Jackson Heights NY Employee Retention Credit Taxable Income

About The Employee Retention Credit Taxable Income

Another opportunity for erc is whether or not your business was substantially impacted by a government shutdown so what does that mean if your business is broken up into several components for example a dining establishment you have indoor dining you have takeout if indoor dining represents more than 10 of your income traditionally and indoor dining was impacted by a government shut down or federal government orders forcing you to socially distance and restricting the capacity of your dining room by 50 you're now eligible for the employee retention credit despite the fact that say your takeout sales skyrocketed and you've actually done pretty well during the pandemic.This is an opportunity that professionals are missing and not looking through carefully.
I can you offer us another example sure let's use a manufacturer as an example a manufacturer can qualify for the worker retention credit because of a disturbance in its supply chain, let's state a car producer has a supplier of carburetors that was closed down completely due to a government order since of that the vehicle manufacturer's supply chain was disrupted, and they might not finish their vehicles for production and sale.
Let's do one more example let's look at alaw company that mainly focuses on litigation, well the courts were closed for a good part of2020 and 2021 so how does that effect the lawfirm more than 10 percent of its earnings typically derived from litigation costs straight going tocourt was impacted and for that reason they're now eligible for the credit.