ERTC: Employee Retention Tax Credit
March 27, 2023
The coronavirus (COVID-19) pandemic resulted in many business closedowns and disruptions across the United States. According to statistics, nearly 7.5 million small businesses were at risk of closing down permanently due to the pandemic. However, despite the inconveniences, some businesses still continued to pay their employees. Thankfully, companies that paid their workers or lost revenue as a result of COVID-19 may be eligible to claim tax refunds through the Employee Retention Tax Credit (ERTC).
At Zuckerman Law, LLC, I'm committed to offering experienced legal guidance and advocacy to clients in tax relief-related matters. As a practiced Florida tax law attorney, I'm available to discuss your unique situation, determine your eligibility for the ERTC, and help file your claims. My firm proudly serves clients across Fort Lauderdale and throughout South Florida, including Miami, Boca Raton, Sunny Isles, Hollywood, and Aventura.
What Is the Employee Retention Tax Credit (ERTC)?
The Employee Retention Tax Credit (ERTC) can be described as a refundable tax credit which is available to businesses that continued paying their workers while shut down as a result of business disruptions and lockdowns caused by the coronavirus (COVID-19) pandemic. In addition, the Employee Retention Tax Credit is also available to businesses that experienced huge reductions in gross receipts between March 13, 2020, and December 31, 2021. Employees who qualify are able to claim their ERTC on the adjusted or original employment tax return for the specified period.
Who Is Eligible for the ERTC?
An employer may qualify for the ERTC if they meet any of the following requirements:
The employer or business experienced a partial or full suspension of operations which restricted sales, transactions, group meetings, and travel as a result of the COVID-19 pandemic or government order.
The employer or business experienced a huge reduction in gross receipts throughout 2020 or during the first three quarters of 2021.
The employer or business qualified as a recovery startup business – started operations on or after February 15, 2020 – in the third or fourth quarters of 2021.
A trusted tax law attorney can review your unique circumstances, help determine your eligibility for the ERTC, and enlighten you about how to claim your tax refunds.
How to Claim the ERTC
Here are the steps involved in claiming an Employee Retention Tax Credit:
Hire an experienced attorney to guide you through the process.
Determine whether your business is eligible for an ERTC.
Report your total qualified wages and costs of health insurance on your quarterly tax returns.
Obtain and fill out Form 941-X (Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund Form).
Submit your completed forms to the tax authorities.
A trusted lawyer can help complete your forms, calculate the tax credit available to you, and walk you through the legal processes involved.
Why Working With an Attorney Is Important
Tax relief is available to businesses that lost revenue or paid employees during the COVID-19 lockdown. However, taking advantage of the ERTC can be quite complicated. Therefore, working with an experienced tax law attorney is crucial for proper guidance and to determine the amount of relief available to you.
With more than 30 years of extensive knowledge, I have the skills and diligence to assist and guide clients in tax law-related matters. As your legal counsel, I can enlighten you about your tax relief options and help determine whether your business qualifies for the employee retention tax credit. Also, I will help file your ERTC claim, submit the required documentation, and guide you through the legal processes involved.
Contact me at Zuckerman Law, LLC today to schedule a simple consultation with an experienced tax law attorney. I can offer you the personalized legal counsel and reliable advocacy you need to navigate key decisions in your tax matters. My firm proudly serves clients across Fort Lauderdale and throughout South Florida, including Miami, Boca Raton, Sunny Isles, Hollywood, and Aventura.