The Lake Law Firm Makes It Safe and Easy for Small Businesses to Apply for COVID-19 Relief Tax Credits

February 13, 2023 6:25 AM EST | Source: Vehement Media Private Limited

New York, New York--(Newsfile Corp. - February 13, 2023) - The attorneys at The Lake Law Firm set an ambitious goal to develop a process that makes the application process easier and to spread the word that help applying for the Employee Retention Tax Credit credit is available.

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The Lake Law Firm

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The Lake Law Firm

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About a year ago, the partners at The Lake Law Firm realized that many small business owners were leaving the valuable Employee Retention Tax Credit unclaimed. Even though it can be claimed per full-time W-2 employee, business owners across the country either did not know they were eligible or believed the application process was too complicated.

"Companies that are eligible for the Employee Retention Tax Credit are leaving millions of dollars of credits unclaimed," said Michael Blom, a partner at the firm leading its ERTC program. "We understand why. Taxes are difficult, and IRS audits are many business owners' worst nightmare. So, we set out to create a program that makes the process easy and helps business owners feel safe."

The ERTC is a refundable tax credit available to businesses and non-profits that experienced a drop in revenue or were affected by governmental mandates during the worst part of the pandemic. It is not a loan, it does not need to be repaid, and companies may still be eligible if they received Payroll Protection Program funding. The credit maxes out at $5,000 per employee for wages paid in 2020 and $21,000 per employee for 2021. Actual amounts vary depending on how much the eligible employees were paid in wages and health care benefits.

To qualify, a business must have had a drop in revenue by 50% or more in any quarter of 2020 or by 20% or more in any quarter of 2021. They can also claim the credit if they were affected by governmental mandates that made them partially or fully shutdown.

The Lake Law Firm has created a process that makes applying easy. The firm does not charge anything unless the client receives a check from the IRS, and it will even defend clients at no charge if there is an audit.

"We know business owners' time is valuable, so we've created a streamlined information-gathering process that normally takes about 30 minutes," Blom said. "And, unlike accountants or payroll companies who require payment upfront, our firm only charges a tax-deductible fee if we are successful in recovering money."

More information about The Lake Law Firm's ERTC program is available at its website, https://ertcadvisors.org/lake/, or by calling 800-222-9000.

For more information:
Ian Watts
217-474-0566
ian@thelakelawfirm.com

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