Service Solutions: The Devil is in the Details – Claiming Your Employee Retention Credit as a Cannabis Business
NCIA’s #IndustryEssentials webinar series is our premier digital educational series featuring a variety of interactive programs allowing us to provide you timely, engaging and essential education when you need it most.
NCIA’s Service Solutions series is our sponsored content webinar program which allows business owners the opportunity to learn more about premier products, services and industry solutions directly from our network of established suppliers, providers and thought leaders.
Think your cannabis-related business does not qualify for COVID-19 relief funds? Cannabis businesses can take advantage of a very lucrative credit worth up to $26,000 per employee.
Owners of cannabis businesses often find themselves disappointed and angrier as time goes on with the US Tax Code when tax returns are sent in. With the US Tax Code and Internal Revenue Code (IRC), the devil is always in the details. A small provision in Section 280E of the IRC notes that cannabis businesses are not able to claim any business expense deductions under the Tax Code. In turn, this results in effective tax rates that often balloon past 80% for many businesses that are already being pummeled by regulatory scrutiny.
Well, 280E does not cover or apply to payroll tax credits. The Employee Tax Credit (ERC) worth up to $26,000 per employee has only been claimed by a small fraction of cannabis businesses.
Don’t miss out on a guaranteed refund worth hundreds of thousands of dollars and in some cases millions. Join the team from ERT Credit as leading Employee Retention Credit (ERC) expert Jordan Anderson for an exclusive free webinar to help us understand this credit and its value to NCIA members.
Panelists:
Jordan Anderson
Founder & ERC Expert
ERT Credit
Elizabeth Haffner
Champion of Client Success
ERT Credit