Welcome to another episode of The RVA Small Business Show with your host Cory Mosley. In today’s segment, we are joined by Dean Francis, Senior Consultant and Partner at OneBridge Advisors.
At OneBridge Advisors, they advise small to midsize companies, churches, private schools and other nonprofits on the Employee Retention Credit.
But what we believe, is we could in time help 2000 employers by the end of 2024, just in the greater Richmond area. -Dean Francis
Understanding the Employee Retention Credit
The ERC is a federal tax incentive designed to help businesses keep their employees on payroll during challenging economic times. It offers financial relief to qualifying businesses, allowing them to receive up to $26,000 per employee in tax credits. Despite its potential benefits, many business owners are still in the dark about this valuable program.
Eligibility Criteria
To qualify for the ERC, a business must meet certain criteria:
- The business must have experienced a significant decline in gross receipts (at least 20% reduction) in any quarter in 2020 or 2021 compared to the same quarter in 2019.
- Alternatively, the business must have been partially or fully shut down due to a government order related to COVID-19.
How the ERC Works
The Employee Retention Credit is calculated based on a percentage of qualifying wages paid to employees during the eligible period. The ERC percentage and maximum credit amount vary depending on the year:
– For 2020, the ERC is 50% of qualifying wages, up to $5,000 per employee.
– For 2021, the ERC is 70% of qualifying wages, up to $7,000 per employee per quarter, with a maximum of $28,000 per employee for the year.
Don’t Leave Money on the Table
With billions of dollars unclaimed in the ERC program, now is the time to explore whether your business may qualify. Partnering with experts like Dean Francis and One Bridge Advisors can help you navigate the complexities of the ERC and maximize your potential tax credits.
Are you ready to seize this opportunity and claim your share of the Employee Retention Credit?
Key Takeaways
- The Employee Retention Credit (ERC) is a valuable tax incentive designed to support businesses during economic challenges by offering up to $26,000 per employee in tax credits.
- Many business owners are unaware of the ERC, resulting in billions of dollars left unclaimed.
- Dean Francis and One Bridge Advisors can help businesses determine their eligibility, calculate the credit, and ensure compliance with the ERC program.
- Don’t miss out on this opportunity to claim your share of the ERC and bolster your business’s financial stability during uncertain times.
Connect with Dean Francis
LinkedIn
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