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News & Alerts

ERTC Tax Advisory

1/5/2022

1 Comment

 
Tax
For businesses who applied for COVID-related employee retention tax credits (ERTC) in 2021, there may be a severe cash flow challenge occurring for those waiting an average 6 to 10 months to receive the ERTC payment.

Under ERTC rules, an eligible restaurant cannot take normal federal tax deductions for 1) payroll expenses and 2) healthcare group benefit expenses during the applicable calendar quarter if those payments were considered eligible wages for ERTC. While this increases the restaurant’s tax liability, the restaurant would have those costs more than offset by an ERTC payment.
However, the restaurant may face a liquidity crisis if the federal tax bill is due before receiving an ERTC payment. Members are advised to plan for this scenario if they fall into this criteria.

On Nov. 15, 2021, the National Restaurant Association urged the IRS and Department of Treasury to speed ERTC payments and delay related taxes. A national grassroots petition on these ERTC recommendations has over 5,300 signatories, and we encourage members to add their name.

The Association also strongly supports the bipartisan “Employee Retention Tax Credit Reinstatement Act” (H.R. 6161). The bill, introduced by Reps. Carol Miller (R-WV) and Stephanie Murphy (D-FL), would restore the fourth quarter of ERTC.
​

Questions? Email or call the AskWRA Team at 608-270-9950.

1 Comment
Federaltax link
1/28/2023 07:48:02 am

It's awesome that this article talked about employees are struggling financially during this difficult period of COVID-19, thus the timing of this government tax credit program could not be more critical. I'm glad that you explain it thoroughly and now it makes more sense. You did a great job of explaining reduce property taxes.

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  • Membership
    • Member Login
    • Membership Savings >
      • Manufacturer Rebate Program
      • Employee Retention Credit
      • FICA
      • Lending
      • RestaurantOwner
      • Property & Casualty
      • Workers Compensation
      • Credit Card & Payroll Processing
      • Health Solutions
      • Entertainment
      • Music Licensing
      • Other Products & Services
    • Restaurants
    • Suppliers >
      • Members Only Login
      • Supplier Member Benefits
      • Interested in Joining
      • Live Events
      • Sponsorships
      • Advertise
      • Donate
      • Get Involved
    • Easy Renew
    • Referral Program
    • Join
  • Resources
    • Members Only
    • Business Support >
      • AskWRA
      • Supplier's Directory
      • National Restaurant Association
      • Laws & Regulations
      • Publications
      • Materials to Purchase
      • Popular Topics
    • For Diners >
      • Dining Guide
      • Gift Certificates
    • Solutions on Staffing
    • Humans Of Hospitality >
      • Humans of Hospitality - Share Your Story
    • Industry Insights >
      • The Pulse
    • Tax Credits
    • News & Alerts
  • Advocacy
  • Events & Training
    • Calendar
    • Events >
      • Brewers Raffle
      • Restaurant Resource & Products Roadshow
      • Top 20 Women to Watch
      • Women in Hospitality Conference
      • Cheers to Hospitality
      • Wisconsin Food & Hospitality Expo
      • Dine for ProStart
    • Food Protection Manager Certification
  • ServSafe
  • Foundation
    • ProStart
    • Scholarships
    • Get Involved >
      • Volunteer
    • Endowment Fund
    • Board of Directors
    • Donate
  • About
    • Our Team >
      • Staff
      • Board of Directors
      • Careers
    • Our Mission
    • Contact Us & Hours
    • Chapters
    • Awards >
      • WIHC Top 20 Women in Hospitality
    • Press Releases