Anthony Sykes & Company

          The Employee Retention Credit ( ERC ) is a tax credit for employers who kept paying employees while closed by government order or had a great decrease in income due to COVID-19. This is a credit that can only be claimed by certain businesses and organizations that had employees during specific time periods. With this set of criteria, the ERC is continuing to be the subject of a growing advertising campaign. Wild claims are being made about who can qualify for it.           The eligibility requirements should be considered closely. One sign of a scam is stating that the application process is easy, or that someone can find out if they are eligible for it in minutes. The ERC is noted for being a very complex credit. Scammers are trying to use this situation to steal personal information or run away with large upfront fees for work that will never take place. Dishonest promoters try to lure in victims ...

          One of the lifelines for Small Businesses last year was the Paycheck Protection Program ( PPP ). There was also the Employee Retention Credit ( ERC ). Both were a part of the CARES Act in March 2020. Until the Taxpayer Certainty and Disaster Tax Relief Act of December 2020, they were essentially treated as separate. A business would have had to choose between one or the other. Now they can participate in both and the Internal Revenue Service ( IRS ) has released guidance on this subject.           Getting involved in both forms of relief is certainly an attractive option to most businesses. However, there is no “one size fits all” path to COVID-19 relief. PPP funds are still very difficult to acquire and this guidance allowing for ERC use is still new. Keeping good records and talking to your Qualified Tax Professional is essential at this point. This is a situation that is constantly changing, w...

         It has been well documented that there is a lot of confusion and chaos in the world today. Even as the government does its best to provide support, there are still more questions than answers. That is especially true for Small Business owners. There are a variety of programs available for Coronavirus relief. Do you know about them? Do you know how to apply for them? We are working remotely so that we can support you and be a guide through the process. Please fill out our simple form so we can show you the options available.

          The economic stimulus bill, known as the Coronavirus, Aid, Relief, and Economic Security ( CARES ) Act has many features designed to help Taxpayers. The most well-known is the Economic Impact Payments for most Taxpayers. One that is designed for businesses is called the Economic Retention Credit ( ERC ). Its purpose is to keep people employed.           If you think that sounds like another part of the CARES Act that has a similar goal, would be correct. Unlike the Paycheck Protection Program, the ERC is available to almost any employer, no matter the number of employees. The exceptions would be government agencies, self-employed individuals, and anyone who participates in the Paycheck Protection Program. There can be no double dipping.            The ERC is targeted to assist businesses that were impacted by a governmental “Safer at Home” or “Essential Business” orde...