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YOUR RESTAURANT OR FOOD SERVICE BUSINESS COULD BE ELIGIBLE FOR A BIG TAX BREAK. PADGETT CAN HELP.

If you have employees, the Employee Retention Credit could help you significantly cut your payroll tax bill and put money back in your bank account.

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HERE’S HOW TO GET MONEY WITH THE EMPLOYEE RETENTION CREDIT

  • With the Employee Retention Credit, you could get up to $33,000 per employee. More employees mean more money.

  • The Employee Retention Credit is a fully refundable tax credit that can either offset your taxes or generate a refund.

  • Taking advantage of the Employee Retention Credit can be complicated. Padgett can help you navigate the credit’s qualification requirements and calculate the credit.

WHY NAVIGATING THE EMPLOYEE RETENTION CREDIT WITH PADGETT IS DIFFERENT

  1. A Trusted Partner Every Step of the Way

    Our team of CPAs, Enrolled Agents and tax professionals is available to help you apply for the Employee Retention Credit and calculate the amount of the tax credit for you.

  2. Your One-Stop Shop for Payroll Services

    As a one-stop shop for your payroll services, Padgett can help with all your payroll needs, including the reduction of your payroll taxes using the Employee Retention Credit.

  3. In-The-Know on Critical Tax Issues

    Padgett’s team of CPAs, Enrolled Agents and tax professionals can help your business take advantage of the ever-changing tax code, including new laws and deductions such as the Employee Retention Credit.

ABOUT PADGETT BUSINESS SERVICES

We’re a full-service tax preparation, payroll and business advisory firm with more than 180 offices nationwide that can help your business reach new heights, allowing you to rest easy.

Frequently Asked Questions

  • ISN’T IT TOO LATE TO TAKE ADVANTAGE OF THE EMPLOYEE RETENTION CREDIT?

    No! It’s not too late to get money for your restaurant or food service business using the Employee Retention Credit. For payroll quarters that you filed in 2020, you can file an amended payroll tax return to take advantage of this tax credit. For 2021, if eligible, this credit is available for all four quarters, through December 31.

  • IS MY RESTAURANT ELIGIBLE TO USE THE EMPLOYEE RETENTION CREDIT?

    To be eligible for the Employee Retention Credit, your restaurant or food service business must either have operations that were fully or partially suspended during any calendar quarter in 2020 or 2021 due to orders from an appropriate governmental authority due to COVID-19 OR have experienced a significant decline in gross receipts during the calendar quarter.

  • HOW DOES THE EMPLOYEE RETENTION CREDIT WORK?

    At a high level, the Employee Retention Credit is reported on your business’s Form 941 or 941-X. For a more detailed explanation of how the credit works and to find out the amount of money your business is eligible for, schedule your free online consultation with your local Padgett office today!