Sharon Dominguez is an expert in the equine business and can help maximize the money you may be entitled to receive through the Employee Retention Credit (ERC) program. Sharon has been immersed in the equine industry her entire life, with extensive experience in Thoroughbred, Standardbred, Show, and equine non-profits. She possesses an unrivaled understanding of its complexities and how it applies to the ERC program. Learn more about Sharon Dominguez.
She has successfully secured over 30 million dollars in funding for business owners. Let her help you too! Connect with her HERE and she will reach out to you to discuss your specific needs as an equine business owner. And yes, if you received PPP you can still be eligible for ERC!
UPDATE: On 9/14/2023, the IRS released updated guidance on the Employee Retention Credit program. The news release here explains that the IRS has placed an immediate moratorium through the end of the year on the processing of new ERC claims in effort to curb fraudulent applications by bad actors. While a moratorium may sound alarming, this intentional pause is a common practice used by the IRS.
DON’T DELAY! Preparing your Employee Retention Credit (ERC) filing during the moratorium is a strategic move for business owners. By doing so, they can position themselves at the forefront of the application queue once the IRS resumes processing. This proactive approach ensures quicker access to crucial financial relief and a competitive advantage in securing ERC benefits for their businesses.
Sharon’s team of CPAs and Tax Attorneys are highly skilled in the ERC program to ensure you receive the most comprehensive and accurate ERC filing.
WHO IS POTENTIALLY ELIGIBLE TO CLAIM ERC?
✅ Trainers and Riders
✅ Boarding Facilities
✅ Feed Supply
✅ Non-profits; Museums, Aftercare, Therapeutic Programs, etc.
*Businesses with W2 employees
QUALIFY FOR UP TO $26,000 PER EMPLOYEE
✅ No Cost / No Risk Assessment
✅ Not a Loan
✅ Work One-On-One With Experienced Equine Consultant
✅ 4-Step Streamlined Process
✅ Secure Process
✅ Full Service – Audit Ready
WHAT CLIENTS SAY!
“I know Sharon…like so many other friends…through her famous husband, Ramon. And he is a smart, sensitive, courageous and generous person. And that’s what they have in common. Every meeting or transaction I’ve had with her through Old Friends has been exceptional . She’s delivered on every promise and exceeded all of my expectations. I consider her a great friend and really consider her friendship n amazing gift. As trustworthy as she is kind I can’t wait for her to call me with another of her great ideas.” Michael Blowen, Old Friends
WHAT IS THE EMPLOYEE RETENTION CREDIT (ERC)?
The Employee Retention Credit (ERC) is a refundable tax credit for businesses and tax-exempt organizations that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022. The credit was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March 2020 and has been extended several times since then.
The amount of the credit depends on the number of employees the business had in 2019, the amount of wages paid, and whether the business was fully or partially shut down due to COVID-19. The maximum credit is 50% of up to $10,000 in wages paid per employee.
To qualify for the ERC, businesses must meet certain requirements, including:
- Continued to Pay W2 Employees in 2020 and/or 2021 during the period for which they are claiming the credit.
- They must have experienced a decline in gross receipts during 2020 or the first three quarters of 2021 compared to 2019. AND / OR
- They must have experienced governmental restrictions in 2020 or 2021 that either restricted day-to-operations, limited capacity or deduced hours of operation such as canceled competitions (racing and/or shows), symposiums, etc.
*They must satisfy the nominal impact requirements.
Businesses that qualify for ERC receive checks directly from the IRS.
The ERC is a valuable tax credit that can help businesses keep their employees on the payroll during difficult times. If you are a business owner, you should contact Sharon HERE to discuss your potential eligibility for ERC.
Please note: The author has made every effort to ensure the accuracy of the information within this article was correct at time of publication. The author does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause.