most likely qualify for the ERC program.

To be eligible for the ERC, your business typically has to fall into at least one of the two following categories:

  • Your business experienced decreased revenue during quarters 1-4 in 2020 and 1-3 in 2021, compared to 2019
  • Your business suffered from government-mandated restrictions

Examples of government mandates affecting your business may include, but are not limited to:

  • Supply chain disruptions
  • Sanitation requirements
  • Limited access to locations in order to restock machines

What If My Vending Machine Business Had Increased Sales in 2020 and 2021?

With many supermarkets, convenience stores, or other food and beverage retailers experiencing their own restrictions and odd hours, it is possible that your vending machine business had an increase in sales during the COVID-19 pandemic. Despite increased revenue, many of these vending machine businesses still experienced the hardships of the pandemic. Vending machines located in facilities (e.g. hospitals, schools, malls, etc.) that were affected by hourly or capacity restrictions may still be eligible for ERC due to these mandates.

If your vending machine business saw an increase in sales but was affected by a government mandate, reach out to a qualified CPA to learn more about your ERC eligibility.

How Long is the ERC Refund Processing Timeline?

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Find a CPA Firm You Can Trust With Your ERC Claims

Claiming the Employee Retention Credit can be a needed relief for many vending machine owners and distributors, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Submitting a claim with falsified information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a vending machine owner or distributor and wonder if you may be eligible for the ERC, reach out to our team at Strategic Tax Planning for a free consultation. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.