Posted by Minnesota! Aptly famous for its fishing, it is called ‘The Land of 10,000 Lakes’. Many people go “Up North” to spend some time at a cabin for much-needed relaxation and fishing because the habitat in many Minnesota lakes is ideal for various species, and provide some great fishing opportunities.
This time, let us guide you! We don’t care if COVID affected your Lodge or Resort in big or small ways, We’re going to get you the maximum ERTC rebate you are eligible for and we want to help you get it before it’s too late….Put our expertise to work for your business!
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Many small to medium businesses in Minnesota are built around serving the outdoorsman. Owning a fishing lodge, resort, or offering a charter or guiding service is many a fine folks’ bread and butter.
Unfortunately, many Minnesota resorts and businesses suffered financially due to the arrival of the Coronavirus pandemic. Many don’t know that they can get a refund in the form of an Employee Retention Tax Credit (ERTC), also known as an Employee Retention Credit (ERC). Congress initiated this plan to help Minnesota businesses recover from their revenue or income loss during Covid times. There are criteria that businesses must fulfill in order to be eligible for this opportunity, and the deadline is looming.
Covid Effect on Minnesota Fishing Lodges, Resorts, Charters and Guides
A U.S. Fish and Wildlife report (U.S. Fish and Wildlife Service, 2002) stated that Minnesota had more anglers and received more income from the fishing sector than any of the surrounding states. Thus, it remained one of the top fishing states in the country. Till Covid left its mark. Minnesota suffered from Covid badly. As of April 2020, a survey by the state’s tourism office found that business activity was reduced by about 50% compared to the previous year at the end of April, with a third of businesses reporting having no business in the past month. It stood true for about 7 out of 10 businesses linked to tourism somehow.
The pandemic’s effects lingered when fishing tourists canceled their fishing lodge bookings, or business owners had to postpone or cancel charters and guides associated with their Minnesota lodge or resort business. The ERTC initiative by the Government steps in to compensate businesses for their Covid-produced financial losses. Many Minnesota business owners might still be unfamiliar with this program.
Defining Employee Retention Tax Credit (ERTC) for Minnesota Fishing Lodges, Resorts, Charters and Guides
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If your Minnesota business kept employees on your payroll through the pandemic, you may be eligible for a tax credit from the IRS. The Employee Retention Credit, or ERTC or ERC, started at the beginning of Covid years as an extra incentive for smaller businesses to retain their employees. But still, its available retroactively for both 2020 and 2021. Small businesses receiving PPP loans are also eligible to take the ERTC. It is a credit that reduces the total tax owed to the IRS, unlike a deductible, which decreases a business’s taxable income. Minnesota fishing lodges, resorts, charters, and guides need to take the appropriate following steps to apply for ERTC:
- Eligibility determination
- Qualified wages determination
- Filing Form 941 and claiming the refundable credit with quarterly IRS filings
- Carrying unused credits forward to succeeding years and more.
How can I claim ERTC as a Minnesota Fishing Lodge, Resort, Charter or Guide Business?
Applying for Employee Retention Tax Credit (ERTC) is not as simple as it sounds. You should know if you are considering claiming Employee Retention Credit (ERC) alone for your Minnesota fishing lodge, resort, charter or guide business. It has its challenges, such as:
- Correctly understanding your business’s eligibility requirements
- Providing a thorough documentation
- Calculating qualifying wages and the credit
- Applying within a specific time frame
- Keeping abreast of any regulation changes
- Filing for multiple businesses if you own more than one
- Dealing with complex data configuration, etc.
Overall, applying for the Employee Retention Credit requires careful deliberation so your credit claim doesn’t get rejected.
Get Expert Help to Successfully Claim ERTC – We Want To Guide You Through This
It is always wise to ask for help when you don’t know what to do next. Seeking guidance from an expert accounting company increases your ERTC claim approval chances while avoiding potential credit pitfalls. ERTCDeluxe is an expert CPA firm that provides quick, easy, and flexible ERTC and tax consulting services. They can readily help you determine whether to apply for the credit. It only takes 15 minutes to give you an authentic assessment of your Minnesota fishing lodge, resort, charter or guide business.
The upfront fee is contingent on your ERTC claim approval. No approval, no fee charged. CPAs here care for your claim by preparing documents and following up diligently. Other accounting firms might keep you waiting, but ERTCDeluxe provides a proactive approach to your potentially successful ERTC claim by using 3 CPA teams to cross-check your ERC claim. This is the level of dedication and commitment to your credit-claiming cause shown by the professionals at ERTCDeluxe. You get licensed American CPAs specializing in complex ERTC filings, not average accountants or tax preparers, to win back much-needed credit for your Minnesota business.