Can ERTC-Driven Innovations Open New Revenue for Businesses?
One of the exciting things about the Employee Retention Tax Credit (ERTC/ERC) is that businesses can use the funds they receive from the credit for many things. For instance, innovations at your company that were funded thanks to the ERTC could open new revenue streams for your business, among other amazing potential developments at your company.
ERTC-Driven Innovations and New Revenue for Businesses
Your ERTC claim could potentially earn you and your business up to $5,000 per employee for the year 2020 and $7,000 per employee per quarter – for a total of $21,000 – for tax year 2021. That’s a significant amount of money you could use on new innovation driven by ERTC funds.
ERTC funds could help pay for new projects or new departments within your business, depending on how much you end up being able to claim. Any new project could certainly open up a revenue stream for your business – money that you may not otherwise see without ERTC-driven innovation and funding.
Adding departments and/or staff members could also mean you can expand the scope of work your business does and move into new markets, which could definitely open new revenue streams for your company. These could also be funded by the money you receive from an ERTC claim.
You could also use ERTC refund money to upgrade old equipment or buy new equipment. Depending on what the items are, you could open up a new revenue stream for your business by building out the types of tools your company uses, too. With the Employee Retention Tax Credit and the money you may receive after successfully applying for the program, the possibilities are endless.
Getting ERTC Assistance
So if you haven’t yet applied for the Employee Retention Tax Credit, what exactly are you waiting for? If you’ve heard good things from other business owners and know you could use the money for innovation at your company, but are nervous about navigating the entire process, we can help.
Dayes Law Firm and our partner firms have already helped hundreds of business owners file for the ERTC so far. To date, our team has supported businesses in submitting claims for over $250 million in tax credit cases and our clients have already received over $25 million in funds through the ERTC program.
At Dayes Law Firm, our team of experienced tax attorneys is able to determine if your business is eligible for the ERTC in the first place and can file the appropriate amended quarterly payroll tax returns on your behalf to claim your funds. We can walk you through every step of the process and even offer ERTC audit assistance if the IRS claims to see a red flag in your application. We will defend businesses against an ERTC audit or if there is ever a request for an audit in the future, and commit to standing with you as a partner on your entire Employee Retention Tax Credit journey.
We want to help your business pursue ERTC-driven innovations by helping you claim the funds you may be entitled to. Please feel free to contact us at (800) 503-2000 to learn more about how our team can help you today.