If you are a business owner working in the arts and culture sector, you might have heard of the Employee Retention Tax Credit – also referred to as the ERTC or ERC – but you may not be totally sure whether or not your business qualifies to claim it. There is indeed a chance for you to take advantage of ERTC opportunities for your small business, and Dayes Law Firm can help.
What is the ERTC?
The Employee Retention Tax Credit is a refundable payroll tax credit many businesses can claim on qualified wages paid to employees if they kept staff on their payroll despite major financial setbacks during the early days of the COVID-19 pandemic in 2020 and 2021.
At first, the credit was for eligible wages paid between March 12, 2020, and December 31, 2020, but that was later extended through June 30, 2021. And although the American Rescue Plan Act of 2021 (ARPA) extended the ERTC again, through December 31, 2021, new legislation changed things so the credit applied to wages paid through September 30, 2021, rather than through November. (Recovery Startup Businesses are the exception, and can still claim the ERTC for wages paid after June 30, 2021, and before January 1, 2022.)
The ERTC can still be claimed retroactively, and you are likely to be able to claim it if you run a business in the arts and culture sector. It’s available to employers that experienced a full or partial shutdown of operations due to a governmental mandate related to COVID-19, or if a business experienced a decline in gross receipts in 2020 or 2021 when compared to the same quarter in 2019.
Many businesses in the arts and culture industry encountered issues that would fall into those qualifications. If your business experienced a suspension of regular activity or a substantial loss in revenue, which many performance spaces did, it might qualify.
Many performance spaces rely on robust crowds coming through their doors, and with limits on the ability to gather in 2020 and 2021, that’s a clear area where businesses in the arts and culture sector may have suffered. If you’re still unsure whether or not your business is eligible to claim the Employee Retention Tax Credit, Dayes Law Firm can help.
Call Dayes Law Firm for ERTC Assistance
Dayes Law Firm and our partner firms have already helped many business owners apply for the ERTC and file more than $250 million in tax credit claims. Our clients have already received over $25 million in funds thanks to Employee Retention Tax Credit claims, and there are still months left for more businesses to turn in applications.
Please contact us to learn more about the ERTC and how we can help you potentially claim this important tax credit. Our team can offer a free, no-obligation consultation to discuss any questions you may have and to determine if your business qualifies to claim the ERTC.
But don’t wait too long to get in touch – the first deadline for the ERTC is approaching fast. For all quarters in 2020, the deadline to apply is April 15, 2024. That’s just a few months away, and we don’t want you to miss out if your business is entitled to ERTC funds.
Give us a call at (800) 503-2000 to find out how Dayes Law Firm can assist you with the Employee Retention Tax Credit today.