Expert CPA Tips on Claiming the ERTC and 2023 Taxes

Date: December 14, 2022

Webinar gives tips on how to create a successful financial strategy for 2023

Certified Public Accountant (CPA) DJ Antonacio of Verittas Risk Advisors joined Small Business Legal Center Executive Director Beth Milito and Research Center Executive Director Holly Wade for NFIB’s “Tax Tips for Small Business in 2023 and Retroactive ERC/ERTC Claims” webinar on Dec. 7. Antonacio focused on topics such as:

  • Essential finance and accounting strategies for 2023
  • Proper steps to evaluate and handle potential Employee Retention Tax Credit (ERTC or ERC) claims
  • Business best practices for applying for the ERTC
  • What to look out for while claiming ERTC

“Now is a more important time than ever to really take a look at the applicability of the ERC to your business, and if you qualify you may be able to take advantage of it and help the business out with an influx of capital in an area where it qualifies,” Antonacio explained.

The period of eligibility for the ERTC is from March 2020 through the third quarter of 2021 for businesses that qualify at any point during that time. Eligible employers can receive up to a $5,000 refundable tax credit for each employee in 2020 and up to $7,000 per quarter for each employee in 2021.

Antonacio discussed the two tests to check if a business qualifies for the ERTC: the gross receipts test and the partial suspension due to government order test. A small business can qualify under either test. He stressed the importance of documentation for small businesses to support eligibility for claiming the ERTC.

Antonacio also explained the forms needed to apply for the credit. It is important to consult with a CPA or Tax Credit Specialist during this process.

“There are unqualified firms out there that will try to get you to take advantage of the ERC without compiling not only the necessary supporting documentation, but they may go about it the wrong way and cause a tax implication for you or a documentation issue for your business going forward,” he explained.

The webinar is now available on demand, and more information will be released ahead of the next webinar, “A Small Business Roadmap to Success in 2023” on Wednesday, Jan 4. If you have suggestions for webinars in 2023 email [email protected] with your suggested topic or speaker.

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