16. Property Management Eligibility for the ERC Tax Credit
Dec 19, 2023
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Financial expert Charles Hawkins discusses the eligibility requirements for the Employee Retention Tax Credit (ERC) for property managers. They explore challenges faced during COVID-19, determining eligibility, using knowledgeable professionals, and the process of filing for the tax credit.
Property managers can qualify for the Employee Retention Tax Credit (ERC) if they have undergone a partial suspension of operations due to eviction moratoriums and other government orders, and working with a reputable firm like the Origins Group can facilitate a smooth application process and support in justifying the impact on their business.
The Origins Group, a specialized CPA firm, offers comprehensive support for property management companies applying for the ERC, including gathering necessary documentation, conducting research on government orders' impact, preparing a robust legal memo, and handling correspondence or audits from the IRS, ensuring clients receive the maximum qualified credit amount.
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Expanded Eligibility for Employee Retention Tax Credit (ERC)
The ERC, a financial assistance program offered by the government during the COVID-19 pandemic, has recently expanded its eligibility criteria. Previously, businesses needed to experience a significant decline in gross income quarter over quarter to qualify. However, now businesses that have undergone a partial suspension of operations can also apply for the credit. Property managers, who were heavily impacted by eviction moratoriums and other local and state government orders, are likely eligible for the ERC. Working with a reputable firm, such as the Origins Group, can ensure a smooth application process and support in justifying the impact on their business.
Benefits of Working with the Origins Group for ERC Application
The Origins Group, a CPA firm specialized in assisting property management companies with the ERC application, offers comprehensive support throughout the process. Their team of attorneys and experts have in-depth knowledge of property management laws and regulations at federal, state, and local levels. They work closely with clients to gather necessary documentation, conduct thorough research on the impact of government orders, and prepare a robust legal memo to support the application. Additionally, the Origins Group provides ongoing support and handles any correspondence or audits from the IRS, ensuring clients receive the maximum qualified credit amount.
Act Now to Secure ERC Benefits for Property Management Businesses
Property managers are encouraged to take immediate action to pursue ERC benefits. The IRS is planning to resume processing ERC filings in January, following a temporary pause due to significant fraud cases. With an impending deadline for filing 2020 claims and potential credit reductions for 2021, property managers should reach out to the Origins Group to initiate the process. The firm offers a free estimate and requires no upfront payment, ensuring property managers have nothing to lose and potentially substantial financial gains. By acting promptly, property managers can maximize their ERC benefits and recover a significant portion of their financial losses during the pandemic.
Are you a property manager trying to navigate the eligibility requirements for the Employee Retention Tax Credit (ERC)? Stay up-to-date and learn how to apply for this crucial financial assistance on this episode of Property Management Business Podcast as Marc chats with Charles Hawkins from the Origins Group. Hear his insights about how your property management business may qualify and understand the impact of this government program in today's uncertain climate. Get the answers you need to move forward confidently and reduce financial stress. Tune in now!