Mary Sloane of GMG Growth Management Group LLC announced the launch of a new service available to local businesses, particularly in the hospitality sector that have been affected by the current pandemic.
Businesses that have been affected by Covid can see the type of money that could be available to them at www.beenaffected.com
With the newly launched service, the company is offering clients the opportunity to gain access to government-approved hiring funds and tax credits designed to assist in their recovery.
The current health crisis has affected the hospitality sector the hardest. Small business owners, in particular, have suffered losses due to lockdowns and other health and safety measures imposed during the pandemic. However, the U.S. government has provided several relief options that affected businesses can apply for with the assistance of experts at GMG.
There are six unique credits approved by the government that can grant business owners certain benefits. The Covid Employee Retention Credit (ERC) is designed to help businesses retain employees. To qualify, owners of small local businesses need to have been impacted by the pandemic or have experienced a fall in gross receipts of 50% or more in either 2020 and 2021.
A spokesperson for the company stated: “As of December 21, 2020, and the passing of the Consolidated Appropriations Act of 2021, employers can take both PPP and ERC. Congress will allow employers to claim both, but not for the same dollars of payroll costs. The tax credits can be stacked for the highest benefit to the employer.”
Under the Disaster Retention Credit, business owners can apply if they operated in qualified disaster zones and as a result became inoperable but continued to pay or incur wages for their employees. It is important to note, that each case needs to be individually assessed.
Other programs that are available to a wide range of businesses include the Workers Opportunity Tax Credit (for employers who hire regularly), the Research & Development credits are available for businesses and startups that innovate processes, products or services, and Property Tax Mitigation (for businesses with property tax payables that exceed $50,000).
The engineers at GMG can also assist clients with Cost Segregation studies. They can complete the study in less than three weeks and guarantee their results against IRS audits, and will fully represent the company should an audit be required. After 17 years of doing this, they have not yet lost a single case.
The recent launch is in line with the company’s long-standing commitment to assisting business owners in matters relating to a wide range of tax credit programs and hiring credit programs across the United States.
Interested parties can find out more by visiting http://showmemytaxsavings.com
Release ID: 89013670