Retail Stores & Chains

The financial challenges for retail and brick-and-mortar stores during the pandemic were instantly felt. A lot of businesses were forced to close, adjust their business hours, and implement rigorous changes in their services due to mandatory sanitation procedures and staffing requirements. As a result, most witnessed their gross receipts plummet as stay-at-home orders were instituted across the country.

The financial stress of that period can still be felt by business owners trying to reclaim their stability. This is where the ERC tax credit shines as a massive government relief opportunity regardless of whether you have already received PPP loans.

Am I Eligible?

Here is a non-exhaustive list of frequently seen impacts that make you eligible for the ERC as a retail store.

1. Shifting hours due to cleaning and sanitizing rules

1. Full or partial shutdowns

1. Interruptions to the supply chain

1. Stay-at-home orders

1. Capacity rules and limits

1. Orders for remote working

1. Suspension of certain locations

IRSplus Helps Retails Maximize the ERC Tax Credit — Up to 3 to Seven 7 the PPP

The COVID-19 pandemic saw an abrupt shift from consumers shopping and brick-and-mortar retails stores to e-commerce websites. Retailers were heavily impacted by the COVID-19 pandemic and the related government shutdowns. Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), virtually every retailer in the country can qualify for the Employee Retention Credit (ERC), a tax refund worth a maximum of $26,000 per employee.

At IRSplus, our team helps retail industry businesses obtain the maximum available Employee Retention Credit (ERC). We work with retailers nationwide. With an exclusive focus on the ERC, our team of tax credit professionals has the skills, knowledge, and expertise to help retail businesses obtain the full ERC tax refund—which could be 3 to 7 times PPP benefits. Call us at 1-888-210-8870 or contact us online to learn more about how our ERC specialists can help.

An Overview of the ERC for Retail Companies

The Employee Retention Credit (ERC) is a refund for employers for certain payroll taxes paid during the worst stages of the COVID-19 pandemic. It has very significant benefits. Most companies can get ERC funds that are far higher than their Payroll Protection Program (PPP) funds. Every retail industry business nationwide should file for the ERC. Here are the most important things retailers should know about the Employee Retention Credit:

1. Payroll Tax Refund for Up to Six Quarters: The ERC is available for six quarters in total—the final three of 2020 and the first three of 2021.

1. A Maximum ERC Benefit for $26,000 Per Worker: ERC benefits can be substantial for retailers. There is a maximum tax refund of $26,000 per worker.

1. Retail Companies Can Receive Both the ERC and PPP: Did your retail business already get the PPP? You can still qualify for the ERC. These are wholly separate programs.

1. A Retailer Must Apply to Get the ERC Tax Refund: You cannot wait for the government to apply the ERC automatically. Businesses must apply for their tax refund.

Qualifying for the ERC as a Retail Business

The COVID-19 pandemic had a major effect on brick-and-mortar retail stores. Virtually every retail store in the United States was impacted by the pandemic and government restrictions. According to a report from Forbes Magazine, the retail sector was hit especially hard—as government shutdown rules and public health fears shifted consumers spending to e-commerce. The ERC is an important economic support option for retail businesses. How do retailers qualify for the ERC? Here are the two ways that a retailer can qualify for the Employee Retention Credit:

1. Prove a substantial loss in revenue compared to pre-pandemic; or

1. Show that your business was impacted by a full or partial government order restriction causing a partial suspension such as below.

Every Retailer Can Qualify for the ERC Due to a Government Shutdown

It is important to clarify that nearly every retail store that operates in the United States can qualify for the Employee Retention Credit. Retailers do not need to demonstrate any actual loss in revenue to qualify for the ERC. A retailer can apply and be approved for a tax refund based on a government shutdown order, including a partial shutdown order. Some notable examples of government restrictions that affected retail businesses include:

1. Cleaning or sanitizing rules;

1. Social distancing regulations and capacity rules;

1. Stay-at-home orders;

1. A disruption to the supply chain.

Retail Industry Companies Can Still Claim the Employee Retention Credit for 2020 and 2021

As the Employee Retention Credit is available for the final three quarters of 2020 and the first three quarters of 2021, it is reasonable to wonder whether or not it is too late to apply for benefits. The good news is that retail companies can still claim the ERC for all six quarters. Federal law gives businesses and organizations a three-year window to apply for the ERC. You can still submit amended documentation to claim your tax refund. We help retailers file for the ERC for all quarters.

Why Retail Businesses Rely On the ERC Experts at IRSplus

With a sole focus on the Employee Retention Credit (ERC), we are true experts in the field. It is our mission to help businesses secure the maximum tax refund. Brick-and-mortar retail stores saw major disruptions due to the pandemic and related government restrictions. We are qualified to work with retail stores throughout the entire United States. With IRSplus, retail industry companies will get access to:

1. A Free, Comprehensive Evaluation of Your ERC Tax Situation: We are here to help you understand your rights and your options in regards to the Employee Retention Credit. Our team provides no cost, comprehensive ERC case assessments. There are no upfront fees.

1. The Calculation of Your Maximum Tax Refund for Every Quarter: We will calculate the Employee Retention Credit for every quarter to ensure that your retail business obtains the maximum available tax refund.

1. Help With the Whole ERC Application Process: Applying for the ERC is a complex, paperwork-intensive process. You do not have to figure out everything on your own. We help retailers through each and every step of the ERC application process.

1. Receipt of Up to Six Checks from the IRS: It is our mission to ensure that your retail company receives the full and proper ERC refund without any undue delay. That is up to six checks from the federal government US Treasury..

IRSplus Help Retail Businesses Secure the Maximum ERC Nationwide

At IRSplus, our ERC specialists have the skills, knowledge, and experience to help retail companies maximize their tax credit. If you have any questions about applying for the ERC for a retail business, we are more than ready to help. Reach out to us by phone 1-888-210-8870 or contact us online to arrange your strictly private appointment with an ERC professional. We provide Employee Retention Credit support to retail businesses nationwide.