I recently had a client almost miss out on a lot of money because he was trying to be nice! In the longer version of the story, they reached out and wanted to cancel a meeting as to not waste my time. They were pretty sure they wouldn’t qualify for the employee retention tax credit (ERTC).
While I appreciated him worrying about my time, I questioned further to find out why he thought he didn’t qualify. They had done a little bit of research and based on that he didn’t believe that his revenue had dropped enough to qualify for the ERTC.
Let’s dig a little deeper
I was able to convince them to have a quick 15-minute phone call just to make sure they weren’t passing up money. Many people forget that there is more than one way to qualify for the ERTC. Just because they might not have lost enough in revenue doesn’t mean they don’t qualify.
This particular client had both a wholesale operation and an active restaurant. As it had been for many, his revenues were on a rollercoaster over the past 18 months. While some months were absolutely brutal, there were others that actually showed significant increases. Amidst all of this, they were still dealing with multiple restrictions due to government mandates at the restaurant.
Let’s look at the big picture
So we took a step back and focused on the big picture rather than just the roller coaster of revenue. When we did that, I quickly saw that not only did they have to modify their business significantly due to government restrictions. They also were a victim of several supply chain disruptions.
They did qualify! Actually, they qualified on multiple fronts with no problems. They had made a classic mistake of balking at the first hurdle rather than digging in just a little bit more to get to the truth. Easy mistake to make because who has time to sort through hundreds of pages of tax code? I mean, other than me…
A happy ending!
In the end, we were both lucky that they reached out to cancel our appointment so that I had the chance to talk them into a brief call. The money available to small businesses through the ERTC and other similar programs is significant. They could have missed out on hundreds of thousands of dollars! I’m not sure about your situation, but most business owners I know would not want to walk away from that kind of money!
All it takes is a brief 15-20 minute call so that we can discuss your revenues during relevant quarters, and so that I can get a feel for your overall operation and how it has been impacted. The process is quick and painless, and in the end, the worst-case scenario is that we spent 15-20 minutes of time talking and you have peace of mind knowing whether or not you qualify. Best case scenario? You get a substantial amount of aid that you might have missed out on!
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For a layman’s guide to the employee retention tax credit check out our roadmap below:
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