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End of the Employee Retention Credit: Insights and IRS Repayment Strategies for Painting Business Owners

February 02, 20241 min read

February 2, 2024

Season 1, Episode 35

Description:

Facing the potential early sunset of the Employee Retention Credit can be daunting for painting business owners. That's why Daniel, the brain behind Bookkeeping for Painters, and I, Richard, your tax strategy maestro, have joined forces to bring you the essential insights on this critical topic. In our conversation, we dissect the intricacies of ERC eligibility, cutting through the fog of misinformation to bring you the hard facts. We're here to help you navigate the maze of qualifications, highlighting the importance of government shutdown orders and their impact on your chances of benefiting from the ERC.

But what if you've already claimed the ERC and are now second-guessing your eligibility? Fear not, for we've thoroughly explored the IRS Voluntary Repayment Program. This program could be your financial parachute, allowing you to repay 80% of the funds without penalties before the March 22nd, 2024 deadline. Daniel and I dive into the nuances of this program and offer guidance for those considering repayment, including the possibility of installment agreements. Rest assured, we also provide a beacon of reassurance for those confident in their ERC claims against the backdrop of an extended IRS review period. And remember, our Facebook group stands as a testament to our commitment to community support—join us there for continuous discussion and insights.

Subscribe to the Profitable Painter Podcast

bookkeeping for painters Painting Business OwnerserctaxstrategyEnd of the Employee Retention CreditInsights and IRS Repayment Strategies for Painting Business Owners
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog
blog image

End of the Employee Retention Credit: Insights and IRS Repayment Strategies for Painting Business Owners

February 02, 20241 min read

February 2, 2024

Season 1, Episode 35

Description:

Facing the potential early sunset of the Employee Retention Credit can be daunting for painting business owners. That's why Daniel, the brain behind Bookkeeping for Painters, and I, Richard, your tax strategy maestro, have joined forces to bring you the essential insights on this critical topic. In our conversation, we dissect the intricacies of ERC eligibility, cutting through the fog of misinformation to bring you the hard facts. We're here to help you navigate the maze of qualifications, highlighting the importance of government shutdown orders and their impact on your chances of benefiting from the ERC.

But what if you've already claimed the ERC and are now second-guessing your eligibility? Fear not, for we've thoroughly explored the IRS Voluntary Repayment Program. This program could be your financial parachute, allowing you to repay 80% of the funds without penalties before the March 22nd, 2024 deadline. Daniel and I dive into the nuances of this program and offer guidance for those considering repayment, including the possibility of installment agreements. Rest assured, we also provide a beacon of reassurance for those confident in their ERC claims against the backdrop of an extended IRS review period. And remember, our Facebook group stands as a testament to our commitment to community support—join us there for continuous discussion and insights.

Subscribe to the Profitable Painter Podcast

bookkeeping for painters Painting Business OwnerserctaxstrategyEnd of the Employee Retention CreditInsights and IRS Repayment Strategies for Painting Business Owners
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

Back to Blog

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