By Tim Connolly, CEO and Founder of Corporate Strategies, LLC
In Notice 2021-49, the IRS has provided clarity on the definition of a Recovery Startup Business and if a RSB can get a payroll tax refund. Under this report, the IRS stipulates that a Recovery Startup Business must have started carrying on their trade or business after February 15, 2020. The IRS also requires that qualifying ERC payroll tax refund RSBs have average annual gross receipts averaging under $1 million for the tax year preceding 2021. In addition, the RSB must not be otherwise eligible for the ERTC due to suspended operations or a gross receipts decline.
Recovery startup businesses, churches, religious organizations, schools, and non-profit businesses can qualify for up to a maximum of $50,000 ERC tax refunds per quarter for the third and fourth quarters of 2021. These businesses can receive up to $7,000 per employee per quarter, with a maximum of $50,000 per quarter for the third and fourth quarters of 2021, for a total of $100,000 in payroll tax refunds.
Businesses that started after February 15, 2020, may be eligible for up to $100,000 in employment tax refunds.
Business owners and leaders of startup businesses, churches, religious organizations, schools, and non-profits that started a new business during the COVID shutdown can receive up to $100,000 in new funding. IRS is legally bound to issue payroll tax refunds to qualifying businesses defined as a Recovery Startup Business (RSB).
This one-of-a-kind program represents a golden opportunity to secure funding for the right business, church, school or non-profit.
Many new service providers have sprung up offering to help businesses file for their refunds. These days, finding a real ERC tax credit refund specialist with in-depth knowledge of the necessary qualifications and filing procedures can be difficult. Without the proper guidance, businesses that try to do it themselves or, even worse, go with a fly-by-night provider can result in less of a refund and possible IRS audits down the road. Ensuring an ERC Tax Refund filing services provider can verify a business’s qualifications and knows how to file correctly is vital to success and getting all an RSB is entitled to.
Since February 2020, Corporate Strategies Merchant Bankers has been assisting businesses, churches, schools and non-profits in receiving CARES Act emergency funding thru PPP loans, EIDL loans, ERC payroll tax refunds and Recovery Startup Business funding.
For more information on the ERC Tax Refund Program:
Call (713) 621-2737
email Action@CSBankers.com or
Corporate Strategies understands the unique elements of qualification for the ERC Tax Refund by businesses, religious organizations, schools, and non-profits. The company was fully involved with the CARES Act legislation before it passed. Their principal owner has in-depth knowledge of the Senate distribution list of the CARES Act and its many amendments. This first-mover knowledge of the CARES Act provisions enabled their clients to quickly obtain PPP, PPP2 loans, EIDL loans, and Employee Retention Tax Credit Refunds totaling many millions of dollars – all before many other service providers even knew the details of qualifying under the law.
Corporate Strategies has developed a unique body of knowledge to accurately qualify diverse types of organizations for the maximum legal tax refund. This experience analyzing the provisions of the CARES Act and the hundreds of pages of IRS documents on how to qualify and document ERC Tax Refunds has resulted in tax refunds ranging from $70,000 to $2,900,000. Much of this funding was for parties previously informed by tax professionals that they did not qualify for the ERC Tax Refund program.
Corporate Strategies is a private lending and real estate investment community leader. The company achieved this by successfully financing small to medium-sized businesses and startups (SMBs) that conventional banks have rejected. They actively invest in commercial real estate acquisitions, development, private lending for bank non-renewal of business loans, and private lender asset-based financing.
About The Author
Tim Connolly is CEO and founded Corporate Strategies Merchant Bankers in 1989. Tim and the Corporate Strategies team have extensive public and private company experience in US and International Merchant Banking, creating unique non-bank funding solutions for SMBs and leading turnaround operations teams in the USA, Canada, and the European Union.
Corporate Strategies (https://CSBankers.com) is a leader in the private lending and real estate investment community. The company achieved this by successfully financing small to medium-sized businesses and startups (SMBs) that conventional banks have rejected.
They actively invest in commercial real estate acquisitions, development, private lending for bank non-renewal of business loans, and private lender asset-based financing.
Since February 2020, Corporate Strategies has also assisted businesses, churches, and non-profits in receiving CARES Act emergency funding through PPP loans, EIDL loans, ERC payroll tax refunds, and Recovery Startup Business funding.
Tim has been a nationally syndicated radio commentator and guest on CNBC, ABC, NBC, and other business and political news programs. He holds Business, Marketing, and Business Administration undergraduate and Masters degrees from Texas A&M University, College Station and Canyon, Texas.