The first of the Restaurant Revitalization Funds (RRF) payments went out to a little over 16,000 Food & Beverage Operators earlier this week.
After opening the application process for the $28.6B RRF on May 3rd, over 186,000 operators applied in the first 48 hours. Applications are being handled on a first come – first served basis.
Eligible entities include
– Food Stands & Food Carts
– Bars & Taverns
– Snack & Beverage Bars
– Bakeries, Brewpubs, Breweries, Wineries & Distilleries
– Inns with onsite Food & Beverage Operations
If you have not applied, please do so today. Further information and the application can be found at the following web address.
Let me leave you with this.
We received the first of the responses from the IRS on the First Quarter 2021 Employee Retention Credits that we filed last month. If you are one of our regular payroll clients, then we were able to electronic file for the credit. As such, the IRS response time is normally around four to six weeks.
The credit works like an overpayment on the 941. If you don’t have any outstanding issues with the IRS, they will mail a check for the overpayment.
If you do have any outstanding issues or taxes owed, the IRS will send a letter detailing the change to the overpayment and will ask if you agree. If you do, then nothing else needs to be done. The IRS will send the refund three or four weeks after the letter.
If you are not one of our regular payroll clients, then we have to do an amendment to your existing 941 which cannot be electronically filed. As such, the response time is three or four months. It works the same way, but takes a while longer.
My point is that it is working.
If you have not signed up for our Employee Retention Credit Consulting and Preparation Program, please click the button below to begin the process.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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