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Financial Technology businesses can apply for the ERC tax credit when they meet certain criteria.
*Fintech businesses that experienced a decline in gross receipts, measured against a specific quarter in 2020 or 2021, compared to the same quarter in 2019, may also qualify for the ERC.
Financial technology (fintech) businesses encompass a diverse range of companies that use technology to provide financial services and solutions. These include but are not limited to online payment platforms, peer-to-peer lending platforms, crypto exchanges, robo-advisors, and digital wallet services. However, the sector can also include insurance, banking, and loan services.
At first glance, it would seem that the operations of many such fintech businesses continued relatively unaffected. However, there were still many that did face challenges, especially in payment processing for businesses affected by the pandemic. Those who relied on physical locations or in-person customer interactions were also negatively impacted.
As a result, the Employee Retention Credit (ERC) tax credit is still applicable to certain qualifying fintech businesses.
Measuring the eligibility criteria for the ERC in the fintech industry can be complex, which is why seeking guidance from a professional like IRSplus is highly recommended.
These are some of the main criteria that need to be met for fintech businesses to qualify for the ERC credit.
Did you know that even now, Financial technology (fintech) businesses can still claim the Employee Retention Credit (ERC) refund for 2020 or 2021? The government provides a three-year window for this opportunity, allowing you to get started today and amend your tax forms with our expert guidance. Thinking that you are limited by previously filed tax forms would be a costly mistake you don't have to make.
At IRSplus, we take pride in being recognized as ERC experts, and we're fully dedicated to securing the maximum tax refund you deserve. Countless Financial technology (fintech) businesses have turned to us after the pandemic years, seeking financial relief and a smooth return to their operations.
We are here to be your ERC credit allies. For any query or question you may have related to your financial technology business, we are only one phone call away (1-888-210-8870 or a short message. Our chat, analysis, and advice are strictly confidential. IRSplus proudly serves businesses nationwide
