Check your ERTC Eligibility With This Tax Credit Guide For Restaurant Owners

by PRC Agency PR

The pandemic was tough for us all and the effects are still being felt by those businesses (restaurant owners included) who kept their staff on payroll during those challenging times. The good news is you can still claim Employee Retention Tax Credits (ERTC) if your restaurant experienced a significant decline in gross profits, or was closed due to quarantine orders. This sounds straightforward, but the claims process is more complicated than you might think! Palmy Biz suggests enlisting the help of an ERTC consultant to help you maximize your claim and boost your restaurant’s profitability! 

Find out how an ERTC consultant can support your claim at https://palmybiz.com/ertc-consultants-a-must-for-restaurants/

What is ERTC and how does it benefit restaurant owners?

Palmy Biz has added to the comprehensive advice they provide for the food service industry with a guide covering key information and the importance of professional support in navigating Employee Retention Tax Credit (ERTC) claims. ERTC is designed to reward restaurants like yours that retained staff during the COVID-19 pandemic in 2020 and 2021.

Application rates spiked last year and were even temporarily suspended in September, as companies rushed to submit claims before an expected closure of the program in 2024. The IRS has kept the application window open until April 15 this year for claims related to 2020, and April 2025 for 2021 claims. So there's still time to make your claim!

Why you need an ERTC consultant

The surge in demand was accompanied by a rise in ineligible claims and caused the IRS to apply more scrutiny to applications, and warning of hefty fines for fraudulent payouts. In 2023, they sent more than 20,000 rejection letters to dismiss erroneous claims. With employers eligible for a tax credit of up to $26,000 per employee, it is understandable that eligible businesses are eager to apply for their benefits.

With increased scrutiny and complex eligibility criteria, it is even more important to take the time to fully understand if claims are still valid, but you may well lack the time or expertise to do so. Palmy Biz’s guide explains the key information relevant to restaurants, cafes, and bistros so you can quickly seek help from ERTC professionals who can verify your ERTC eligibility, manage IRS compliance, and support your application through to successful completion.

A company spokesman said “Navigating the ERTC claim process can be daunting, but with a clear understanding and the right support, it can be a smooth journey. An ERTC consultant can walk you through each step, ensuring you comply with the requirements and timelines.”

Maximize Your claim

The guide notes several ways in which ERTC consultants can help you maximize your claim and offers strategies for using your tax credit wisely to invest in your business. Direct financial relief strategies, accounting practices budget allocation changes, and the use of ERTC to drive industry best practices are also discussed.

The IRS also suggests working with professionals and warns of promoters who don't accurately explain eligibility requirements, “They may make broad arguments suggesting that all employers are eligible without evaluating an employer's individual circumstances”, again suggesting the need for tailored advice in processing any claim.

The benefits of ERTC on your business are profound. By partnering with a dedicated ERTC consultant, you can ensure you maximize your claim, putting as much money as possible back into your restaurant!

Find out more about how an ERTC consultant can boost your business at https://palmybiz.com/ertc-consultants-a-must-for-restaurants/

Palmy Biz City: Free Town Address: 14 Orchid Crescent, Longville Park, Clarendon, Jamaica Website: https://palmybiz.com

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Created on Feb 14th 2024 11:30. Viewed 60 times.

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