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Credit Claims For Kansas Entrepreneurs: Attorney Strategies For Success – Wichita employee retention accountant preparation tax credit for kansas businesses. Image credit: Andrepopov/123rf (licensed). Illustration by: Disaster Loan Advisors™ (DLA).
Small business owners in Wichita, Kansas have struggled financially throughout the COVID-19 pandemic in 2020 and 2021. Even though it’s 2023, Wichita-based businesses can come back and continue to apply for the Employee Retention Credit (ERC) retroactively in 2023, 2024, and 2025.
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Wichita business operations of all types and industries were disrupted when the Mayor of Wichita imposed orders from the local city government in addition to the Executive Orders of the State of Kansas.
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Attention: Wichita business owners and executives, schedule a free in-depth employee retention credit analysis with one of our top tax advisors. Schedule your Wichita ERC tax credit consultation today!
The federal government, the state of Kansas and local governments have provided the city of Wichita with several tax breaks and financing options to ease the financial burden on Wichita businesses during the pandemic.
One such federal option is the Employee Retention Credit (ERC), which was introduced through the CARES Act. It has since been updated through the Consolidated Appropriations Act, the American Rescue Plan Act, and most recently the Investing in Infrastructure and Jobs Act.
However, understanding ERC misconceptions can be complex and confusing. Applying for it can be overwhelming. This will provide a comprehensive Employee Retention Credit guide for Wichita employers on understanding, claiming and maximizing the benefits of the Employee Retention Credit.
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Although the Employee Retention Credit is an IRS federal tax credit program, Wichita business owners and businesses need to pay close attention to eligibility requirements and how they can claim the ERC credit for their Wichita-based businesses.
The Employee Retention Credit (ERC) is a refundable tax credit designed to incentivize Wichita businesses to keep their employees on the payroll during the COVID-19 pandemic. The ERC credit is available to Wichita employers regardless of size, including tax-exempt organizations, but certain eligibility requirements must be met. It is important to note that claiming the Employee Retention Credit can affect businesses’ eligibility for other financing options, such as the Paycheck Protection Program (PPP), so it is essential to understand the interplay between these different financing sources.
For Wichita businesses, understanding the different rules and provisions of each law can be critical to maximizing the benefits of an ERC. The Employee Retention Credit was introduced through the CARES Act in March 2020 to provide relief to the city of Wichita, Kansas and all businesses struggling financially due to the pandemic.
The tax credit was then extended and expanded through the Consolidated Appropriations Act, which was signed into law in December 2020. The American Rescue Plan Act, signed into law in March 2021, also expanded and extended the European Rescue Plan through the end of 2021 .
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Most recently, the Investing in Infrastructure and Jobs Act extended the ERC period through 2022 and changed the eligibility requirements and calculation method, benefiting Wichita business owners.
The City of Wichita’s comprehensive guide to the CARES Act, Consolidated Appropriations Act, and the American Rescue Plan Act for Kansas businesses
Wichita business owners and employers have been grappling with the impact of the COVID-19 pandemic on their operations and finances for several years. The federal government responded with a series of legislative actions designed to provide relief and support to businesses affected by the pandemic in Wichita, Kansas, and the rest of the United States.
The CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act are three of the most important pieces of legislation passed in response to the pandemic. Understanding the provisions of each law can help businesses take full advantage of available relief measures, including the employee retention credit.
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The CARES Act was signed into law in March 2020 and provided $2.2 trillion in economic aid to individuals, businesses, and state and local governments. The law created the Paycheck Protection Program (PPP), which provided forgivable loans to small businesses to cover payroll and other expenses. The CARES Act also created the Employee Retention Credit, which provided a refundable tax credit of up to $5,000 per employee to businesses affected by the pandemic and forced to fully or partially suspend operations or face a significant decline in overall revenue.
The Consolidated Appropriations Act, signed into law in December 2020, extended and expanded the Employee Retention Credit. The law increased the amount of the credit to 70% of eligible wages, up to $7,000 per employee per quarter. The law also expanded eligibility to include companies that experienced a decline in total revenue of 20% or more compared to the same quarter of the previous year. Additionally, the law allowed businesses receiving PPP loans to claim ERTC, but not the same wages used to calculate PPP loan forgiveness.
The American Rescue Plan Act, signed into law in March 2021, expanded and extended the Employee Retention Credit through the end of 2021. The law increased the amount of the credit to 70% of eligible wages, up to $10,000 per employee per quarter. The law also expanded eligibility to include startups founded after February 15, 2020, with average annual gross revenues of $1 million or less. Additionally, the law made it easier for businesses to claim the credit by allowing them to use the previous quarter’s gross receipts to determine eligibility.
The Investing in Infrastructure and Jobs Act, signed into law in November 2021, extended the Employee Retention Credit through 2022 and made additional changes to eligibility requirements and the calculation method. The law expanded eligibility to companies that experienced a decrease in total revenue of 10% or more compared to the same quarter the previous year. The law also increased the amount of the credit to 80% of eligible wages, up to $10,000 per employee per quarter. Additionally, the law made it easier for businesses to claim the credit by allowing them to use the current quarter’s gross receipts to determine eligibility.
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Wichita corporations need to understand the different rules and provisions of each law. These matters can be complicated, but Wichita businesses should take advantage of all available relief measures. The employee retention credit could be a valuable source of financial support for Wichita businesses affected by the pandemic and struggling to keep their employees on the payroll. Consulting with an ERC tax professional or ERC accountant can help Wichita businesses navigate the complex rules and regulations surrounding ERC and other relief measures.
The employee retention credit can be a powerful tool for Wichita businesses that have struggled to keep their employees on the payroll during the pandemic. The credit incentivizes companies to keep their employees on the payroll, even if they cannot work fully. This can help reduce the economic impact of the pandemic and maintain financial stability for Wichita employees.
However, to maximize the benefits of credit, businesses must understand how to calculate and claim it correctly. This process can be complicated, and businesses should seek guidance from a qualified tax professional who does not have to be based in Wichita due to the federal nature of the tax credit.
The method for calculating an ERC varies depending on the date range and eligibility requirements. In general, Wichita businesses can claim the credit for up to 70% of eligible wages paid to employees between March 13, 2020 and December 31, 2020. For 2021, the credit has been extended and expanded, allowing businesses to claim the credit for up to 70% of wages Eligible payments paid between January 1, 2021 and December 31, 2021.
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Some companies based in Wichita, Kansas may be eligible for up to $7,000 in credits per employee per quarter, while others may be eligible for up to $33,000 in credits per employee for the entire period. . Businesses should also make sure they calculate credit correctly, taking into account any other sources of financing they have obtained, such as PPP loans.
Wichita businesses must keep accurate records of their qualifying wages and other relevant information to properly claim the credit. Wichita businesses must also file Form 941, Employer’s Quarterly Federal Tax Return, to claim the credit.
While ERC can be a valuable tool for Wichita businesses, some important considerations must be remembered. For example, a manufacturing company, car dealership, or other business types in Wichita cannot claim the credit for wages paid using funds from a forgivable PPP loan. Additionally, businesses that receive the ERC Tax Credit cannot claim the Employment Opportunity Tax Credit for the same employee.
Wichita business owners and business managers should also be aware of any changes to eligibility requirements or tax credit calculation methods. The IRS has issued guidance regarding the ERC, and businesses should stay informed of any changes or updates that affect the Wichita area.
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In short, the Employee Retention Credit is a valuable tool for Wichita businesses that were previously struggling with the pandemic. However, to maximize the benefits of the tax credit, Wichita businesses must understand how to calculate and claim it correctly and stay informed of any changes or updates to eligibility requirements or calculation methods.
Retroactively claiming the employee retention tax credit: What you need to know if your business is located in Wichita
The ERC is a refundable tax credit introduced as part of the CARES Act in
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