Here is the bottom line. As of January 2023 if you were in Business during covid, you had at least two W2 employees you qualify for ERC funds, even if you collected PPP.
What you have just read in 100% truth and I am not saying that what your advisor or CPA has shared with you in the past, wasn’t true at the time. The reality is the CARES ACT has gone through 7 amendments and updates.
I can tell you that in January 2023 all gym, studio, and fitness earners who were operational during covid and had at least 2 W2 staff members do qualify for ERC funds.
The ERC filing process is much more complex than submitting a few tax forms for revision. To expect your tax advisor to advise you on a 280+ page document that has been amended 7 times, is not fair to them. CPA’s are not grant writers; they are tax preparers. It is all we can expect them to do is to keep up with the constantly changing tax codes.
If you are going to file an ERC claim or get advise on the current ERC program it makes good business sense to speak with a competent, established, credible ERC firm, doesn’t it? In today’s economical client I think a second opinion is mandatory.
The only company we recommend in this space is BottomLine Concepts. They have been in business fifteen years and have been writing government grants and helping business owners recover money due to them the entire time.
Gym ERC Tax Credit Eligibility
Do gyms qualify for ERC? Yes! Almost every fitness business can qualify for the ERC tax credit. If you want help evaluating whether your gym is eligible for the ERC tax credit then contact BottomLine Concepts, they have expert ERC tax credit specialist that have worked with countless number of studios, gyms, fitness studios, and other fitness business owners.
Their client list includes 400 of the top 1000 companies in the USA. Companies like The Boston Red Sox, LA Lakers, Modell’s Sporting Goods, and the New York Yankees.
Basically, if you have W-2 employees and were affected by COVID (and which gym or fitness business wasn’t?) then even if you did not have a revenue decline (which, some gyms, studios & fitness owners, did not) you are still be eligible for the ERC tax credit.
The BottomLine ERC specialists will walk you through a gym ERC tax credit calculator and give you a solid estimate of how much your gym or fitness business qualifies for.
As a gym owner you might be asking, “Can I still claim the ERC credit?” Yes! Gyms have until 2024, and in some cases all the way until 2025 to claim the credit. But don’t delay this ERC Grant will be gone before you know it. “Gym ERC Tax Credit Eligibility” is alive, well, in 2023, you can click the link or banner below to schedule an ERC Discovery call at a time and date that work well for you.
The truth is your competitors, competing gyms, studios and fitness businesses are receiving ERC funds in their bank account all over the United States. Knowing what you know now, is there any reason you shouldn’t get a 2nd opinion, even if your CPA or trusted advisor told you they didn’t feel you qualified? I think not, click the link or banner below. (Yes the Banner says 2022 – but the ERC specialist will be able to share with you the ERC updates for gym owners in 2023)