Dealers are being inundated by solicitations from consulting firms offering to access generous government incentives available under the Employee Retention Tax Credit (ERTC) program administered by the IRS. These companies are asking dealers for a sizable portion of the funds garnered under the program.
While most dealers likely qualified for funds last year under the ‘government shutdown’ provisions of the ERTC, that is not likely to be the case in 2021 (at least let’s hope not). And, since inventory shortages resulting in a decline of 20% in gross receipts is possible for many dealers this year, dealers should learn about potential benefits under the ERTC
NJ CAR hosted a webinar on Thursday, October 28th with representatives from Withum to help dealers assess any potential benefits that might be available under the ERTC.
Dealers are encouraged to speak with their accountants about any available tax credits to which your dealership may be entitled.
View the webinar by clicking on the image below:
Access the presentation slides HERE.