Although COVID-19 swept the nation over three years ago, the ramifications of the pandemic are still very much alive today. While businesses are trying to get back on their feet, many have yet to take advantage of a program that could quicken their financial recovery, the Employee Retention Tax Credit (ERTC). With deadlines on the horizon, The Lake Law Firm is working to spread the word and assist as many businesses as possible in applying for the ERTC.
Created as part of the CARES Act of March 2020, Congress introduced the ERTC to encourage business owners to keep employees on payroll amid rising layoffs. Businesses that retained employees in 2020 and 2021 can retroactively claim the ERTC if they experienced a decline in revenue or were impacted by government mandates. Worth up to $26,000 per W2 employee, the ERTC is a valuable opportunity for eligible businesses seeking a financial boost to revive their operations successfully.
Given the far-reaching effects of the pandemic, many businesses likely meet at least one of the qualifications for the ERTC. However, a staggeringly slim percentage of businesses have applied for the ERTC, with only 10% of eligible operations claiming their credits in 2021. Business owners only have until April 15, 2024, to collect 2020 credits and April 15, 2025, to claim 2021 credits.
“Businesses still have time to apply for the ERTC, but it’s important to remember the clock is ticking,” said Michael Blom, Esq., a partner at The Lake Law Firm. “While the deadlines seem far away, they sneak up quickly, and businesses can miss out if they aren’t careful.”
Scrambling to collect the supporting documentation, calculate the refund amount, and fill out IRS tax forms before the ERTC deadline can be stressful and even risky, as inaccuracies could potentially result in business audits. The Lake Law Firm aims to alleviate these concerns by handling the ERTC application process for businesses, ensuring timely submission before it’s too late.
One of the first law firms to help businesses claim the ERTC, The Lake Law Firm guides businesses through every stage and then some. The firm can quickly determine a business’ eligibility for the ERTC and accurately complete all calculations and tax forms while also offering free defense in the event of an IRS audit. For business owners unsure about taking the next steps, The Lake Law Firm’s services provide the clarity needed to proceed confidently before the ERTC ends.
“We advise applying sooner rather than later, not only because of impending deadlines but also considering the current backlog at the IRS,” advised Blom.
More information about The Lake Law Firm’s ERTC program is available at https://ertcadvisors.org/ausonia/ or by calling 631-483-3998.
The Lake Law Firm
One Rockefeller Plaza, 11th Fl.
New York, NY 10020
631-483-3998
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