Sponsored by Omega accounting solutions
If your business has suffered a financial loss due to the COVID-19 pandemic, you may be eligible for a payroll tax credit of up to $26,000 per employee. This is called the Employee Retention Credit or ERC.
The ERC reimburses salaries and health costs to eligible employers who have kept their employees at work during the COVID-19 pandemic. Refund checks are sent to eligible businesses nationwide.
Construction companies that have already taken advantage of the ERC have received hundreds of thousands of dollars in return from the government. A power company in California received a $2.6 million ERC refund from the IRS based on a reduction in gross receipts during the crisis, and a landscaping company in Utah s qualified through suspension of services and received an ERC refund of $437,000.
To receive this credit, companies need only prove that they have suffered financial loss or suspended services due to government orders that have resulted in project interruptions, material supply difficulties, budget cuts or other hardships during the pandemic.
If you think it sounds like a daunting task to receive this money, it’s not. There are so many resources your business can rely on to ensure you maximize your ERC advantage. ForConstructionPros.com has partnered with Omega Accounting Solutions, which works specifically to help construction companies in this area.
Their ERC specialists can quickly assess whether your business qualifies for credit and provide the necessary advice. They even have a refund calculator on their website to see how much you could get back from the IRS.
We understand contractors have a lot on their plate, but there’s still money out there as a reward just for keeping your crews employed during the pandemic. We want to make sure you get your share of being a good employer, even when times are tough. For more information, visit https://bit.ly/forconstructionpros today.