How the Construction Industry Was Affected During the Pandemic
During the COVID-19 pandemic, the construction industry dealt with unpredictable changes in demand, supply chain disturbances, and labor deficits. Faced with these hurdles, the construction industry proved its resilience by rapidly adapting to new protocols, utilizing digital solutions, and rethinking traditional operational strategies.
| 975,000construction jobs lost in April 2020. | 24%decline in new nonresidential building construction in 2020. | 85% of contractors negatively impacted by COVID-19. |
Did Your Construction Business Make Significant Investments in Technology or Experience Labor Shortages During COVID?
If so, it may qualify for the Employee Retention Credit (ERC), a refundable payroll tax credit designed to support construction companies that retained employees during COVID. Eligible companies can get up to $260,000 per 10 eligible employees.
How the Employee Retention Credit Can Help Construction Businesses Recover
The construction industry, an economic powerhouse, has significantly felt the impact of the COVID-19 pandemic. Many construction sectors were disrupted by the pandemic, including residential, commercial, industrial, environmental, and many more.
The Employee Retention Credit (ERC) can serve as a potent tool for construction businesses reeling from the impact of the COVID-19 pandemic. The ERC provides a substantial refundable tax credit that can provide much-needed capital to help businesses reinvest in their products and services.
Three Ways the ERC Can Benefit Construction Businesses
The ERC is not just a program—it’s a lifeline that offers your business the potential opportunity to reclaim what you lost during the pandemic. If you’re also looking to reduce your tax burden, the ERC could help. However, if you don’t have outstanding tax liabilities, you can use the money how you see fit. Let’s explore some of those benefits.
- Cash Flow Boost: Consider the ERC an immediate financial incentive if you qualify. It provides a potential influx of funds that can be utilized to keep your business running smoothly and retain your workforce during challenging times.
- Technological Advancements: The ERC is an excellent resource to capitalize on investing in new technologies. In an industry like yours, staying up-to-date with the latest technology—whether it is 3D printing, robotics, or augmented reality—can be the difference between leading and trailing behind in the market.
- Operating Costs: From paying your staff to putting gas in your trucks, running a construction business involves a myriad of costs. The ERC has the potential to alleviate a portion of these expenses, freeing up resources that can be put toward other growth-centric activities.
Claiming ERC with Smart ERC’s Network of Former IRS Auditors
Navigating the complexities of ERC claims can be daunting. Smart ERC’s network of former IRS Auditors brings a wealth of knowledge and experience to help businesses facilitate the ERC claim process. They understand the intricacies of IRS regulations and can help your business receive the full ERC it’s entitled to without sacrificing compliance.
The road to recovery for construction businesses may be challenging, but with the help of the ERC, it is certainly possible. Make the most of the opportunity the ERC provides and get your construction business back on track.
Benefits of Using Our Former IRS Auditors for Your ERC Claim
Employing the services of a former IRS Auditor, like those at Smart ERC, for your ERC claim can yield several key advantages.
- Experience: Our former IRS Auditors are empowered with comprehensive knowledge of the ERC rules. Their training and experience equip them to handle complex tax situations.
- Problem Solving: Should any issues arise during the filing process, a former IRS Auditor has the skills and resources to address them efficiently. They understand the potential obstacles that can occur during the claim process and can help you navigate them.
- Compliance: Given their in-depth understanding of IRS regulations, former IRS Auditors can check that your ERC claim aligns with the IRS’s current rules.
- Time-saving: By entrusting your ERC claim to a former IRS Auditor, you save valuable time that can be better spent on growing, expanding, and scaling your business.
Having Smart ERC’s network of former IRS Auditors on your side for the ERC claim process could significantly streamline the procedure so your construction business does not leave any potential valuable capital behind. With these funds, your company could recover from COVID’s impact while building a strong foundation for the future.
“Having served as an IRS Auditor for over 13 years, I have acquired a deep understanding of the tax-related challenges that business owners encounter. My primary goal is to ensure that we deliver accurate and dependable information. We aim to provide you with peace of mind as we expertly guide you through the entire process.”
– Alejandra Astudillo, Former IRS Auditor