A new ERTC guide by Palmy Biz aims to help restaurant owners understand the need for expert support while preparing to file a claim. Engaging ERTC consultants is still seen as the most effective way to benefit while running a business.
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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 that retained staff during the COVID-19 pandemic in 2020 and 2021.
More details can be found at https://palmybiz.com/ertc-consultants-a-must-for-restaurants/
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.
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 many small business owners lack the time or expertise to do so. Palmy Biz’s guide explains the key information relevant to restaurants, cafes, and bistros so owners can quickly seek help from ERTC professionals who can verify ERTC eligibility, manage IRS compliance, and support an owner's application.
The guide recommends engaging ERTC consultants to process claims efficiently, not just to allow companies to focus on their skill set, but to harness expertise and ensure only valid claims, eligible for payment, are submitted.
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.”
The guide notes several ways in which ERTC consultants can help a business maximize its claims and focus on using the tax credit to invest in the 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.
Interested parties can find more information by visiting https://palmybiz.com/ertc-consultants-a-must-for-restaurants/
Contact Info:
Name: Courtney Hall
Email: Send Email
Organization: Palmy Biz
Address: 14 Orchid Crescent, Longville Park, Clarendon, Jamaica, Free Town, Clarendon 0000, Jamaica
Website: https://palmybiz.com
Source: NewsNetwork
Release ID: 89121530
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