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ASHLAND Ashland Alliance hosted a Lunch and Learn event focusing on small business assistance during Tuesday’s lunch hour.
At Tomcat Bourbon and Brew House and sponsored by SilverLogic Marketing, LLC, the Lunch and Learn highlighted speakers Duran Sparkman and Lance Evans, who touched on available services that help small businesses claim lost funds and ultimately thrive.
To state the obvious, the COVID-19 pandemic caused businesses to close their doors (some forever), claimed countless lives in the work force and altered “normalcy” in commerce for the foreseeable future.
While the masses are just now dusting themselves off from the recent calamity, some small businesses are still hurting — but Evans, with Legacy Life Planning, said benefits are in place to help small businesses reclaim their footing.
Evans said his company has partnered with a tax strategist firm to look into a small business’s eligibility to claim a refundable tax credit provided through the Cares Act — specifically an Employee Retention Tax Credit (ERTC).
The credit benefit is for businesses and tax-exempt organizations with employees who were impacted by the COVID-19 pandemic.
According to the IRS, businesses and tax-exempt organizations qualify for the credit if they had employees, were shut down by government order during 2020 or the first three calendar quarters of 2021, experienced the required decline in gross receipts during the eligibility periods and paid qualified wages to employees in order to claim the credit.
Individuals are not eligible for the refund, per the IRS.
Evans said large companies are typically the ones privy to information about this credit and others like it — but he and Sparkman are working to inform smaller businesses on what aid is out there for them, too.
According to Evans, interested small businesses who may qualify are welcome to reach out and start the process.
Entirely free initially, the process includes giving basic information (how many employees, ownership percentages, etc) and ends with a refund estimate from tax experts.
Of the approximately $250 billion allocated for business assistance through the benefit, Evans said his team has recovered $2 billion for his clients, from contractors to pharmacies to small gyms.
“Businesses are crazy if they’re not taking advantage of this,” Evans said.
While the firm does charge a fee, Evans said it’s based on the recovery amount determined and it’s a tax “write-off.”
The overall goal for Evans and Sparkman is to decrease debts, interest and taxes, build and forecast cash flow and properly structure businesses for the future.
Sparkman, the lead marketing consultant and legal business consultant for SilverLogic Marketing, LLC, can be reached at (877) 447-7470 or by email at SilverLogicTeam@gmail.com
(606) 326-2652 |
mjepling@dailyindependent.com
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